Thayer Lodging Group Acquires three Marriott-branded (MAR) hotels at Miami International Airport
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Thayer Lodging Group has acquired a complex of three Marriott-branded hotels at Miami International Airport from Marriott International, Inc. (NYSE: MAR) for $57.5 million. Thayer said it plans to invest an additional $65 million to totally makeover the complex. The renovation/construction will take place in phases, with a final completion date planned for early 2009 to coincide with completion of a major expansion of the airport and regional transportation hub. Marriott will continue to manage the hotels and oversee all construction and renovation projects.
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