Summary
Marriott International, Inc. (MAR) announced a significant transaction on June 1, 2017, where Carey Watermark Investors 2 Incorporated (CWI 2) acquired the Charlotte Marriott City Center hotel for approximately $170 million. While the hotel has been sold, Marriott International retains a long-term management agreement for the 446-room property. This indicates a continued operational involvement and revenue stream for Marriott from this asset, even after the change in ownership.
Key Highlights
- 1Marriott International (MAR) sold the Charlotte Marriott City Center hotel for approximately $170 million on June 1, 2017.
- 2The buyer was Carey Watermark Investors 2 Incorporated (CWI 2).
- 3The hotel is a 446-room property.
- 4Marriott International has secured a long-term management agreement for the hotel post-acquisition.
- 5This transaction represents a real estate divestiture while maintaining operational control and associated management fees.
- 6The event date for this disclosure was June 1, 2017, and it was filed on the same day.