Doyle Sells Marriott Courtyard
Published on Apr 10 2013 9:29 AM in Hotel
The Doyle Collection has agreed to sell its Marriott Courtyard Hotel in Washington DC for $43.5 million. As reported in The Irish Times, the deal was agreed earlier this month, with a joint venture comprising Capstone Development and Quadrangle Development that is separately building a 1,200-room, $547 million Marriott Marquis in the eastern US city. This is the second hotel that the Doyle Collection has sold in the US recently, having disposed of the Back Bay in Boston for $90 million to US-based Loews Hotels and Resorts in February. The Doyle Group is also in the process of selling its Normandy hotel in Washington DC. ‘It is understood the price achieved for the Marriott Courtyard represented a yield of below 6 per cent,’ read The Irish Times. The Marriott and Normandy were acquired by the former Doyle hotel chain before its merger with Jurys and subsequent rebranding by the current owners, members of the Doyle and Beatty families.