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Press Release Source: Marriott International, Inc.
September 30, 2002
WASHINGTON, DC -- Marriott International, Inc. (NYSE: MAR) announced Friday that the company has officially opened
its 500th extended-stay hotel, representing a total of 400 Residence Inn by Marriott and 100 TownePlace Suites
by Marriott properties worldwide. Marriott continues to lead the industry, offering the most extended-stay hotels,
and marks the milestone with the completion of the 269-room Residence Inn -- Center City Philadelphia and the 95-room
TownePlace Suites in Redwood City, Calif. Growth plans call for an additional 33 Residence Inns and approximately
10 TownePlace Suites by year-end 2003.
Residence Inn and TownePlace Suites have both grown market share during 2002. Through July year-to-date, Marriott-managed
Residence Inn and TownePlace Suites hotels achieved a RevPAR (revenue per available room) premium over their competitive
set of 32 percent and 16 percent respectively, according to the July Smith Travel Research results. Currently,
the extended- stay market represents approximately 30 percent of the overall lodging market (according to D.K.
Shifflet and Associates.)
Residence Inn defined the extended-stay lodging category in 1975 when it created the first residential-style hotels
specifically designed for long-term guests. Often available for the same price as a standard hotel room, Residence
Inn hotels offer large suites with separate living and sleeping areas, fireplaces and fully equipped kitchens.
Nightly room rates also decline the longer the guest stays. Residence Inn was acquired by Marriott in 1987 and
became a key component in the company's lodging segmentation and growth strategy. In 1997, based on the success
of Residence Inn, Marriott launched TownePlace Suites, a moderately priced extended-stay brand.
Today, Residence Inn is ranked by J.D. Power and Associates as the best extended-stay hotel brand in the industry.
TownePlace Suites was named by Business Travel News as the best mid-price extended-stay brand for three consecutive
years (the BTN ranking is a result of a survey of more than 500 corporate travel planners).
Residence Inn's and TownePlace Suites' strong preference, high guest satisfaction and innovative design make them
a top choice for lodging developers and franchisees. Currently there are Residence Inns under construction or in
development, in New York's Times Square, Washington, D.C., San Francisco, Chicago and Baltimore. TownePlace Suites
are currently in development outside major cities, including Pittsburgh, Kansas City, Kan., and Albuquerque, N.M.
Planned enhancements for the Residence Inn brand include a revised decor package featuring new wall colors, window
treatments, bedding, kitchen cabinets, dinnerware, granite counter tops and lighting. The Residence Inn gatehouse
will also offer new fireplaces, added windows, expanded libraries and outdoor patios with teak furniture.
Planned changes for the TownePlace Suites brand will focus on guest comfort and a more residential look and feel.
Enhancements will include custom furnishings, hardwood-style kitchen and bathroom flooring, a new bedding package
and cultured marble bathroom countertops. The addition of barbecue grills in the pool areas will enhance TownePlace
Suites' sense of community.
For reservations and more information regarding Residence Inn and/or TownePlace Suites, visit http://www.marriott.com
or call 888-236-2427.
MARRIOTT INTERNATIONAL, INC. (NYSE: MAR), a leading worldwide hospitality company celebrating its 75th Anniversary
in 2002, has over 2,600 operating units in the United States and 64 other countries and territories. Marriott International
operates and franchises hotels under the Marriott, JW Marriott, The Ritz-Carlton, Renaissance, Residence Inn, Courtyard,
TownePlace Suites, Fairfield Inn, SpringHill Suites and Ramada International brand names; develops and operates
vacation ownership resorts under the Marriott Vacation Club International, Horizons, The Ritz-Carlton Club and
Marriott Grand Residence Club brands; operates Marriott Executive Apartments; provides furnished corporate housing
through its Marriott ExecuStay division; and operates conference centers. Other Marriott businesses include senior
living communities and services, and wholesale food distribution. The company is headquartered in Washington, D.C.,
and has approximately 145,000 employees. In fiscal year 2001, Marriott International reported systemwide sales
of $20 billion. For more information or reservations, please visit the web site at http://www.marriott.com .
Note: This press release contains "forward-looking statements" within the meaning of federal securities
law, including statements concerning business strategies and their intended 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, including the effects of economic conditions, supply
and demand changes for hotel rooms, competitive conditions in the lodging industry, relationships with clients
and property owners, the impact of government regulations, and the availability of capital to finance growth, which
could cause actual results to differ materially from those expressed in or implied by the statements herein.
Source: Marriott International, Inc.