Newport Beach Firm Acquires Restaurant Chains from Marriott

Marriott Corp. said it has completed the sale to American Restaurant Group Inc. of Newport Beach of several restaurant chains formerly owned by its Saga subsidiary. Terms of the sale were not disclosed, but sources close to the deal valued it at $280 million.

The transaction gives American Restaurant Group a total of 328 restaurants.

American Restaurant Group was founded by its largest shareholder, Anwar Soliman, and a group of management executives. Soliman resigned in October as group executive of W.R. Grace & Co.’s 690-unit restaurant division.