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MARRIOTT PURCHASES CHARLOTTE MARRIOTT CENTER CITY FOR $111M

CHARLOTTE, N.C. — Marriott International Inc. has acquired the 438-room Charlotte Marriott Center City for $111 million, according to the Charlotte Business Journal. The hotel is located at 100 W. Trade St. in Uptown Charlotte. The company is reportedly planning an extensive renovation to the property and doesn't plan on owning the hotel for long. Marriott usually manages its hotels but typically does not own the properties. By purchasing the Charlotte Marriott Center City, the company can ensure it stays a Marriott-managed property and will also allow the company to try out new ideas, according to the report. The seller was a company managed by Cornerstone Real Estate Advisors.

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