Hospitality Properties to Buy 9 Marriott Hotels

Hospitality Properties Trust agreed to buy nine hotels, seven of which are still under construction, from Marriott International Inc. for $129 million. Bethesda, Md.-based Marriott would sell three Residence Inns and six Courtyard hotels with a total of 1,336 rooms and operate them under long-term leases. The sales would take place as each hotel opens by the end of next year. The transaction is part of Marriott’s strategy to expand its hotel brands, including Marriott, Ritz-Carlton and Fairfield, by operating or franchising hotels owned by other companies. In April, Hospitality Properties, a Newton, Mass.-based real estate investment trust, agreed to buy 14 hotels from Marriott for $149 million. Marriott stock closed at $73.50, up 19 cents, and Hospitality Properties shares closed at $36.19, up 56 cents, both on the NYSE.