Marriot International sells four European hotels

Marriott International Inc., the world’s largest hotel company by revenue, sold four European hotels to indirect subsidiaries of Whitehall Street Global Real Estate Limited Partnership 2005 and its affiliates. The hotels include the Renaissance Amsterdam Hotel, Renaissance Paris Hotel La Defense, Renaissance Paris Plaza Vendome Hotel and the Courtyard by Marriott Dusseldorf. The properties have a combined total of 1,049 rooms. Terms of the deal were not disclosed, but Marriott International Chief Financial Officer Arne Sorenson said in a statement “We expect to recycle approximately $1 billion from assets sold in 2006.”

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Whitehall 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.
A Whitehall unit has also agreed to acquire the 150-room Courtyard by Marriott Colombes in France after its planned summer opening.
Marriott’s European portfolio currently includes more than 100 properties, with approximately 25,000 rooms across eight lodging and resort ownership brands in 20 countries.

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