Marriott Sells $246 Million of Land to Joint Venture

Deseret News (Salt Lake City) › January 02, 2006

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Summary

BETHESDA, Md. -- Marriott International Inc. said Friday it has closed the sale of $246 million worth of land that underlies 75 Courtyard by Marriott hotels, creating a pretax gain of $17 million for the year.

Marriott, the world's largest hotel operator, completed the deal with CBM Land Joint Venture, a limited partnership that is majority- owned by Sarofim Realty Advisors. Marriott said it has also contributed the land of nine Courtyard hotels, worth $40 million, to CBM, giving it a 23 percent stake in the joint venture.

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Marriott Sells $246 Million of Land to Joint Venture

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