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BETHESDA, MD-Putting up $92 million on behalf of an institutional investor, Sarofim Realty Advisors has signed on to acquire an 85% of Host Marriott Corp.’s interest in the Host Marriott Corp. and Marriott International Inc. Courtyard joint venture, which involves the ownership of 120 Courtyard by Marriott hotels.

Additionally, the deal allows Dallas-headquartered Sarofim to invest $240 million in new equity into the four-year-old joint venture.

“This transaction provides us with a favorable exit strategy from the majority of our interest in this non-core investment at attractive pricing,” Host Marriott president and CEO Christopher J. Nassetta says. “The proceeds of this sale will be reinvested either in the purchase of upper-upscale or luxury hotels consistent with our target profile, return on investment projects or the repayment of debt.” If all goes as panned, the transaction will close sometime during the first quarter of next year.

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