Marriott International: Difference between revisions
+ image |
enlarge to fall in line |
||
| Line 24: | Line 24: | ||
[[Image:Marriott Zurich.jpg|thumb|250px|Marriott Hotel [[Zürich]], [[Switzerland]]]] |
[[Image:Marriott Zurich.jpg|thumb|250px|Marriott Hotel [[Zürich]], [[Switzerland]]]] |
||
[[Image:CIMG0356.JPG|thumb|250px|Vancouver Marriott Pinnacle Hotel (foreground) and Renaissance Harbourside Hotel Vancouver (background), across the street from each other in Downtown [[Vancouver]]]] |
[[Image:CIMG0356.JPG|thumb|250px|Vancouver Marriott Pinnacle Hotel (foreground) and Renaissance Harbourside Hotel Vancouver (background), across the street from each other in Downtown [[Vancouver]]]] |
||
[[Image:Marriott Hotel, panorama, Dec 06.jpg |thumb| |
[[Image:Marriott Hotel, panorama, Dec 06.jpg |thumb|250px|right|Singapore Marriott Hotel]] |
||
Marriott International was formed in 1993 when [[Marriott Corporation]] split into two companies, Marriott International and [[Host Marriott Corporation]]. |
Marriott International was formed in 1993 when [[Marriott Corporation]] split into two companies, Marriott International and [[Host Marriott Corporation]]. |
||
Revision as of 08:03, 3 December 2006
| Marriott International | |
| Company type | Public (NYSE: MAR) |
|---|---|
| Industry | Hospitality, Hotels, Tourism |
| Predecessor | Marriott Corporation  |
| Founded | May 15, 1927 in Washington, D.C. |
| Headquarters | Bethesda, Maryland, United States |
Key people | J.W. "Bill" Marriott, Jr., chairman and CEO William Shaw President and COO |
| Products | hotels, resorts |
| Revenue |  $15.14 billion USD (2004) |
| 3,462,000,000 United States dollar (2022) | |
| 2,358,000,000 United States dollar (2022) | |
Number of employees | 133,000 (March 25, 2005) |
| 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. Their 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 (coal-based fuel production venture) - 4%
History
Marriott International was formed in 1993 when Marriott Corporation split into two companies, Marriott International and Host Marriott Corporation.
In 1995, Marriott International purchased forty-nine percent (49%) stake in Ritz-Carlton. Marriott International believed 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.
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.[1]
Marriott International owned Ramada International Hotels & Resorts until its sale on September 15, 2004 to Cendant.
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." [2]
Marriott brands
- Marriott Hotels & Resorts
- JW Marriott Hotels & Resorts
- Renaissance Hotels & Resorts
- Courtyard by Marriott
- Residence Inn by Marriott
- Fairfield Inn by Marriott
- Marriott Conference Centers
- TownePlace Suites by Marriott
- SpringHill Suites by Marriott
- Marriott Vacation Club International (MVCI) (timeshare)
- The Ritz-Carlton Hotel Company L.L.C.
- Ritz-Carlton
- The Ritz-Carlton Club
- Marriott Execustay
- Marriott Executive Apartments
- Marriott Grand Residence Club