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WHITE PLAINS, NY-Starwood Hotels & Resorts Worldwide Inc. has signed a binding agreement with CNL Hospitality Properties, Inc., to sell two hotels, the BWI Airport Marriott in Baltimore and the Courtyard by Marriott Arlington Crystal City in Arlington, VA, for $104 million.

In addition, K.C. Kavanagh, a Starwood spokesperson, says the White Plains-based hotelier, is in “advanced negotiations” with CNL Hospitality, an Orlando, FL-based REIT, to sell its majority interest in two additional domestic hotels. Kavanagh would not release the name of the two US hotels or the proposed purchase price. However, Starwood would continue to manage the two unnamed hotels after closing, based on long-term management agreements.

The 310-room BWI Airport Marriott is located at 1743 West Nursery Rd. in Baltimore and contains more than 18,000 sf of conference and meeting space. The 14-story Courtyard by Marriott Arlington Crystal City is located at 2899 Jefferson Davis Highway and contains 272 rooms. Starwood officials say the deal is expected to close during the third quarter of this year. Upon closing, the company will no longer have any interest in the two non-Starwood branded facilities.

Company officials say that these pending transactions, coupled with its previously announced hotel sales in North America and Italy this year, will total approximately $1.1 billion. The proceeds from those sales are being used by Starwood to retire existing debt and for other general corporate uses, company officials noted.

On July 10, CNL Hospitality reported it had completed the acquisition of RFS Hotel Investors, Inc. in Memphis, TN in a deal worth approximately $701 million. CNL Hospitality, an affiliate of CNL Financial Group, Inc., owns interests in a portfolio of 121 hotels, totaling more than 25,000 rooms in 37 states. Among its major holdings include: the 950-room JW Marriott Desert Ridge Resort & Spa in Arizona; the 1,310 room Waikiki Beach Marriott Resort in Hawaii; the 498-room Courtyard Philadelphia Downtown; the 630-room Doubletree Crystal City in Virginia and the 500-room Hilton Miami Airport.

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