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 ▲$12.9 billion USD (2007)
Employees 151,000 (2008) [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]

Its heritage can be traced to founder J. Willard Marriott's experience as a Mormon missionary[citation needed] and later operating a root beer stand. He and his wife, Alice, opened the stand in Washington, D.C. in 1927. Today, Marriott International has about 3,150 lodging properties located in the United States and 67 other countries and territories.

Marriott's operations are grouped into the following five business segments:

Contents

[edit] History

Singapore Marriott Hotel
Singapore Marriott Hotel

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 many 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]

Marriott Hotel Zürich, Switzerland
Marriott Hotel Zürich, Switzerland
Marriott Hotel at Frankfurt Trade Fair in Frankfurt, Germany
Marriott Hotel at Frankfurt Trade Fair in Frankfurt, Germany

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]

In 2005, Marriott International and Marriott Vacation Club International comprised two of the 53 entities that contributed the maximum of $250,000 to the second inauguration of President George W. Bush.[7] [8] [9]

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." [10]

[edit] Great America

Marriott originally owned Six Flags Great America, which at the time was called Marriott's Great America. The theme park, located outside of Chicago in Gurnee, Illinois opened on May 29, 1976 to celebrate the American Bicentennial. It consisted of six Americana-themed areas: Carousel Plaza, Hometown Square, The Great Midwest, Yankee Harbor, Yukon Territory and Orleans Place. It owned a similar park in Santa Clara, California, also called Marriott's Great America.

Marriott, keeping true to its hotel roots, wanted customers referred to as "guests." Staff members had a strict code for personal appearance and upkeep of the required costume, as well as a trademark send-off for all ride operators: "Thank you for riding, and we hope you enjoy the rest of your day here at Marriott's Great America."[citation needed] The park also featured the famous "American Eagle," a wooden roller coaster with a steep drop which still remains a staple ride to this day. Marriott sold Great America to the Six Flags company at the end of the 1984 season.

[edit] Marriott Brands

[edit] Full Service Lodging

[edit] Select Service Lodging

[edit] Extended Stay Lodging

[edit] Timeshare

[edit] References

  1. ^ (2007) Standard and Poor's 500 Guide. The McGraw-Hill Companies, Inc.. ISBN 0-07-147906-6. 
  2. ^ a b "Marriott says trans fats will check out" from USA Today
  3. ^ "The Great Energy Scam" from TIME, October 2003
  4. ^ 2003 10-K report
  5. ^ fundinguniverse
  6. ^ "Marriott to Cut Trans FatAt U.S., Canada Hotels" from The Wall Street Journal online
  7. ^ Drinkard, Jim. "Donors get good seats, great access this week", USA Today, 2005-01-17. Retrieved on 2008-05-25. 
  8. ^ "Financing the inauguration", USA Today. Retrieved on 2008-05-25. 
  9. ^ "Some question inaugural's multi-million price tag", USA Today, 2005-01-14. Retrieved on 2008-05-25. 
  10. ^ Marriott Goes Smoke-Free

[edit] External links

Wikimedia Commons has media related to:
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