Marriott to Buy Howard Johnson
WASHINGTON — The Marriott Corp. hotel and restaurant chain signed an agreement to buy a major competitor, the Howard Johnson Co., for $300 million and sell its trademark and franchise division to another national hotel operator, it was announced today.
Immediately after acquiring Howard Johnson, Marriott agreed to sell to Prime Motor Inns Inc. nearly all the hotels run by Howard Johnson plus its motor lodge and restaurant franchises. Marriott will retain 350 Howard Johnson-run restaurants and 68 turnpike restaurants.
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