Bethesda-based Host Marriott Corp. plans to consolidate six of its subsidiary partnerships into a real estate investment trust.
According to a filing with the Securities and Exchange Commission, the new company has been tentatively named CRF Lodging Co. The REIT will consist of 221 Marriott hotels -- Courtyard by Marriott, Residence Inn by Marriott and Fairfield Inn by Marriott.
CRF will lease the hotels back to Host Marriott and they will be run by Marriott International Inc., according to the filing.
The announcement is yet another signal of the growing stature of the trust industry.
Since 1992, for instance, the amount of REIT stock held by the public has increased from $13 billion to $131 billion, according to the REIT industry's Washington-based trade group.
Columbia-based Rouse Co. announced plans last month to convert to a real estate investment trust, beginning in January.
The move was part of an explosion in REIT activity in the Baltimore region, driven in part by the region's rebounding economy and because of escalating property prices in several cities nationwide.
Pub Date: 12/25/97