Marriott International, Inc. (MAR: Quote) announced that it has signed an agreement to sell its ExecuStay corporate and temporary apartment housing business to Oakwood Worldwide, a privately held company.
As part of the transaction, Oakwood will maintain ExecuStay as a separate brand offering. The companies also signed an eight-year reciprocal preferred provider agreement under which Marriott International will become the preferred hotel provider for Oakwood corporate housing and serviced apartment customers who need a hotel stay, and Marriott will recognize Oakwood as the preferred provider of corporate housing and serviced apartments to Marriott customers.
As part of the preferred provider agreement, ExecuStay customers will also continue to earn Marriott Rewards guest loyalty program points for stays at ExecuStay apartments.
The financial terms of the sale were not disclosed, and are not material to Marriott International. Conclusion of the transaction, which is subject to normal and customary closing conditions, is expected by the end of April.
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by RTT Staff Writer
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