Marriott To Acquire City Express Brand Portfolio - Quick Facts

(RTTNews) - Marriott International (MAR) has reached an agreement with Hoteles City Express to acquire City Express brand portfolio. Marriott will pay $100 million for Hoteles City's brand portfolio, associated trademarks, domains and related intellectual property, the City Premios loyalty program, and other assets and liabilities related to the brand. The portfolio is comprised of 152 hotels, including 17,356 rooms across 75 cities in Mexico and three additional countries in Latin America.

Hoteles City Express is a Mexico-based company founded by Luis Barrios. Marriott plans to update the brand name with its signature by Marriott endorsement.