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Marriott International
From Wikipedia, the free encyclopedia
| Marriott International | |
|---|---|
| Type | Public (NYSE: MAR) |
| Founded | May 15, 1927 in Washington, D.C. |
| Headquarters | Bethesda, Montgomery County, Maryland, United States |
| Key people | J.W. "Bill" Marriott, Jr., chairman and CEO William Shaw President and COO |
| Industry | Hospitality, Hotels, Tourism |
| Products | hotels, resorts |
| Revenue |  $15.14 billion USD (2004) |
| Employees | 143,000 (2006) [1] |
| Website | www.marriott.com(USA) |
Marriott International, Inc. (NYSE: MAR) is a worldwide operator and franchisor of a range of value and luxury hotels and related lodging facilities. Marriott currently has 2,300 accommodation properties in North America alone.[2]
Marriott's operations are grouped into the following five business segments:
- Full-service lodging - 65%
- Select-service lodging - 11%
- Extended-stay lodging - 5%
- Timeshare - 15%
- Synthetic fuel - 4% (primarily a tax shelter)[3]
Contents |
Marriott International was formed in 1993 when Marriott Corporation split into two companies, Marriott International and Host Marriott Corporation. In 2002 Marriott International began a major restructuring by spinning off Senior Living Services Communities (which is now part of Sunrise Senior Living) and Marriott Distribution Services, so that it could focus on hotel ownership and management. The changes were completed in 2003.[4]
In April of 1995, Marriott International acquired a 49% interest in the Ritz-Carlton Hotel Company LLC.[5] Marriott International believed that it could increase sales and profit margins at the Ritz, a troubled chain with a significant number of properties either losing money or barely breaking even. The cost of Marriott's initial investment was estimated to be about $200 million in cash and assumed debt. The next year, Marriott spent $331 million to take over the Ritz-Carlton Atlanta and buy a majority interest in two properties owned by William Johnson, a real estate developer who had purchased the Boston Ritz Carlton in 1983 and expanded his Ritz holdings over the next two decades. The Ritz began expansion into the lucrative timeshare market among other new initiatives made financially possible by the deep pockets of Marriott, which also lent its own in-house expertise in certain areas. There were other benefits for Ritz-Carlton flowing from its relationship with Marriott, such as being able to take advantage of the parent company's reservation system and buying power. The partnership was solidified in 1998 when Marriott boosted its interest in Ritz-Carlton to 99 percent. By 1999 revenues from the 35 hotels it operated around the world totaled about $1.4 billion.
Marriott International owned Ramada International Hotels & Resorts until its sale on September 15, 2004 to Cendant. It is the first hotel chain to serve food that is completely free of trans fats at all of its North American properties.[2][6]
On July 19, 2006, Marriott announced that all lodging buildings they operate in the United States and Canada would become non-smoking beginning September 2006. "The new policy includes all guest rooms, restaurants, lounges, meeting rooms, public space and employee work areas." [7]
- Marriott Hotels & Resorts
- JW Marriott Hotels & Resorts
- Renaissance Hotels & Resorts
- Marriott Conference Centers
- Ritz-Carlton
- Residence Inn by Marriott
- TownePlace Suites by Marriott
- Marriott Execustay
- Marriott Executive Apartments
- Marriott Vacation Club International (MVCI)
- Horizons by Marriott Vacation Club
- Marriott Grand Residence Club
- The Ritz-Carlton Club
- ^ (2007) Standard and Poor's 500 Guide. The McGraw-Hill Companies, Inc.. ISBN 0-07-147906-6.
- ^ a b "Marriott says trans fats will check out" from USA Today
- ^ "The Great Energy Scam" from TIME, October 2003
- ^ 2003 10-K report
- ^ fundinguniverse
- ^ "Marriott to Cut Trans FatAt U.S., Canada Hotels" from The Wall Street Journal online
- ^ Marriott Goes Smoke-Free
- Marriott's official site
- A timeline of the Marriott businesses
- Marriott ExecuStay for Extended Stay Housing
| Marriott International |
|---|
| Marriott Corporation (1929 - 1993) | Marriott International (2003 -) |
|
Courtyard by Marriott | Fairfield Inn by Marriott | JW Marriott Hotels & Resorts | Marriott Hotels & Resorts | Marriott Vacation Club International | Renaissance Hotels & Resorts | Residence Inn by Marriott | Ritz-Carlton Hotel Company | SpringHill Suites | TownePlace Suites |