Marriott International, Inc. (nyse: MAR) is a worldwide operator and franchisor of a range of value and luxury hotels and related lodging facilities. Marriott currently has 2,300 accommodation properties in North America alone.
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Marriott International, Inc. (nyse: MAR) is a worldwide operator and franchisor of a range of value and luxury hotels and related lodging facilities. Marriott currently has 2,300 accommodation properties in North America alone.
Its heritage can be traced to founder J. Willard Marriott's experience as a Mormon missionaryFact: date=April 2008 and later operating a root beer stand. He and his wife, Alice, opened the stand in Washington, D.C., in 1927. The Key Bridge Marriott in Arlington, Virginia is Marriott International's longest operating hotel, and will celebrate its 50th anniversary in 2009. Today, Marriott International has about 3,150 lodging properties located in the United States and 67 other countries and territories.
Marriott's operations are grouped into the following five business segments:
- Full-service lodging - 65%
- Select-service lodging - 11%
- Extended-stay lodging - 5%
- Timeshare - 15%
- Synthetic fuel - 4% (primarily a tax shelter)
History
The Ritz began expansion into the lucrative timeshare market among other new initiatives made financially possible by the deep pockets of Marriott, which also lent its own in-house expertise in certain areas. There were other benefits for Ritz-Carlton flowing from its relationship with Marriott, such as being able to take advantage of the parent company's reservation system and buying power. The partnership was solidified in 1998 when Marriott boosted its interest in Ritz-Carlton to 99 percent. By 1999 revenues from the 35 hotels it operated around the world totaled about $1.4 billion.
Marriott International owned Ramada International Hotels & Resorts until its sale on September 15, 2004 to Cendant. It is the first hotel chain to serve food that is completely free of trans fats at all of its North American properties."Marriott says trans fats will check out" from USA Today
In 2005, Marriott International and Marriott Vacation Club International comprised two of the 53 entities that contributed the maximum of $250,000 to the second inauguration of President George W. Bush.
On July 19, 2006, Marriott announced that all lodging buildings they operate in the United States and Canada would become non-smoking beginning September 2006. "The new policy includes all guest rooms, restaurants, lounges, meeting rooms, public space and employee work areas."
