NEW YORK (Standard&Poor's) April 28, 2005--Standard&Poor's Ratings Services said today that its ratings on Marriott International Corp. (BBB+/Stable/A-2) are not affected by Marriott's announcement last evening that, through several transactions, it will purchase a number of hotels from CTF Holdings Ltd., and become lessee on certain other properties. Marriott will also record a $91 million one-time non-cash write-off in its second quarter, primarily associated with the termination of the existing management agreements. Marriott will then enter into long-term management agreements with new third parties (discussed below) that are expected to be longer and more valuable than the existing agreements. Marriott will acquire 32 hotels and certain joint venture interests from CTF for $1.45 billion, however, Marriott
