Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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.

Click here to receive FREE breaking news email alerts for Marriott International Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Looking to increase pressure on Congress, the White House released a report on Tuesday warning of the economic costs of delaying action to address climate change. With the August recess looming, House Republican leaders are hopeful they can pass legislation to address the crisis along the U.S.-Mexico border before the end of the week. The House is expected to vote on a bill providing $659 million in funding for the border crisis, well below the $3.7 billion requested by the Obama administration. After moving mostly higher in early trading on Tuesday, stocks have given back ground over the course of the trading session. A negative reaction to news of new European sanctions against Russia contributed to the pullback by the markets.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.