Marriott International Inc. (MAR), the largest publicly traded U.S. hotel chain, may sell its three Edition properties to fund an expansion of the boutique, luxury brand, incoming Chief Executive Officer Arne Sorenson said.
“We already have interested buyers,” Sorenson said in an interview yesterday at the company’s JW Marriott in downtown Los Angeles. He will replace J.W.
Marriott Jr. as CEO at the end of the month, and Marriott will remain chairman. The Edition brand, a joint venture with hotelier Ian Schrager, is Marriott International’s attempt to break into the boutique segment in which Starwood Hotels & Resorts Worldwide Inc. (HOT)’s W chain operates. Marriott, based in Bethesda, Maryland, would continue to operate the Edition properties after they are sold, Sorenson said. “We’re willing to put in more money to expand Edition,” he said. Marriott agreed in October to buy the Clock Tower office building near Madison Square Park in Manhattan for an Edition hotel. The company, which mostly operates hotels without owning properties itself, used its own money for the transaction after little expansion since the brand was announced in 2008. Marriott plans to have six Edition hotels by 2015.
Source
Search for Jobs with Marriott in Norway>
Marriott Jr. as CEO at the end of the month, and Marriott will remain chairman. The Edition brand, a joint venture with hotelier Ian Schrager, is Marriott International’s attempt to break into the boutique segment in which Starwood Hotels & Resorts Worldwide Inc. (HOT)’s W chain operates. Marriott, based in Bethesda, Maryland, would continue to operate the Edition properties after they are sold, Sorenson said. “We’re willing to put in more money to expand Edition,” he said. Marriott agreed in October to buy the Clock Tower office building near Madison Square Park in Manhattan for an Edition hotel. The company, which mostly operates hotels without owning properties itself, used its own money for the transaction after little expansion since the brand was announced in 2008. Marriott plans to have six Edition hotels by 2015.
Source
Search for Jobs with Marriott in Norway>