Washington, Jan 2: Hotel operator Marriott International Inc. said on Wednesday that it has agreed to sell a total of eight hotels for about $181 million in cash to CNL Hospitality Corp., though it will continue to operate the properties.

Chief financial officer Arne Sorenson said the company sold $730 million worth of real estate assets and investments, including a total of 18 hotels, in 2001.

Washington, DC-based Marriott will sell one Residence Inn, three Courtyard by Marriott hotels, three SpringHill Suites hotels and one TownePlace Suites hotel to CNL Hospitality — the hotel industry investment and development subsidiary of Orlando, Florida-based CNL Financial Group Inc.

Two of the sales have already closed, while sales of the remaining six are expected to close in the first three quarters of 2002.

Shares of Marriott has nearly 2,400 operating units,— including hotels, vacation resorts and corporate housing — in the United States and 63 other countries and territories. It closed Monday trading at $40.65 on the New York Stock Exchange.

— Reuters