February 8, 2005 - Marriott International, Inc. today announced expanded
goals for its Diversity Outreach Initiative, including:
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$1 billion pledged to minority and women owned suppliers over the next
five years.
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Relationships with four newly signed minority and women owned and managed
financial services firms.
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Minority owners and franchisees to double in five years.
These goals were reported to a subcommittee of Marriott's Board of Directors,
known as the "Committee for Excellence," which is focused on achieving
the highest levels of diversity in the lodging industry. The committee
is chaired by board member George Munoz, principal of Munoz Investment
Banking Group, LLC. Membership includes board members Debra L. Lee, president
and chief operating officer of Black Entertainment Television (BET); Harry
J. Pearce, former chairman of Hughes Electronics Corporation; and William
J. Shaw, president and chief operating officer of Marriott International;
as well as six other senior executives who represent various disciplines
throughout the company.
"Our diversity outreach has created opportunities for us to benefit
from the talent and expertise from organizations who share our vision and
commitment to excellence," said J.W. Marriott, Jr., chairman and chief
executive officer of Marriott International. "With more than $210 million
in expenditures in 2004 -- a 40 percent increase over 2003 -- we are on
track to achieve $1 billion with diverse suppliers over the next five years
and have established our continued lodging industry leadership."
Marriott also announced that it has signed agreements with minority
and women owned financial institutions, who will provide Marriott with
services for projects ranging from financing hotels to managing money market
funds, and are assisting the company with other capital market transactions.
They include:
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RLJ Development, LLC -- Marriott invested $20 million in RLJ's Urban Lodging
Fund headed by Robert L. Johnson, chairman and chief executive officer
of Black Entertainment Television (BET). In addition, RLJ purchased two
Residence Inn by Marriott hotels in 2004, and now owns a total of four
Marriott-branded products.
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Williams Capital -- Williams Capital Management, a registered investment
advisor that is majority African American-owned, will manage overnight
cash investments. Williams Capital Management's parent company, The Williams
Capital Group, is also one of two firms that assisted Marriott with its
stock repurchase in 2004. Also in 2004, The Williams Capital Group participated
as a co-underwriter for a public securities offering for the company's
timeshare business.
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Milestone Capital -- a women-owned investment advisor, specializing in
institutional cash management, will manage overnight cash investments.
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Marriott's 401(K) retirement plan has retained Ariel Capital, an African
American owned investment advisor, to manage one of its funds.
As part of its broad-based diversity initiatives, Marriott also plans to
build on the company's outstanding track record of attracting top tier
minority owners and franchisees. "Marriott provides many attractive opportunities
for minority and women-owned entrepreneurs and businesses, and we're going
to enhance that appeal over the coming months," said Mr. Marriott.
As a "hall of fame" member of Fortune magazine's "100 Best Companies
to Work For" list for eight consecutive years, Marriott has always been
committed to employing a talented and diverse workforce. In particular,
the company has doubled the number of women and minorities in its top 400
leadership positions over the last six years. Marriott's current and future
success in workforce diversity is supported though programs such as its
Leadership Education Series, which teaches managers how to lead and build
their careers in today's increasingly more diverse and complex marketplace.
MARRIOTT INTERNATIONAL, INC. is a leading lodging company with over
2,600 lodging properties in the United States and 64 other countries and
territories.
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