WASHINGTON (Dow Jones News) — Marriott International Inc. agreed to sell eight hotel properties to CNL Hospitality Corp. for about $181 million in cash.
Marriott said Wednesday it will continue to operate the eight hotels under long-term management agreements with an affiliate of CNL, one of the lodging industry's leading acquirers of hotel properties.
The sale has closed on two of the hotels, and the companies expect sales of the remaining six hotels to be completed over the first three quarters of 2002.
The eight hotels are in California, New Jersey, Pennsylvania and Virginia and include a total of 1,374 rooms.
Marriott said while 2001 was "a particularly difficult year for the lodging industry," hotel investors continued to show interest in owning Marriott brand properties.
In 2001, Marriott sold real estate assets and investments, including 18 hotels, for more than $730 million, the company added.
Marriott International is a hospitality company with nearly 2,400 operating units in the United States and 63 other countries and territories.