By Denny Jacob
Marriott International agreed to acquire lifestyle brand citizenM for $335 million, a deal seen expanding the company's select-service and lifestyle lodging offerings.
The Bethesda, Maryland, hotel operator said the deal will acquire the brand and related intellectual property. The citizenM portfolio currently consists of 36 open hotels across more than 20 cities while primarily catering to value-conscious travelers.
Following the close, the citizenM portfolio will become part of Marriott's system, with the hotels owned and leased by the seller subject to new long-term franchise agreements with Marriott.
CitizenM may also receive future payments up to $110 million based on future growth of the brand over a multiyear timeframe. The payments wouldn't begin until the fourth year following the close.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
April 28, 2025 07:55 ET (11:55 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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