CHARLOTTE-Marriott International Inc. has acquired the Charlotte Marriott Center City for $111 million and plans to undertake renovations for the property prior to finding a buyer for the 438-room hotel property.
Marriott intends to undertake a “significant renovation plan,” for the hotel, including changes to street-level entrances and lower-level facades, according to the Charlotte Business Journal. Marriott acquired the hotel from a firm managed by Cornerstone Real Estate Advisers.
Marriott CEO Arne Sorenson, during a third quarter conference call, reported that the company plans to find a buyer for the uptown Charlotte property that will subsequently enter into a long-term management agreement with the hospitality company.
“Occasionally, we will invest capital to accelerate product initiatives in our existing brands,” Sorensen said. “Just a few weeks ago, we acquired the Charlotte Marriott. We're going to be using the hotel to prove some new product innovations before deploying system-wide. We expect to sell the hotel subject to a long-term management agreement and will not own it for long.” See story in the Charlotte Business Journal.
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