Marriott May Sell Edition Hotels to Fund Brand Expansion | bloomberg.com
Marriott International Inc. (MAR), the largest publicly traded U.S. hotel chain, may sell its three Edition properties to fund an expansion of the boutique, luxury brand, incoming Chief Executive Officer Arne Sorenson said. “We already have interested buyers,” Sorenson said in an interview yesterday at the company’s JW Marriott in downtown Los Angeles. He will replace J.W. Marriott Jr. as CEO at the end of the month, and Marriott will remain chairman. The Edition brand, a joint venture with hotelier Ian Schrager, is Marriott International’s attempt to break into the boutique segment in which Starwood Hotels & Resorts Worldwide Inc. (HOT)’s W chain operates. Marriott, based in Bethesda, Maryland, would continue to operate the Edition properties after they are sold, Sorenson said.
