Marriott to Invest More Than $85 Million, Create at Least 700 New Jobs, In Major Expansion of Compan

/Marriott to Invest More Than $85 Million, Create at Least 700 New Jobs, In Major Expansion of Compan

Marriott to Invest More Than $85 Million, Create at Least 700 New Jobs, In Major Expansion of Compan

|1999-09-01T00:00:00-05:00September 1st, 1999|

Hotel Online Special Report Marriott to Invest More Than $85 Million, Create at Least 700 New Jobs, In Major Expansion of Company Headquarters in Montgomery County BETHESDA, Md., Sept. 17, 1999 – Marriott International, Inc. (NYSE: MAR), which has called Montgomery County home since 1955, will invest over $85 million to expand its headquarters in the County through modernization of its current site and development of a new building. Marriott will also add 700 jobs to its headquarters staff over the next five years, bringing the total to 4,200. J.W. Marriott, Jr., chairman and chief executive officer of Marriott International, said, “For the past two years we have carefully considered our alternatives. In the end, we concluded that staying here made economic sense for the company and was more convenient for our associates. To manage our growth we will invest substantially in our current site and also develop a new building.

“Over the next five years, we will add 1,000 new hotels to our lodging system. More than 432 are under construction or currently committed. That kind of growth will require a great deal of planning, and those efforts will occur right here at our headquarters in Montgomery County,” added Mr. Marriott. “It is truly good news for Maryland that Marriott will expand its headquarters in Bethesda at its current location,” said Governor Parris N. Glendening. “Keeping these good paying, family supporting jobs in Bethesda is a smart choice for Smart Growth.”

Montgomery County Executive Douglas M. Duncan said, “This is a great day for Montgomery County. One of the world’s preeminent companies, Marriott, has committed to spend millions to expand its headquarters here, and to add hundreds of well-paid jobs to its home office staff with virtually no disruption to the community. Marriott’s contributions to the county over the years have generated a wellspring of affection and support for the company, and the economic engine fueled by Marriott will help lead a strong and vibrant Montgomery County forward for years to come.”

“I would also like to thank Governor Parris Glendening, County Executive Doug Duncan and Lt. Governor Kathleen Kennedy Townsend for their leadership in providing sound economic growth in Maryland and Montgomery County. This was a lengthy decision-making process, but it was made easier by their support and their confidence in us,” said Marriott.

During its headquarters site selection process over the past two years, Marriott cited a future need for a million square feet of office space. As part of its expansion plans, the company will modernize the current 775,000 square foot building at 10400 Fernwood Road, and will design and construct a new 250,000 square foot office structure. Marriott will make a final decision on new building design and site selection over the next year.

Marriott’s headquarters decision includes a commitment to stay in the company’s current location for 23 years, subject to the owner’s refinancing of the building loan and finalizing related agreements. Work will involve significant interior improvements, such as installation of new technology for the future, building new workspaces, revamping work areas, upgrading public spaces, and developing ample new parking to accommodate growth. As part of Marriott’s headquarters decision, the state agreed to coordinate its construction of the spur from I-270 into the Rock Spring Office Park in Bethesda with Marriott’s headquarters construction. This enhancement will benefit the surrounding community, as well as employees of Marriott and other major companies in the area.

MARRIOTT INTERNATIONAL, INC. is a leading worldwide hospitality company with over 1,900 operating units in the United States and 55 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 and Horizons brands, 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 140,000 employees. In fiscal year 1998, Marriott International reported total sales of $8.0 billion.

Contact: Tom Marder, 301-380-2553, [email protected] or Roger Conner, 301-380-5605, [email protected], both of Marriott International, Inc. Also See: Marriott International Named One of 100 Best Companies for Working Mothers / Sept 1998 Marriott International Recognized as One of 100 Best Companies to Work for by Fortune / Dec 1998 Kent Bruggeman Named 1999 General Manager of the Year by Marriott / March 1999

Related News:

As the first news aggregate for the hotel industry, Hotel-Online is the industry’s must-read daily news source for everything hotel curated for busy professionals. Sign up today for industry news delivered to your inbox.