WASHINGTON, Dec. 18 /PRNewswire/ -- Marriott International, Inc.
(NYSE: MAR) today announced that it has completed the sale of one Courtyard by Marriott hotel, one SpringHill Suites hotel and one Fairfield Inn hotel to CNL
Hospitality Corp. for approximately $104 million in cash.
Marriott International developed and will continue to manage these hotels.
The three hotels comprise the Marriott Village at Little Lake Bryan in
Orlando, Fla., which includes a total of 1,100 rooms and is within one mile of
the Walt Disney World Resort. The complex features three custom designed
hotels with expanded recreational facilities, children's activity centers, a
shared food and sundries court, as well as the individual food and beverage
facilities in each hotel. Transportation is available to all major Orlando
attractions from the hotels.
This transaction continues to advance our strategy of managing hotels
owned by others, said William J. Shaw, president and chief operating officer
of Marriott International. We are pleased that CNL Hospitality Corp. has
chosen to expand its portfolio of Marriott International lodging properties,
Mr. Shaw added.
MARRIOTT INTERNATIONAL, INC. (NYSE: MAR) is a leading worldwide
hospitality company with over 2,000 operating units in the United States and
58 other countries and territories. Marriott Lodging operates and franchises
hotels under the Marriott, Renaissance, Residence Inn, Courtyard, TownePlace
Suites, Fairfield Inn, SpringHill Suites and Ramada International brand names;
develops and operates vacation ownership resorts under the Marriott, Ritz-
Carlton and Horizons brands; operates Marriott Executive Apartments; provides
furnished corporate housing through its ExecuStay by Marriott division; and
operates conference centers. Other Marriott businesses include senior living
communities and services, wholesale food distribution, procurement services
and The Ritz-Carlton Hotel Company LLC. The company is headquartered in
Washington, D.C., and has approximately 151,000 employees. In fiscal year
1999, Marriott International reported systemwide sales of $17.7 billion. For
more information or reservations, please visit the Web site at
http://www.marriott.com .
Note: This press release contains forward-looking statements within the
meaning of federal securities law, including statements concerning business
strategies and their intended results and similar statements concerning
anticipated future events and expectations that are not historical facts. The
forward-looking statements in this press release are subject to numerous risks
and uncertainties, including the effects of economic conditions, supply and
demand changes for hotel rooms, competitive conditions in the lodging
industry, relationships with clients and property owners, the impact of
government regulations, and the availability of capital to finance growth,
which could cause actual results to differ materially from those expressed in
or implied by the statements herein.
SOURCE Marriott International, Inc.
Logos, product and company names mentioned are the property of their respective owners.
