ATLANTA-Host Hotels & Resorts has sold the 1,683-room Atlanta Marquis in downtown Atlanta for $293 million.
The Bethesda, MD-based firm did not reveal the identity of the buyer in its prepared release reporting the sale.
“I am excited to report our continued success in executing our asset sale strategy,” said Host Executive Vice President of Corporate Strategy Gregory J. Larson, stated. “In the past 12 months, we have sold four hotels for approximately $450 million. This sale meaningfully reduces our overall market presence in Atlanta, which now represents approximately 3% of our total revenues.”
The hotel, which opened, is subject to a long-term management agreement with Marriott International, Inc. and that the proceeds from the sale will be used to fund future acquisitions, pay down debt or for general corporate purposes. See story in the Atlanta Journal-Constitution.
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