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MARRIOTT BOARD APPROVES $220 MILLION IN ASSET SALES

 MARRIOTT BOARD APPROVES $220 MILLION IN ASSET SALES
 WASHINGTON, Dec. 11 /PRNewswire/ -- Marriott Corporation


(NYSE: MHS) said today that three transactions, expected to be completed within the next 60 days, will provide the company with approximately $220 million in cash. Terms of the transactions were approved by Marriott's board of directors on Dec. 5, subject to certain conditions relating to one transaction which have now been satisfied. The company said the proceeds will be used to reduce bank debt.
 The transactions include the sale of 14 new Courtyard by Marriott hotels to an institutional investor group for approximately $140 million. Marriott will continue to operate the properties under long-term leases. Also included are the previously announced sale of 110 family restaurants in California to The Restaurant Enterprises Group, Inc., and the sale of certain mortgage notes receivable for Marriott Ownership Resorts.
 The company said that, with other asset sales completed in 1991, these transactions will provide more than $340 million in cash to Marriott.
 Marriott Corporation is a diversified company involved in lodging and contract services.
 -0- 12/11/91
 /CONTACT: R. A. Rankin Jr. or Robert T. Souers, both of Marriott Corporation, 301-380-7770/
 (MHS) CO: Marriott Corporation ST: District of Columbia IN: LEI SU:


MH -- DC012 -- 1412 12/11/91 11:15 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Dec 11, 1991
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