CNL Hospitality Properties Inc., a privately held REIT, purchased the Seattle Waterfront Marriott for $89 million, or $248,603 per unit. The property, located at 2100 Alaskan Way, includes 358 guest rooms, full service banquet facilities, an indoor/outdoor pool, a 24-hour fitness center, a lobby bar, and an upscale seafood restaurant. Marriott International will continue to operate the hotel under a long-term management agreement. "We are extremely pleased with our investment," said Thomas J. Hutchinson III, CNL's CEO. He added that the transaction is consistent with the REIT's strategy of owning premium hotels in major markets and working alongside industry-leading lodging companies.