Prudential Puts 10 Hotels Up for Sale

Prudential Insurance Co. of America has put a portfolio of 10 hotels worth about $450 million up for sale, according to a source familiar with the situation. The insurer has received bids from 10 potential buyers for the hotels, which are located across the U.S. and operate under the Hyatt, Hilton, Radisson and Marriott brand names, the source said. The largest property in the portfolio is the Hyatt New Orleans. Representatives of Newark, N.J.-based Prudential declined to comment. Prudential announced plans in September to reduce its real estate holdings by swapping most of its $5.5-billion portfolio for stakes in real estate companies and partnerships.