Hotel

The five-star hotel chain created six decades ago by Isadore Sharp continues to expand worldwide while working to preserve its top-tier reputation in an industry increasingly driven by millennial expectations and tastes.

The two hotels were bought as part of a $163 million, five-hotel portfolio.

The company’s expansion target is the equivalent of one new hotel per week.

The buyer is a venture among funds managed by Trinity Investments LLC and Oaktree Capital Management LP, Marriott said in a statement Monday.

New construction is hurting the hotel business in markets across the country...

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