Marriott International sells 4 european hotels to Whitehall subsidiaries
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Marriott International sells 4 european hotels to Whitehall subsidiaries
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Category: Europe -
This is a press release selected by our editorial committee and published online for free on 2006-05-17
Marriott International, Inc. (NYSE: MAR) announced today that it has sold four hotels totaling 1,049 rooms in continental Europe, which Marriott will continue to operate under the Renaissance Hotels & Resorts and Courtyard by Marriott brands pursuant to long-term management agreements.
The purchasers, indirect subsidiaries of Whitehall Street Global Real Estate Limited Partnership 2005 and its affiliates, a family of real estate investment funds managed by Goldman Sachs, have also agreed to contribute to the funding of agreed improvements to the hotels over the next two years. The purchase price of the four hotels was not disclosed.
In connection with the same transaction, a Whitehall subsidiary has agreed to purchase from Marriott the 150-room Courtyard by Marriott Colombes (France) under construction upon its opening (planned for late Summer 2006), subject to customary closing conditions.
Arne M. Sorenson, Marriott International’s chief financial officer and president of Continental European Lodging, said, “We are pleased to conclude this transaction with a valued partner as we continue to pursue aggressive growth in Europe with a strategy of managing and franchising superb hotels owned by others. We expect to recycle approximately $1 billion from assets sold in 2006.”
The four hotels included in the Whitehall transaction are:
• 404-room Renaissance Amsterdam Hotel
• 327-room Renaissance Paris Hotel La Defense
• 97-room Renaissance Paris Plaza Vendome Hotel
• 221-room Courtyard by Marriott Düsseldorf.
Currently, the Marriott International portfolio in Continental Europe is more than 100 properties with approximately 25,000 rooms across eight lodging and resort ownership brands in 20 countries.
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