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News and Information Article
RLJ Development to Franchise 90 Marriott International Brand Hotels
WASHINGTON, Feb. 24 // -- RLJ Development, LLC, the largest
African-American hotel investment company in the U.S., headquartered in
Bethesda, Md., will become one of Marriott International, Inc.s (NYSE: MAR)
largest hotel owners through their announced, definitive agreement to acquire
100 hotels from White Lodging Services Corporation -- of which 90 are Marriott
International hotels. The brands represented will include 31 Courtyard
hotels, nine SpringHill Suites, 30 Residence Inns, 13 Fairfield Inn and
Suites, as well as five Marriott and two Renaissance hotels.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030605/MARRIOTTLOGO )
"We are pleased to be acquiring these high-performing, Marriott
International-branded hotels and to become one of Marriott Internationals
largest franchisees upon closing the White Lodging deal," said Robert L.
Johnson, who controls RLJ Development and is the founder of Black
Entertainment Television. "We look forward to a long and mutually prosperous
partnership."
J.W. Marriott, Jr., Marriott Internationals chairman and chief executive
officer, said, "We are delighted that RLJ Development has expanded their close
association with our company. Under Bob Johnsons leadership, we look forward
to an increasingly strong relationship with RLJ. With White Lodging
continuing to operate the hotels, we are confident that we have a great team
in place to generate value for our companys brands."
Thomas J. Baltimore, Jr., co-founder and president of RLJ Development,
added, "Our relationship with Marriott has never been stronger, and we look
toward significant growth prospects at these leading upscale hotels going
forward."
Norman K. Jenkins, Marriott Internationals senior vice president, North
American lodging, said, "Not only are we strengthening our ties to a premier
franchise company in our industry, but we are also deepening our absolute
commitment to diversity in hotel ownership."
Jenkins noted that, as part of the companys Diversity Ownership
Initiative announced last year, Marriott International recently invested $20
million in the RLJ Urban Lodging Fund, a fund that facilitates the development
of hotels in urban locations.
About RLJ Development, LLC
RLJ Development, LLC ("RLJ Development") is one of The RLJ Companies
portfolio companies controlled by Robert L. Johnson. RLJ Development is a
privately-held real estate investment company founded and led by Robert L.
Johnson. RLJ Development and its affiliates currently own 29 hotels in major
markets in North America valued in excess of $1 billion. RLJ Development is
the largest African-American hotel investment company in the U.S. and is
actively seeking additional investment opportunities across North America in
hospitality and related segments. http://www.rljhotels.com
About The RLJ Companies
The RLJ Companies, founded by Robert L. Johnson, founder and former CEO
and Chairman of Black Entertainment Television, provides strategic investment
and direction in and for a diverse portfolio of companies in the financial
services, real estate, hospitality/restaurant, professional sports, film
production, gaming and recording industries. An innovative business network,
The RLJ Companies seeks to target undiscovered or underserved markets and
exercise solid management to achieve exceptional results.
MARRIOTT INTERNATIONAL, INC. (NYSE: MAR) is a leading lodging company with
over 2,700 lodging properties in the United States and 66 other countries and
territories. Marriott International operates and franchises hotels under the
Marriott, JW Marriott, The Ritz-Carlton, Renaissance, Residence Inn,
Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites and Bulgari
brand names; develops and operates vacation ownership resorts under the
Marriott Vacation Club International, Horizons, The Ritz-Carlton Club and
Grand Residences by Marriott brands; operates Marriott Executive Apartments;
provides furnished corporate housing through its Marriott ExecuStay division;
and operates conference centers. Marriott is also in the synthetic fuel
business. The company is headquartered in Washington, D.C., and has
approximately 143,000 employees. In fiscal year 2005, Marriott International
reported sales from continuing operations of $11.6 billion. For more
information or reservations, please visit our web site at
http://www.marriott.com.
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