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Host Marriott Sells 6 Hotels for $223 Million

Monday, January 10, 2005; Page E02

Host Marriott, a Bethesda-based owner of luxury hotels, said it had sold six hotels for $223 million and will use the proceeds to invest in other hotels and repay debt.

The six are the Bethesda Marriott, the Albuquerque Marriott, the Hartford Marriott Farmington in Connecticut, the Salt Lake City Marriott, the Tampa Marriott Westshore and the Torrance Marriott in California.


The Bethesda Marriott is among six suburban hotels that Host Marriott has sold. The hospitality company plans to focus on hotels in the downtowns of cities. (Linda Spillers -- Bloomberg News)

All are in suburbs, where the company is selling hotels to focus on downtown hotels, where it is tougher for competitors to build new hotels.

The Fortune 500 company sold the hotels in three transactions that closed in late December and early January. The sales will result in a book gain of more than $45 million.

The company owns hotels under the brands Ritz-Carlton, Hyatt, Marriott, Four Seasons, Fairmont, Sheraton and Hilton.

VIRGINIA

Integic, a Chantilly provider of business and government software, said it has been selected by the Office of Personnel Management to offer federal agencies a personnel record-keeping system that replaces paper files with electronic records. The company said the value of the blanket purchase agreement depends on how many agencies sign up for the system. Integic said the contract could be worth $70 million to $75 million over five years.

Lafarge North America named Eric Olsen executive vice president and chief financial officer, effective Jan. 1. Olson joined LaFarge, the U.S. unit of a French company that is the United States' largest supplier of construction materials, in 1999. He succeeds Larry Waisanen, who retired.

NRV, the McLean-based building company, said it bought substantially all of the assets of Marc Homebuilders, a leading homebuilder in Columbia, S.C. Last year Marc, which operates under the Rymarc Homes trade name, closed on 231 homes.

Dominion, one of the nation's largest producers of energy, completed its purchase of three Northeast power stations from USGen New England, effective Jan. 1, increasing its electricity-generating portfolio by 10 percent to about 28,340 megawatts. The $642-million acquisition by the Richmond-based energy company was part of a bankruptcy court-supervised divestiture of USGen New England's fossil-fuel plants.

Total Resource Management of Alexandria, a technology consultant, said it bought the assets of Quality Systems, a move it said furthers Total Resource's commitment to the utility market by expanding its energy, utilities and process manufacturing operations.

MARYLAND

Innovative Biosensors of College Park said it is offering a rapid test to detect E. coli contamination of meat. The company said the product allows meat processors to test for the pathogen in less than five minutes rather than the 48 hours required by other tests. The company licensed the biosensor technology that was developed at the Massachusetts Institute of Technology.

Human Genome Sciences of Rockville said federal regulators have given the company clearance to begin human testing of a treatment for HIV/AIDS. The treatment is an antibody intended to block the entry of HIV into human cells, preventing its progression into AIDS.

Essex, a Columbia supplier of information-processing hardware and services to intelligence agencies and the military, said it agreed to acquire Windermere Group, a privately held company in Annapolis and a contractor to more than 15 U.S. government agencies and numerous commercial clients. Windermere has more than 370 employees, most of whom hold high-level security clearances, and annual revenue of $64 million.

Jos. A. Bank Clothiers of Hampstead said it had a good holiday season. Sales for the fiscal month ended Jan. 1 rose 35 percent to $68 million from $50.3 million a year earlier. Comparable store sales increased 16 percent. The company said it expects net income for the fiscal year ending Jan. 29 to reach at least $24.2 million, or $1.70 per diluted share. That is a 46 percent increase over reported net income of $16.6 million ($1.20 per share) for the previous year.

Slavie Federal Savings Bank of Bel Air said it completed its reorganization into a mutual holding company. As part of the reorganization, Slavie's parent, SFSB, issued at a price of $10 per share more than 1.2 million shares to Slavie's depositors and 116,630 shares to Slavie's employee stock ownership plan, representing 45 percent of SFSB's outstanding common stock. The remaining 55 percent is owned by Slavie Bancorp MHC, the mutual holding company parent of SFSB that was formed as part of the reorganization.


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