-- New $43 Million Residence Inn by Marriott Capitol is Near the
Smithsonian's National Museum of the American Indian (NMAI) --
|WASHINGTON, March 7, 2005 - Marriott International,
Inc.(NYSE: MAR), Four Fires LLC, a unique financial partnership of
Native American tribes, and The Donohoe Companies, celebrated the grand
opening of the $43 million Residence Inn by Marriott Capitol, at 333 E
Street, S.W. The celebration, which included a Native American blessing
and flag ceremony, was held at the hotel at 11 a.m. today.
The 13-story, 233-suite hotel is the first of several such joint ventures.
The project was conceived and developed by The Donohoe Companies, a 120-year- old Washington, D.C., full-service real estate company. The tribal partnership is the first of its kind to jointly invest in a non-gaming hotel property. J.W. Marriott, Jr., chairman and CEO of Marriott International, and James A. Donohoe III, president and CEO of The Donohoe Companies, joined the Four Fires tribal chairs for the opening.
"We are truly delighted that Marriott is part of this extraordinary project and partnership," said Mr. Marriott. "This development is important from a cultural and economic perspective, particularly because the four tribes have combined their resources to create a dynamic business venture."
"The Four Fires partnership is an example of how we are building on our success to attract top-tier owners and franchisees who represent the diversity of our guests and the communities where we do business," added Norman K. Jenkins, senior vice president of North American Lodging Development for Marriott.
Marriott recently announced a $1 billion diversity outreach initiative, which includes the commitment to double the number of minority-owned Marriott properties over the next five years. Marriott is an industry leader in hotel franchisee/owner, employee and supplier diversity.
For Four Fires, the Residence Inn by Marriott Capitol also represents a significant tribal investment in non-gaming enterprises. By combining resources, the tribes hope to minimize risk and build upon one another's diverse business experiences.
"Combining financial interests and expertise with those of other tribes iskey to ensuring the financial stability and security of future generations ofour tribal communities," said Anthony Pico, chairman of the Viejas Band of Kumeyaay Indians.
Hospitality Partners of Bethesda will manage the D.C. property, which willfeature traditional Residence Inn amenities, including 2,400 square feet of meeting space, underground parking with 100 spaces, a business center, breakfast/evening reception area, fitness center, indoor pool and gift shop. The building's architecture, designed by BBGM - Architects & Interiors, has elements that are evocative of the design of the nearby National Museum of theAmerican Indian.
"The timing could not be better for our opening," said Michael Dickens, president and CEO of Hospitality Partners. "It comes just months after the opening of the new National Museum of the American Indian and Washington's newconvention center. We are proud to be a part of this exciting venture."
||Marriott International Reports 4th Qtr Net Income of $189 million, Compared to $169 million in 2003; 2004 a Spectacular Year / Hotel Operating Statistics / February 2005|
|Marriott Reports 2nd Qtr Net Profit Rose to $160 million from $125 million a Year Earlier, RevPAR Up 13% Worldwide; Over One-third Hotel Rooms Added to Marriott's System in the 2nd Qtr Were Conversions from Other Brands / Lodging Statistics / July 2004|
is the Most Admired Company in the Lodging Industry for 6th Straight
Year, According to FORTUNE / February 2005