Further reducing their debt, Starwood Hotels & Resorts has agreed to sell two Washington, D.C.-area hotels to CNL Hospitality Properties Inc. for $104 million. Both the 310-room BWI Airport Marriott and the 272-room Courtyard by Marriott Arlington Crystal City are part of the deal. The sale is expected to close in the third quarter, according to a Starwood spokeswoman.
Another deal with CNL also is brewing: Starwood is in "advanced negotiations" with CNL to sell a majority stake in two other U.S hotels. Starwood will continue to manage these two undisclosed hotels under long-term agreements. The proceeds from these four sales, along with other sales in North America and Italy, will total roughly $1.1 billion — all of which will be used to retire existing debt and for other general corporate uses.