CNL Acquires Remaining Interest in Courtyard San Francisco
SAN FRANCISCO, CA, June 20, 2006. CNL Hotels & Resorts, Inc., the nation's second largest hotel real estate investment trust, announced today that it has acquired the remaining interest in the 405-room Courtyard San Francisco Downtown hotel, increasing its ownership to 100 percent. CNL Hotels & Resorts acquired the remaining 51.85 percent interest from Marriott International, Inc. for a purchase price of approximately $10 million, representing an implied valuation of approximately $79.5 million for the property, or approximately $196,000 per key.
"We are pleased to expand our investment in the Courtyard San Francisco, one of the city's newest hotels positioned in the heart of downtown's popular SOMA District. This property is a strong performer in a strengthening San Francisco market, a market that has lagged the U.S. market recovery and poised for substantial upside," stated Thomas J. Hutchison III, chief executive officer of CNL Hotels & Resorts. "Additionally, this transaction supports our strategic objective to streamline and enhance our corporate financial structure."
The 18-story Courtyard San Francisco Downtown hotel opened in 2001 and offers 405 guest rooms, including 31 suites, meeting rooms, two on-site restaurants, a fitness center and indoor pool. The hotel is conveniently located minutes away from the Moscone Convention Center, AT&T Park, Union Square, The Metreon Entertainment Complex, Yerba Buena Gardens and the San Francisco Museum of Modern Art.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
