Financial Information

PART II

Item 8. Financial Statements and Supplementary Data.

MARRIOTT INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 4. DISPOSITIONS AND ACQUISITIONS

Dispositions

In 2020, we sold one U.S. & Canada property for $268 million. We continue to operate the hotel under a long-term management agreement.

In 2019, we sold two U.S. & Canada properties and recognized total gains of $134 million in the “Gains and other income, net” caption of our Income Statements. We continue to operate the hotels under long-term management agreements.

In 2018, we sold two U.S. & Canada properties, two Asia Pacific properties, and two Caribbean and Latin America properties and recognized total gains of $132 million in the “Gains and other income, net” caption of our Income Statements. We continue to operate all but one of these hotels under long-term management agreements.

In 2018, we sold our interest in three equity method investments, whose assets included a plot of land in Italy, a Caribbean and Latin America property, and an Asia Pacific property, and we recognized total gains of $42 million in the “Gains and other income, net” caption of our Income Statements. Also, in 2018, third-party investees sold a Caribbean and Latin America property and a U.S. & Canada property, and we recorded our share of the gains of $55 million and $10 million, respectively, in the “Equity in (losses) earnings” caption of our Income Statements.

Acquisitions

In 2019, we completed the acquisition of Elegant Hotels Group plc (“Elegant”) for $128 million in cash and assumed Elegant’s net debt outstanding of $63 million, which we subsequently repaid in January 2020. As a result of the transaction, we added seven hotels and a beachfront restaurant on the island of Barbados to our Caribbean and Latin America owned and leased portfolio.

In 2019, we purchased a U.S. & Canada property for $206 million.

In 2019, we accelerated our option to acquire our partner’s remaining interests in two joint ventures. As a result of the transaction, we recognized an indefinite-lived brand asset for AC Hotels by Marriott of $156 million and management and franchise contract assets, with a weighted-average term of 24 years totaling $34 million.