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Marriott Sells Two Hotels to CNL Unit

Deals: No. 1 hotelier will continue to operate the New Jersey and San Francisco properties. Sale price is $143 million.

June 18, 2002|From Bloomberg News and Dow Jones

Marriott International Inc., the largest U.S. hotel company, sold a hotel in New Jersey and one in California to CNL Hospitality Corp. for about $143 million.

The company sold a 347-room Marriott in Bridgewater, N.J., and a 405-room Courtyard in San Francisco, it said in an announce- ment. Marriott will keep a stake in the San Francisco hotel and will operate both hotels under long-term management agreements.

Bethesda, Md.-based Marriott has sold about $300 million in assets this year.

Marriott in January said it agreed to sell eight hotels to CNL Hospitality for $181 million and operate them under long-term management agreements.

Last month, Marriott sold five assisted-living communities to CNL Retirement Corp. for about $59 million.

Marriott, which acquired 23% in the entity that purchased the communities, agreed to operate the five facilities under long-term management agreements.

Orlando-based CNL Hospitality is a unit of closely held real estate investment trust CNL Financial Group. CNL Financial is based in Macon, Ga.

Shares of Marriott rose $1.73, or 4.5%, to $39.84 on the New York Stock Exchange.

Attempts to reach executives of Marriott for comment proved unsuccessful.

A Thomson First Call survey of 15 analysts produced a mean 2002 second-quarter earnings forecast of 42 cents a share for Marriott, which earned 50 cents a share a year earlier.

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