Marriott plans to spin off DiamondRock REIT

06/17/2004 | Washington Post, The

Marriott International said it will spin off DiamondRock Hospitality, a publicly traded real estate investment trust that was designed to give Marriott's hotel development program a flexible source of long-term capital. Marriott spent $210 million last year to purchase or build properties, less than half what it spent in 2001, but expects that number to increase as the lodging industry continues to recover.

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