Inland American Acquires Charleston Marriott Town Center
March 1, 2011 - Inland American Lodging Group, Inc., a wholly owned subsidiary of Inland American Real Estate Trust, Inc., announced today that it has acquired the Charleston Marriott Town Center located in Charleston, West Virginia for $25.5 million, or approximately $72,000/key, from Forest City Enterprises, Inc.
The hotel, adjacent to the 897,000 square foot Charleston Town Center mall, contains 352 rooms and a total of 17,500 square feet of meeting and banquet space.
“Inland American is pleased to add another full service Marriott hotel to our lodging portfolio,” said Marcel Verbaas, president and CEO, Inland American Lodging Advisor, Inc. “The Charleston Marriott Town Center is the premier transient and group meeting hotel in the region and has historically exhibited a very strong and stable yield performance. With our plans to renovate and upgrade the rooms and lobby over the first few years of our ownership, we believe this hotel will be well-positioned to produce solid cash flow returns for our stockholders.”
The hotel will continue to be managed by Marriott under a long term management agreement. With the addition of the Charleston Marriott, Inland American currently owns 56 hotels affiliated with various Marriott brands, including 6 full service Marriott hotels.
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 
