Marriott Buys Marina del Rey Hotel

Host Marriott Corp. purchased the 306-room Ritz-Carlton hotel for about $56.6 million as part of its plans to expand its portfolio of luxury hotels. Bethesda, Md.-based Host Marriott, which is an owner or partner in more than 300 hotel properties, said the 14-story, Marina del Rey hotel will remain a Ritz-Carlton. Host Marriott, which declined to identify the seller of the waterfront property, said it plans to buy other Ritz-Carlton properties and spend about $1 billion this year on acquisitions.