Marriott International (MAR) said Monday it has agreed to acquire lifestyle brand citizenM and its related intellectual property for $355 million.

The citizenM global portfolio consists of 36 open hotels, comprising 8,544 rooms across over 20 cities, Marriott said, adding that the brand's pipeline includes three hotels under construction, totaling over 600 rooms.

Stablized fees for the portfolio, including the hotels under construction, are expected to be around $30 million per year, Marriott said.

The seller may also receive earn-out payments of up to $110 million based on the future growth of the brand over a specified, multiyear timeframe, Marriott said, adding that the payments would not begin until the fourth year following closing.