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                       Securities and Exchange Commission

                             Washington, D.C. 20549

                                    FORM 10-Q

           [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

                         SECURITIES EXCHANGE ACT OF 1934

                  FOR THE QUARTERLY PERIOD ENDED MARCH 24, 2000

                                       OR

          [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

                         SECURITIES EXCHANGE ACT OF 1934

                           Commission File No. 0-15736

                    COURTYARD BY MARRIOTT LIMITED PARTNERSHIP

             (Exact name of registrant as specified in its charter)

        Delaware                                    52-1468081
-------------------------           ------------------------------------------
  (State of Organization)             (I.R.S. Employer Identification Number)

          10400 Fernwood Road, Bethesda, MD                     20817-1109
-----------------------------------------------------        ----------------
       (Address of principal executive offices)                 (Zip Code)

       Registrant's telephone number, including area code: (301) 380-2070
                    Securities registered pursuant to Section
                               12(b) of the Act:

                                 Not Applicable

                    Securities registered pursuant to Section
                               12(g) of the Act:

                      Units of Limited Partnership Interest

                                (Title of Class)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months and (2) has been subject to such filing requirements for
the past 90 days. Yes |X| No .

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                    COURTYARD BY MARRIOTT LIMITED PARTNERSHIP

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                                TABLE OF CONTENTS

                                                                       PAGE NO.

                         PART I - FINANCIAL INFORMATION

Item 1.    Financial Statements

           Condensed Statement of Operations
              Twelve Weeks Ended March 24, 2000
                and March 26, 1999 (Unaudited)................................1

           Condensed Balance Sheet

              March 24, 2000 (Unaudited) and December 31, 1999................2

           Condensed Statement of Cash Flows
              Twelve Weeks ended March 24, 2000
                and March 26, 1999 (Unaudited)................................3

           Note to Condensed Financial Statements (Unaudited).................4

Item 2.    Management's Discussion and Analysis of Financial
              Condition and Results of Operations.............................5

Item 3.    Quantitative and Qualitative Disclosures about Market Risk.........6



                           PART II - OTHER INFORMATION

Item 1.    Legal Proceedings..................................................7

Item 6.    Exhibits and Reports on Form 8-K...................................8






<PAGE>








                          PART I. FINANCIAL INFORMATION
                          ITEM 1. FINANCIAL STATEMENTS
                    COURTYARD BY MARRIOTT LIMITED PARTNERSHIP
                        CONDENSED STATEMENT OF OPERATIONS
                                   (Unaudited)
                (in thousands, except unit and per unit amounts)
<TABLE>

                                                                                                 Twelve Weeks Ended
                                                                                            March 24,          March 26,
                                                                                               2000              1999
<S>                                                                                      <C>               <C>
                                                                                          --------------    ---------
REVENUES

   Hotel revenues

     Rooms................................................................................$       43,323    $      43,610
     Food and beverage....................................................................         2,964            3,075
     Other................................................................................         1,726            1,545
                                                                                          --------------    -------------
       Total hotel revenues...............................................................        48,013           48,230
                                                                                          --------------    -------------

OPERATING COSTS AND EXPENSES
   Hotel property-level costs and expenses
     Rooms................................................................................         9,802            9,611
     Food and beverage....................................................................         2,646            2,734
     Other department costs and expenses..................................................           234              455
     Selling, administrative and other....................................................        11,535           11,210
                                                                                          --------------    -------------
       Total hotel property-level costs and expenses......................................        24,217           24,010
   Depreciation...........................................................................         4,545            4,349
   Base and Courtyard management fees.....................................................         2,881            2,894
   Incentive management fee...............................................................         2,174            2,166
   Ground rent, taxes and other...........................................................         4,122            4,081
                                                                                          --------------    -------------

       Total operating costs and expenses.................................................        37,939           37,500
                                                                                          --------------    -------------

OPERATING PROFIT..........................................................................        10,074           10,730
   Interest expense.......................................................................        (5,827)          (6,029)
   Interest income........................................................................           304              164
                                                                                          --------------    -------------

NET INCOME................................................................................$        4,551    $       4,865
                                                                                          ==============    =============

ALLOCATION OF NET INCOME
   General Partner........................................................................$          228    $         243
   Limited Partners.......................................................................         4,323            4,622
                                                                                          --------------    -------------

                                                                                          $        4,551    $       4,865
                                                                                          ==============    =============

NET INCOME PER LIMITED PARTNER UNIT (1,150 Units).........................................$        3,759    $       4,019
                                                                                          ==============    =============





                   See Note to Condensed Financial Statements.

</TABLE>
<PAGE>



                    COURTYARD BY MARRIOTT LIMITED PARTNERSHIP
                             CONDENSED BALANCE SHEET
                                 (in thousands)
<TABLE>

                                                                                            March 24,         December 31,
                                                                                               2000               1999
                                                                                          --------------    ----------
                                                                                        (Unaudited)
<S>                                                                                      <C>               <C>

                                     ASSETS
   Property and equipment, net............................................................$      283,126    $       285,915
   Due from Courtyard Management Corporation..............................................         6,156              2,868
   Deferred financing costs, net of accumulated amortization..............................         5,309              5,411
   Property improvement fund..............................................................        12,262              7,857
   Restricted cash........................................................................         8,667             11,889
   Cash and cash equivalents..............................................................        11,248             14,920
                                                                                          --------------    ---------------

                                                                                          $      326,768    $       328,860
                                                                                          ==============    ===============

                   LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)

LIABILITIES

   Mortgage debt..........................................................................$      302,998    $       305,086
   Straight-line ground rent due to affiliates of Marriott International, Inc.............        19,098             19,152
   Debt service guaranty and accrued interest payable to Host Marriott Corporation........        14,941             14,794
   Incentive management fees due to Courtyard Management Corporation......................         4,540              4,777
   Accounts payable and accrued liabilities...............................................         3,338              3,512
                                                                                          --------------    ---------------

         Total Liabilities................................................................       344,915            347,321
                                                                                          --------------    ---------------

PARTNERS' CAPITAL (DEFICIT)
   General Partner........................................................................           415                399
   Limited Partners.......................................................................       (18,562)           (18,860)
                                                                                          --------------    ---------------

         Total Partners' Deficit..........................................................       (18,147)           (18,461)
                                                                                          --------------    ---------------

                                                                                          $      326,768    $       328,860
                                                                                          ==============    ===============















                   See Note to Condensed Financial Statements.

</TABLE>

<PAGE>


                    COURTYARD BY MARRIOTT LIMITED PARTNERSHIP
                        CONDENSED STATEMENT OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)
<TABLE>

                                                                                                 Twelve Weeks Ended
                                                                                           March 24,          March 26,
                                                                                               2000              1999
                                                                                       --------------    ---------
<S>                                                                                     <C>                <C>
OPERATING ACTIVITIES
   Net income.............................................................................$        4,551    $       4,865
   Noncash items..........................................................................         4,824            4,583
   Changes in operating accounts..........................................................          (531)            (355)
                                                                                          --------------    -------------

         Cash provided by operations......................................................         8,844            9,093
                                                                                          --------------    -------------

INVESTING ACTIVITIES
   Additions to property and equipment, net...............................................        (1,786)            (956)
   Change in property improvement fund....................................................        (4,405)            (501)
                                                                                          --------------    -------------

         Cash used in investing activities................................................        (6,191)          (1,457)
                                                                                          --------------    -------------

FINANCING ACTIVITIES
   Capital distributions..................................................................        (4,237)              (5)
   Repayments of mortgage debt............................................................        (2,088)          (1,930)
                                                                                          --------------    -------------

         Cash used in financing activities................................................        (6,325)          (1,935)
                                                                                          --------------    -------------

(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS..........................................        (3,672)           5,701

CASH AND CASH EQUIVALENTS at beginning of period..........................................        14,920            9,203
                                                                                          --------------    -------------

CASH AND CASH EQUIVALENTS at end of period................................................$       11,248    $      14,904
                                                                                          ==============    =============

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
   Cash paid for mortgage interest........................................................$        6,052    $       6,143
                                                                                          ==============    =============
















                   See Note to Condensed Financial Statements.

</TABLE>

<PAGE>


                    COURTYARD BY MARRIOTT LIMITED PARTNERSHIP
                     NOTE TO CONDENSED FINANCIAL STATEMENTS
                                   (Unaudited)

1.       Summary of Significant Accounting Policies

       The  accompanying  unaudited,  condensed  financial  statements have been
       prepared  by  the  Courtyard  By  Marriott   Limited   Partnership   (the
       "Partnership").  Certain  information and footnote  disclosures  normally
       included in financial  statements presented in accordance with accounting
       principles generally accepted in the United States have been condensed or
       omitted from the accompanying  statements.  The Partnership  believes the
       disclosures  made are  adequate  to make the  information  presented  not
       misleading. However, the unaudited, condensed financial statements should
       be read in conjunction with the  Partnership's  financial  statements and
       notes thereto included in the Partnership's  Form 10-K for the year ended
       December 31, 1999.

       In the opinion of the Partnership, the accompanying unaudited,  condensed
       financial statements reflect all adjustments  necessary to present fairly
       the financial  position of the  Partnership as of March 24, 2000, and the
       results of operations and cash flows for the twelve weeks ended March 24,
       2000 and March 26, 1999.  Interim results are not necessarily  indicative
       of full year performance because of seasonal and short-term variations.

       For financial  reporting  purposes,  the net income of the Partnership is
       allocated 95% to the Limited Partners and 5% to CBM One LLC (the "General
       Partner").  Significant  differences  exist  between  the net  income for
       financial  reporting  purposes  and the net income  reported  for Federal
       income tax purposes.  These  differences are due primarily to the use for
       Federal income tax purposes of accelerated  depreciation methods, shorter
       depreciable lives for the assets, difference in the timing of recognition
       of certain fees and straight-line rent adjustments.

       Certain   reclassifications  were  made  to  the  prior  year  unaudited,
       condensed financial  statements to conform to the current year
       presentation.


<PAGE>


ITEM 2.           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                  AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS

Certain matters discussed in this Form 10-Q include  forward-looking  statements
and as such may involve known and unknown risks, uncertainties and other factors
which may cause the actual transactions, results, performance or achievements to
be materially  different from any future transactions,  results,  performance or
achievements  expressed  or  implied  by such  forward-looking  statements.  The
cautionary  statements  set forth in reports filed under the  Securities  Act of
1934  contained   important   factors  with  respect  to  such   forward-looking
statements,  including:  (i) national and local economic and business conditions
that will affect,  among other  things,  demand for products and services at the
Hotels and other  properties,  the level of room rates and occupancy that can be
achieved by such properties and the  availability  and terms of financing;  (ii)
the ability to compete effectively in areas such as access, location, quality of
accommodations and room rate structures; (iii) changes in travel patterns, taxes
and  government   regulations  which  influence  or  determine  wages,   prices,
construction  procedures and costs;  (iv)  governmental  approvals,  actions and
initiatives  including the need for  compliance  with  environmental  and safety
requirements, and changes in laws and regulations or the interpretation thereof;
and (v) the effects of tax legislative action. Although the Partnership believes
the  expectations  reflected in such  forward-looking  statements are based upon
reasonable  assumptions,  it can give no assurance that its expectations will be
attained or that any deviations will not be material. The Partnership undertakes
no  obligation  to  publicly  release  the  result  of any  revisions  to  these
forward-looking  statements  that may be made to reflect  any  future  events or
circumstances.

RESULTS OF OPERATIONS

Revenues. Revenues decreased slightly to $48 million for first quarter 2000 when
compared  to the  same  period  in  1999 as a  result  of an  additional  day of
operations in first quarter 1999. First quarter 2000 revenues  represent 84 days
of operations and first quarter 1999  represents 85 days of operations.  Revenue
per available room  ("REVPAR")  represents the  combination of the average daily
room rate charged and the average  daily  occupancy  achieved.  REVPAR  remained
unchanged at $71 due to an increase in the combined  average room rate of $3, or
3%, to $93, which was offset by a decrease in the combined average  occupancy of
three  percentage  points to 76% for first  quarter 2000 when  compared to first
quarter 1999.

Operating  Costs and Expenses.  The  Partnership's  operating costs and expenses
increased $439,000, or 1%, to $37.9 million for first quarter 2000 when compared
to first quarter 1999, primarily due to the increase in property-level costs and
expenses and  depreciation  expense as discussed below. As a percentage of Hotel
revenues,  operating  costs and expenses  represented  79% of revenues for first
quarter 2000 and 78% for first quarter 1999.

The Partnership's Hotel  property-level costs and expenses increased $207,000 to
$24.2  million when  compared to the same period in 1999.  Hotel  property-level
costs and expenses are higher due to  increased  salary and benefit  expenses as
the  Hotels  endeavor  to  maintain  competitive  wage  scales.  However,  as  a
percentage  of Hotel  revenues,  property-level  costs and expenses  represented
approximately  50% of revenues  for both first  quarter  2000 and first  quarter
1999.

Depreciation  expense increased  $196,000 to $4.5 million for first quarter 2000
from $4.3 million for first  quarter 1999 due to property,  plant and  equipment
additions.

Operating  Profit.  As a result of the changes in  operating  costs and expenses
discussed above,  operating profit decreased  $656,000,  or 6%, to $10.1 million
for first quarter 2000 when compared to $10.7 million in first quarter 1999.

Interest Expense.  Interest expense decreased $202,000 to $5.8 million for first
quarter  2000 when  compared to the same period in 1999 as a result of principal
amortization on the Partnership's mortgage debt.

Net Income.  Net income for first  quarter  2000  decreased  by $314,000 to $4.6
million,  compared  to net income of $4.9  million for first  quarter  1999 as a
result of the items discussed above.

Liquidity and Capital Resources

The  Partnership's  financing needs have  historically  been funded through loan
agreements with independent financial institutions and Host Marriott Corporation
("Host Marriott").  The General Partner believes that cash from Hotel operations
will be  sufficient  to make  required  debt service  payments,  to fund current
capital expenditure needs of the Hotels as well as to make cash distributions to
the limited partners.

Principal Sources and Uses of Cash

The  Partnership's  principal source of cash is from  operations.  Its principal
uses of cash are to make debt service  payments,  fund the property  improvement
fund and to make distributions to the partners.

Cash  provided by  operating  activities  was $8.8  million and $9.1 million for
first quarters 2000 and 1999, respectively.

Cash used in  investing  activities  was $6.2 million and $1.5 million for first
quarters 2000 and 1999,  respectively.  The increase in investing activities was
primarily  due  to  the  Partnership   funding  $3.6  million  to  the  property
improvement fund for certain capital expenditures in first quarter 2000.

Cash used in  financing  activities  was $6.3 million and $1.9 million for first
quarter 2000 and first quarter  1999,  respectively.  During the first  quarters
2000 and 1999, the Partnership paid $2.1 million and $1.9 million, respectively,
of principal  on the  mortgage  debt.  Cash used in  financing  activities  also
included $4.2 million of cash distributions to the partners during first quarter
2000.

ITEM 3.           QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Partnership does not have  significant  market risk with respect to interest
rates,  foreign currency  exchanges or other market rate or price risks, and the
Partnership does not hold any financial  instruments for trading purposes. As of
March 24, 2000,  all of the  Partnership's  mortgage  debt has a fixed  interest
rate.

The Partnership has a debt service guaranty advance that is sensitive to changes
in interest  rates.  The interest  recognized on the debt obligation is based on
the prime rate,  which was 8.5% at December  31, 1999 and 9% at March 24,  2000.
The interest rate,  fair value,  and future  maturity  associated with this debt
obligation  has  not  changed   materially  from  the  amount  reported  in  the
Partnership's annual report on Form 10-K for the year ended December 31, 1999.


<PAGE>


                           PART II. OTHER INFORMATION

ITEM 1.           LEGAL PROCEEDINGS

The  Partnership  and  the  Hotels  are  involved  in  routine   litigation  and
administrative  proceedings arising in the ordinary course of business,  some of
which are expected to be covered by liability  insurance and which  collectively
are not expected to have a material  adverse  effect on the business,  financial
condition or results of operations of the Partnership.

Marvin Schick and Jack Hirsch,  the  plaintiffs in a class action lawsuit styled
Marvin  Schick,  et al. v. Host Marriott  Corporation,  et al., Civil Action No.
15991,  filed their  complaint  on October 16, 1997 in Delaware  Chancery  Court
against the General Partner,  Courtyard  Management  Corporation (the "Manager")
and  certain  of  their  respective  affiliates,  officers  and  directors.  The
plaintiffs  claim  that the  General  Partner  agreed to  decrease  the  owner's
priority under the Management  Agreement for the benefit of the Manager  without
obtaining  the consent of the limited  partners.  The  lawsuit  includes  claims
against Host Marriott and the General  Partner for breach of contract and breach
of fiduciary  duty, and against  Marriott  International,  Inc.  ("MII") and the
Manager for interference  with contract and aiding and abetting in the breach of
fiduciary duties. The General Partner believes that the change in the Management
Agreement did not require limited partner approval, because, among other things,
it did not result in an increase in compensation to the Manager.

On March 16, 1998,  limited partners in several  partnerships  sponsored by Host
Marriott,  filed a lawsuit,  styled Robert M. Haas, Sr. and Irwin Randolph Joint
Tenants, et al. v. Marriott  International,  Inc., et al., Case No. 98-CI-04092,
in the 57th Judicial  District  Court of Bexar  County,  Texas against MII, Host
Marriott,  various of their subsidiaries,  J.W. Marriott, Jr., Stephen Rushmore,
and Hospitality Valuation Services, Inc. (collectively,  the "Defendants").  The
lawsuit now relates to the following limited partnerships: Courtyard by Marriott
Limited  Partnership,  Marriott  Residence  Inn  Limited  Partnership,  Marriott
Residence  Inn  II  Limited  Partnership,  Fairfield  Inn  by  Marriott  Limited
Partnership,  Host DSM Limited  Partnership  (formerly  known as Desert  Springs
Marriott Limited Partnership) and Atlanta II Limited Partnership (formerly known
as  Atlanta  Marriott  Marquis  Limited  Partnership),  collectively,  the  "Six
Partnerships".  The  plaintiffs  allege that the  Defendants  conspired  to sell
hotels to the Six Partnerships for inflated prices and that they charged the Six
Partnerships  excessive management fees to operate the Six Partnerships' hotels.
The plaintiffs further allege, among other things, that the Defendants committed
fraud,  breached  fiduciary  duties  and  violated  the  provisions  of  various
contracts.   A  related  case  concerning   Courtyard  by  Marriott  II  Limited
Partnership ("Courtyard II") filed by the plaintiffs' lawyers in the same court,
involves similar allegations against the Defendants, and has been certified as a
class  action.  As a  result  of this  development,  Courtyard  II is no  longer
involved in the above-referenced Haas lawsuit, Case No. 98-CI-04092.

On March 9, 2000,  the  Defendants  entered  into a  settlement  agreement  with
counsel for the plaintiffs to resolve the Haas and Courtyard II litigation.  The
settlement  would also resolve the Schick case referred to above. The settlement
is subject to numerous conditions,  including  partnership agreement amendments,
participation thresholds, court approval and various consents.

Under the terms of the settlement,  the limited  partners of the Partnership who
elect to  participate  would  receive  $134,130 per Unit,  or a pro rata portion
thereof, in cash in exchange for the transfer,  directly or through a merger, of
all  limited  partner  Units to a joint  venture  between  subsidiaries  of Host
Marriott and MII,  dismissal of the  litigation,  and a complete  release of all
claims.  If the Texas court  approves  legal fees and expenses of  approximately
$18,000 per Unit to counsel to the class action plaintiffs,  the net amount that
each class member who  transfers  his Unit and  releases  all of his  litigation
claims will receive is  approximately  $116,000 per Unit,  or a pro rata portion
thereof for fractional Units.

Limited partners who opt out of the settlement would have their interests in the
Partnership converted into the right to receive the appraised value of the Units
in cash (excluding any amount related to the claims asserted in the class action
litigation) and will retain their individual claims against the Defendants.

The  settlement  will not be  consummated  unless the Texas court  approves  the
fairness of the  settlement.  The Defendants may terminate the settlement if the
holders  of  more  than  10% of the  Partnership's  1,150  Units  choose  not to
participate, if the holders of more than 10% of the limited partner units in any
one  of  the  other  partnerships  involved  in  the  settlement  choose  not to
participate or if certain other  conditions are not satisfied.  The Manager will
continue to manage the Partnership's Hotels under long-term agreements.

The details of the settlement will be contained in a court-approved  notice  and
purchase  offer/consent solicitation to be sent to the Partnership's  limited
partners, and the discussion of the settlement herein is qualified in its
entirety by the terms of the actual court-approved notice and purchase offer/
consent solicitation sent to the Partnership's limited partners.

ITEM 6.           EXHIBITS AND REPORTS ON FORM 8-K

a.       Exhibits:  None.

b.       Reports on Form 8-K:  None.





<PAGE>


                                    SIGNATURE

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  registrant has duly caused this Form 10-Q to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                         COURTYARD BY MARRIOTT
                                         LIMITED PARTNERSHIP

                                         By:      CBM ONE LLC
                                                  General Partner

         May 8, 2000                     By:      /s/ Earla L. Stowe
                                                    ------------------
                                                      Earla L. Stowe
                                                      Vice President and
                                                      Chief Accounting Officer