More local Marriotts in play

The iconic Marriott hotel on Hilton Avenue near Interstate 10 is not the only local Marriott property that may soon change hands. The Marriott Courtyard and Marriott Residence Inn, both on North Mall Drive near Siegen Lane, are under contract for an undisclosed price, according to the hotel’s owner. “We are not at liberty to discuss the deal, but we are hoping it closes in the first quarter of the year,” says John Dougherty, executive vice president for Olshan Hotel Management, a San Marcos, Fla.-based company that built the Courtyard and Residence motels in 1997 and 2000, respectively, and has managed them since. Though Dougherty would not identify the buyer, sources familiar with negotiations say the new owner is not local and intends to keep the Marriott flag on both properties, assuming the deal closes. Olshan’s decision to sell is not based on the performance of the motels, both of which have averaged occupancy rates of between 75% and 80%, Dougherty says. “Rather, it’s part of an overall strategic plan that we’re getting out of that market and moving into other opportunities.” In January, Daily Report confirmed the company that owns the 297-room Marriott on Hilton Ave., Columbia Sussex Corp., is in the process of tendering the property back to its lender and that the hotel could change hands within the next 90 days. To read that story click here. —Stephanie Riegel