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.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。