Owned Hotels Now in the Marriott System
|WASHINGTON, July 20, 2006 - Marriott International, Inc. (NYSE: MAR)
today announced that it is on track to exceed the minority ownership and
supplier diversity goals it set for itself in 2005. The 2010 goal to have
500 minority- and women-owned Marriott hotels is well on its way to being
met with the over 400 minority- and women-owned hotels in the Marriott
system. Additionally, of the $1 billion the company plans to spend with
diverse suppliers by 2010, $347 million was already spent in 2005 alone.
"We're thrilled with the progress we've made so far," said Norman Jenkins, senior vice president, North American Lodging Development, Marriott International. "We've been able to bring in new owners at record numbers."
At the NABHOOD (National Association of Black Hotel Owners, Operators and Developers) conference in Atlanta this week, Marriott received the organization's first annual "Champion Award" for its diversity leadership, as well as the "Supplier Diversity Award" for its efforts to expand business opportunities to minority suppliers. "We're proud of these achievements and are excited about the future as Marriott continues to expand its business partnerships," said Dave Sampson, senior vice president, Diversity Initiatives, Marriott International.
Earlier this year, RLJ Development, LLC, the largest African-American hotel investment company in the U.S., announced a definitive agreement to acquire 100 hotels from White Lodging Services Corporation -- of which 90 are Marriott International hotels. Once completed in the next 6-18 months, RLJ Development will become one of Marriott's largest hotel owners.
Integrated Capital, a Los Angeles-based majority African-American-owned real estate equity group, has acquired the 285-luxury room Ventura Beach Marriott in Southern California. The Ventura property becomes the third Marriott property owned by Integrated Capital in just 15 months. The group's other two Marriott properties include the Residence Inn in Columbia, Md., and the Residence Inn in Silver Spring, Md., both in the Washington, D.C. metropolitan area.
"Having diversity in every aspect of the company is a business priority at Marriott," said Mr. Jenkins. "We believe in being proactive on the issue of diversity at every level."
MARRIOTT INTERNATIONAL, INC. (NYSE: MAR) is a leading lodging company with nearly 2,800 lodging properties in the United States and 67 other countries and territories. Marriott International operates and franchises hotels under the Marriott, JW Marriott, The Ritz-Carlton, Renaissance, Residence Inn, Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites and Bulgari brand names; develops and operates vacation ownership resorts under the Marriott Vacation Club International, Horizons, The Ritz-Carlton Club and Grand Residences by Marriott brands; operates Marriott Executive Apartments; provides furnished corporate housing through its Marriott ExecuStay division; and operates conference centers. The company is headquartered in Washington, D.C., and has approximately 143,000 employees at 2005 year-end. It is ranked by Fortune® magazine as the lodging industry's most admired company and one of the best places to work for. In fiscal year 2005, Marriott International reported sales from continuing operations of $11.6 billion.
Marriott International, Inc.
|Also See:||Privately held RLJ Development, LLC Acquiring 100 Hotels from White Lodging Services Corporation for Approximately $1.7 billion / February 2006|
|Hilton Hotels Corporation Sells Three Hotels to The RLJ Urban Lodging Fund, LP; Two Hilton Suites and One Embassy Suites for $72 million in Cash / June 2005|