Finvarb Group Breaking Ground on a 208-room Residence Inn
by Marriott in Phoenix, Ariz., on the Campus of the Mayo
BETHESDA, Md., Oct. 25, 2007 - Marriott International, Inc. (NYSE:
MAR) and the Hispanic-owned Finvarb Group announced today that they are
breaking ground on a 208-room Residence Inn by Marriott hotel in Phoenix,
Ariz., on the campus of the Mayo Clinic. This is Finvarb’s eighth Marriott-branded
hotel. The agreement brings Marriott closer to its goal of reaching 500
minority- and women-owned hotels by 2010. The hotel will be located at
5777 E. Mayo Blvd. and is expected to open in early 2009.
“We are very excited to expand our portfolio of Marriott hotels,” said
Robert Finvarb, founder and president. “And, we’re equally thrilled to
share a campus with such a prestigious institution as the Mayo Clinic.”
“We are pleased to welcome Marriott to our Phoenix campus. This will
be a top-rated hotel that will provide a service and convenience to our
patients,” said Victor F. Trastek, M.D., CEO, Mayo Clinic in Arizona.
Earlier this year, the Miami-based Finvarb Group made history as the
first Hispanic-majority hotel owner in Washington, D.C., when it broke
ground on a Courtyard by Marriott in the new NoMa (North of Massachusetts
Avenue) Business Improvement District.
|The principals of the Finvarb Group are Richard Finvarb and Robert
Richard has been involved as a principal in the real estate development
business in Florida for more than 30 years. During this time, the Finvarb
Group developed numerous real estate projects, including several hi-rise
condominium projects, multifamily apartment buildings, office buildings,
single-family home developments and the renovation of a hotel in South
Beach that was flagged as a Marriott Courtyard Hotel.
Richard is a licensed general contractor. And, Richard is a principal
in Finvarb Realty, a prominent residential and commercial real estate brokerage
company based in Miami Beach that has been in business for more than 24
Robert is a graduate of Georgetown University Law Center and has been
a member of the Florida Bar since 1993. Following his graduation from law
school, he became associated with the law firm of Stearns Weaver Miller
in Miami. In 1998, Robert became General Counsel of Williams Island Associates,
a leading developer of luxury condominiums and condominium hotels in South
Florida. In 2000, Robert served as Vice President and General Counsel with
Terremark Worldwide, Inc., a publicly traded real estate and telecommunications
In 2002, Robert joined the Finvarb Group and spearheaded the development
of the 174-room Marriott Courtyard Hotel in Dania Beach, Florida. Currently,
Robert is leading the efforts to develop a 123-room Residence Inn by Marriott
hotel in Chantilly (Dulles Airport South), Virginia that is expected to
open in the spring of 2005 and a 135-room Residence Inn by Marriott hotel
in Tallahassee, Florida that is expected to open in the spring of 2006.
For information on the Finvarb Group, visit http://www.finvarb.com.
For more information on Marriott’s Diversity Ownership Initiative, visit
MARRIOTT INTERNATIONAL, INC. (NYSE: MAR) is a leading lodging company
with more than 2,900 lodging properties in the United States and 67 other
countries and territories.