|ORLANDO, Fla., May 26, 1999 - Marriott Vacation Club
International (MVCI) announced today plans to launch a new vacation ownership
resort brand -- Horizons(TM) by Marriott Vacation Club. Solidly positioned
in moderate tier, Horizons by Marriott Vacation Club represents a significant
expansion for MVCI and entrance into the fastest growing segment of the
vacation ownership industry. Currently, the moderate tier accounts for
over 55 percent of the U.S. market. Over the next several years, Horizons
by Marriott Vacation Club will develop resorts in the nation's top southeastern
and southwestern vacation destinations.
The first Horizons by Marriott Vacation Club resort will be built in Central Florida with completion scheduled for early 2001. With a high priority on recreational amenities and properties designed to create a sense of community, initial Horizons resorts will offer ownership for $9,000 to $13,000 per week.
"Our goal is to revolutionize the industry with a brand of resorts created to deliver great on-site fun, flexibility, quality and affordability," said Stephen P. Weisz, president, Marriott Vacation Club International. "Come to Stay -- Plan to Play will be the hallmark of each Horizon resort."
Marriott International, Inc. (NYSE: MAR) also operates 41 quality-tier Marriott Vacation Club International resorts with more than 135,000 owners. Over a five-year period (1998-2002), the company plans to double the size of its total MVCI portfolio.
MARRIOTT INTERNATIONAL, INC. is a leading worldwide hospitality company with over 1,800 operating units in the United States and 53 other countries and territories. Marriott Lodging operates and franchises hotels under the Marriott, Ritz-Carlton, Renaissance, Residence Inn, Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites and Ramada International brand names; develops and operates vacation ownership (timeshare) resorts under the Marriott Vacation Club International brand; operates conference centers, and provides furnished corporate housing through its ExecuStay by Marriott division. Other Marriott businesses include senior living communities and services, wholesale food distribution, and procurement services. The company is headquartered in Washington, D.C. and has approximately 135,000 employees. In fiscal year 1998, Marriott International reported total sales of $8.0 billion.
Note: This press release contains "forward-looking statements" within the meaning of federal securities law. These forward-looking statements include, among others, statements concerning the company's outlook for 1999 and beyond; the interim housing market, the lodging industry; business strategies and their anticipated results; and similar statements concerning anticipated future events and expectations that are not historical facts. The forward- looking statements in this press release are subject to numerous risks and uncertainties which could cause actual results to differ materially from those expressed in or implied by those statements.
|Also See:||Marriott Projects Target Palm Desert, Calif./ March 1998|
|Marriott International Launches Corporate Housing Business - ExecuStay by Marriott / March 1999|