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Article: Innkeepers USA Trust Announces P1ans To Acquire Nine Residence Inn Hotels To Be Managed By Marriott International
- Article from:
- PR Newswire
- Article date:
- September 27, 1996
CopyrightCOPYRIGHT 1996 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PALM BEACH, Fla., Sept. 27 /PRNewswire/ -- Innkeepers USA Trust (NYSE: KPA) today announced that Marriott International (NYSE: MAR), a diversified hospitality company involved in lodging and services management, will enter into management agreements to manage nine Residence Inn hotels with 1,251 rooms proposed for acquisition by Innkeepers. One of the nine Residence Inn Hotels, a newly developed hotel in Portland, Maine is under contract with Marriott as seller and Marriott has agreed to accept approximately 14% of the purchase price in Innkeepers Operating Partnership Units. Marriott has also agreed to explore opportunities with Innkeepers for the sale of other Residence ...