Bethesda, MD-based Marriott International has agreed to sell one Residence Inn hotel, three Courtyard by Marriott hotels, three SpringHill Suites hotels and one TownePlace Suites hotel to Florida-based CNL Hospitality Corp. for approximately $181 million in cash. The deal involves three Bay Area properties, including the 149-room Courtyard Oakland Airport at 350 Hegenberger Road in Oakland; the 154-room Courtyard Milpitas at 1480 Falcon Drive in Milpitas; and a Residence Inn in the San Jose area. Individual prices were not disclosed. Other hotels included in the transaction are located in New Jersey, Pennsylvania and Virginia. Marriott will continue to operate the eight hotels under long-term management agreements with a CNL affiliate. Sale of the Oakland hotel and a Marriott property in Virginia have closed. The six other sales are expected to close by 3rd quarter 2002. Six months ago, Marriott sold the Courtyard Emeryville located at 5555 Shellmound St. in Emeryville as part of a four-property deal valued at $101.5 million. "While 2001 was a particularly difficult year for the lodging industry, hotel investors' continued interest in owning our brands demonstrates the success of our business strategy," said William J. Shaw, president and COO of Marriott International. "We are pleased that CNL Hospitality Corp. has chosen to expand its portfolio of Marriott International lodging properties and we look forward to continuing the strong long-term relationship between our organizations," Shaw added. CNL Hospitality Corp., the hotel industry investment and development subsidiary of CNL Financial Group Inc., currently owns or controls a geographically diverse portfolio of 49 hotels with 11,680 rooms in 21 states. Marriott operates almost 2,400 properties under the Marriott, Ritz-Carlton, Renaissance, Residence Inn, Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites and Ramada International brand names.