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Marriott sells off Courtyard land

09 January 2006 by
Marriott sells off Courtyard land

US hotel operator Marriott International has sold off $246m (£139m) of land to a real estate company.

CMB Land Joint Venture, which is majority-owned by Sarofim Realty Advisors, has bought the land surrounding 75 Marriott-owned Courtyard hotels.

Marriott has also contributed land from another nine Courtyard hotels', worth $40m (£23m), to the joint venture to buy itself a 23% stake in it.

The hotel company will make a $17m (£9.6m) pre-tax profit from the deal.

By Emily Manson

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