ITT Sheraton Corp. officials have signed a letter of intent to purchase and lease eight Marriott Corp. properties in the United States and France, ITT Sheraton announced.
ITT Sheraton estimated the transaction will be worth about $160 million, but did not disclose other financial details. Company officials said Thursday that they expect to complete the deal by this summer.
The transaction involves Marriott "all-suite" properties in Dallas; Alexandria, Va.; Deerfield and Elk Grove, Ill.; Columbus, Ohio; Kansas City, Mo., and Wilmington, Del. It also includes the Prince de Galles, a 170-room hotel in the heart of Paris on the Avenue George V.