logo
Share SHARE
FONT-SIZE Plus   Neg

Marriott Int'l To Sell ExecuStay Corporate Housing Brand To Oakwood Worldwide

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Apple Inc. said Tuesday after the markets closed that its first quarter profit rose 38% from last year, driven by all time record revenue from iPhone and Mac sales as well as record performance of its App Store. The company's quarterly earnings per share also breezed past Wall Street expectations as did its quarterly sales. We are just a few weeks into 2015 and it has already been a busy year for merger deals and merger talks. Here is a list of some of the M&A stories that have made headlines so far in 2015. Diversified electronics maker TE Connectivity Ltd. is nearing a deal to sell its network solutions business unit to CommScope Holding Co., Inc. (COMM) in a deal valued at about $3 billion, according a Wall Street Journal report on Monday. A deal could be announced as early as this week. There has...
comments powered by Disqus
RELATED NEWS
Trade MAR now with 
Follow RTT