Marriott Sells Four Hotels For $274 Million

WASHINGTON, DC- Marriott International sold four hotels to Capital Hotel Investments LLC, a newly formed joint venture between Marriott and affiliates of  Blackacre Capital Management LLC, for approximately $274 million. The hotels include: the Worthington Renaissance hotel in Fort Worth, TX;  the Los Angeles Airport Marriott, CA; the Atlanta Marriott Alpharetta, GA; and the Frenchmans Reef Marriott Beach Resort in St. Thomas, USVI to
Marriott will continue to operate the four hotels under long-term management agreements. In addition, Blackacre contributed the historic Eden Roc Resort and Spa on Miami Beach to the joint venture. Marriott International will manage the Eden Roc as part of the Renaissance Hotel Group. Capital Hotel Investments LLC also has agreed to acquire two additional Marriott hotels upon completion of development. (9/28/00)