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ITT SHERATON TO ACQUIRE EIGHT MARRIOTT HOTELS INCLUDING ALL-SUITE HOTEL IN COLUMBUS

 ITT SHERATON TO ACQUIRE EIGHT MARRIOTT HOTELS
 INCLUDING ALL-SUITE HOTEL IN COLUMBUS
 COLUMBUS, Ohio, Feb. 20 /PRNewswire/ -- In what the company described as a major strategic move, ITT Sheraton Corporation announced today the signing of a letter of intent for the purchase and lease of eight properties from Marriott Corporation (NYSE: MHS) including the Columbus Marriott Suites in Worthington. Seven of these hotels are located in the United States and one is in Paris, France.
 Though specific financial details were not disclosed today, the size of the transaction will be approximately $160 million. This is in addition to $1 billion already invested in ITT Sheraton properties in the renovation and restoration of properties in North America and Hawaii.
 ITT Sheraton Chairman, President and Chief Executive Officer John Kapioltas, said the purchase is expected to be completed by summer.
 Referring to the transaction, Kapioltas said, "We are pleased to be establishing a Sheraton Suites in such a thriving business travel market as Columbus."
 The multimillion-dollar transaction involves seven all-suite properties in the United States and the Prince de Galles, a 170-room hotel in the heart of Paris on the Avenue George V. In addition to the Columbus Marriott Suites in Worthington, the other all-suite hotels involved in the transaction are located in Alexandria, Va.; Deerfield and Elk Grove in Illinois (to be leased); Dallas, Texas; Kansas City, Mo.; and Wilmington, Del.
 These all-suite hotels will supplement ITT Sheraton's present all-suite operations in Atlanta, Ga.; Plantation, Fla.; and Cuyahoga Falls, Ohio.
 "Columbus is a significant market for us; all of these hotels are being acquired because they are in cities we deem viable and critical to our future," the ITT Sheraton chairman said.
 "The financial strength of ITT Sheraton allows us to invest where opportunities present themselves. Current market conditions will allow the company to pursue further expansion possibilities throughout our worldwide network," Kapioltas added.
 Located at 201 Hutchinson Ave., the 262-suite hotel features meeting space, a restaurant, lounge area, swimming pool and business services.
 Boston-based ITT Sheraton operates in more countries around the world than any other lodging company. Its current 420 properties, which are owned, leased, managed and franchised, are located in 62 countries and 42 states in the United States.
 ITT Corporation (NYSE: ITT), ITT Sheraton's parent company, is a $20 billion diversified multinational corporation engaged in nine product and service businesses. ITT also has a 30 percent interest in Alcatel N.V., the world's largest telecommunications equipment manufacturing company.
 -0- 2/20/92
 /CONTACT: Pamela Hanlon of ITT Sheraton, 617-367-5129/
 (ITT MHS) CO: ITT Sheraton; Marriott Corporation ST: Massachusetts, Ohio IN: LEI SU:


EG-SH -- NE015 -- 1000 02/20/92 14:11 EST
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Publication:PR Newswire
Date:Feb 20, 1992
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