Press Release: Marriott International, Inc.
June 18, 2002
WASHINGTON, DC -- Marriott International, Inc. (NYSE: MAR) yesterday announced it has sold the Bridgewater (New
Jersey) Marriott and the San Francisco Courtyard by Marriott hotels for a total of approximately $143 million to
an affiliate of CNL Hospitality Corp., based in Orlando. Marriott signed long-term management agreements for both
properties.
Marriott developed the 347-room Bridgewater Marriott and the 405-room San Francisco Courtyard. Marriott will retain
an equity interest in the San Francisco Courtyard.
Arne M. Sorenson, Marriott's executive vice president and chief financial officer, said, "We are very pleased
with these asset sales and with our growing partnership with CNL Hospitality. This year, Marriott has sold real
estate assets totaling approximately $300 million."
MARRIOTT INTERNATIONAL, INC. (NYSE: MAR), a leading worldwide hospitality company celebrating its 75th Anniversary
in 2002, has nearly 2,600 operating units in the United States and 64 other countries and territories. Marriott
International operates and franchises hotels under the Marriott, JW Marriott, The Ritz-Carlton, Renaissance, Residence
Inn, Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites and Ramada International brand names; develops
and operates vacation ownership resorts under the Marriott Vacation Club International, Horizons, The Ritz-Carlton
Club and Marriott Grand Residence Club brands; operates Marriott Executive Apartments; provides furnished corporate
housing through its Marriott ExecuStay division; and operates conference centers. Other Marriott businesses include
senior living communities and services, and wholesale food distribution. The company is headquartered in Washington,
D.C., and has approximately 142,500 employees. In fiscal year 2001, Marriott International reported systemwide
sales of $20 billion. For more information or reservations, please visit the web site at http://www.marriott.com
.
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CONTACT:
Tom Marder (301) 380-2553 thomas.marder@marriott.com
SOURCE: Marriott International, Inc.