Marriott to Buy CitizenM for $355 Million

By adding CitizenM, Marriott strengthens its select-service and lifestyle offerings.

Marriott International said Monday it would buy the lifestyle hotel brand CitizenM for $355 million, broadening its presence in primarily urban markets with a brand that offers small, tech-enabled rooms with minimalist amenities and playful decor.

Marriott, the world's largest hotel operator, will add citizenM's portfolio of 36 hotels spanning more than 20 cities across the U.S., Europe, and Asia Pacific to its system.

The companies expect the deal to close later this year, subject to regulatory approval.

The deal structure includes the $3