Sunburst Acquires Ocean City, MD Quality Inn
SILVER SPRING, MD, February 12, 2007. Sunburst Hospitality announced today that the firm acquired the beachfront Quality Inn Hotel and Resort located in Ocean City, Maryland, for $18 million. This significant hotel acquisition, transacted at an excellent discount to replacement cost, balances Sunburst's intuitive repositioning strategy. Sunburst Hospitality is distinguished for their expertise in optimizing the value of hotel and resort properties.
Following the sale, Sunburst Hospitality will operate the hotel under the Quality Inn brand and evaluate the potential to rebrand the property as an upscale resort. Sunburst will execute a multi-million dollar renovation, which the company anticipates will add considerable value to the property.
"The Quality Inn, Ocean City, is an ideal value-added opportunity. The hotel's premier location, combined with Sunburst's expertise in optimizing intrinsic worth will significantly increase the hotel's value," commented Kevin Hanley, President of Sunburst Hospitality.
Foreseeing the tremendous market potential, Sunburst has targeted resort properties located throughout the Mid-Atlantic. Situated along an expansive beachfront, the Quality Inn Ocean City has several notable features which Sunburst plans to improve. Each of the hotel's 110 rooms is a spacious suite which Sunburst considers essential to their plans to upgrade and rebrand the resort. Full-service resort activities would be supported by the hotel's beachfront, pool areas, spa deck and opportunity to expand guest activities along the water. The hotel's overall building construction is excellent providing Sunburst a solid structure upon which to execute the renovation.
"Sunburst has the capacity to execute a distinctive upgrading of the hotel. This, combined with our operational acumen, will drive the resort into achieving its highest profit potential," said Mr. Hanley.
"The Quality Inn, Ocean City, is an excellent example of our objective to maximize the value of our portfolio through opportunistic acquisitions," continued Mr. Hanley. As we close on this property, we have several others in our sights."
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
