Company Press Release: Marriott International, Inc.
April 27, 2000
TAMPA, FL -- Marriott International, Inc. (NYSE: MAR), which started as a nine-seat root beer stand in 1927, and
J.W. Marriott, Jr., the son of its founder, celebrated the company's opening of its 2000th property worldwide today
in ceremonies at the new Tampa Marriott Waterside convention resort hotel.
Marriott International's chairman and chief executive officer marked the milestone by recognizing the company's
14 lodging brands, thanking its more than 145,000 employees, and emphasizing its growth commitment to reach 2,600
hotels and over 480,000 rooms by 2003.
``This is a great day for our company, and a very special opportunity for me to gratefully acknowledge our employees,
our customers, and our owners and franchisees who have made this day possible,'' said Mr. Marriott.
``The Tampa Marriott Waterside is a fitting symbol of our company's achievement. The hotel is one of the largest
Marriott-managed hotels we will open this year, and exemplifies how hotels from our family of preferred brands
help create new economic vitality and attract conventions, visitors, and new jobs in communities where we operate,''
he said.
``Only 10 years ago, our company had 639 hotels and nearly 150,000 rooms across just four brands. Today, our plans
include managing or franchising a hotel in every gateway city in the world and in 70 countries within the next
five years,'' said Mr. Marriott.
Pointing to the company's goal of adding 1,000 hotels and 175,000 rooms over five years (1999-2003), Mr. Marriott
noted that more than two-thirds were already opened or in development.
Mr. Marriott pointed to continuing opportunities for growth of the company's powerful brands. ``Despite our dramatic
expansion in recent years, our share of the U.S. lodging market today is just seven percent, and outside this country,
it's less than one percent,'' he said.
During the first quarter of this year, a total of 46 hotels and resorts (7,300 rooms) opened worldwide. In 1999,
the company added 243 hotels and timesharing resorts (36,500 rooms), with almost one quarter of the rooms opening
outside the United States. Over a quarter of last year's openings were conversions from non-Marriott brands.
MARRIOTT INTERNATIONAL, INC. (NYSE: MAR) is a leading worldwide hospitality company with over 2,000 operating units
in the United States and 57 other countries and territories. Marriott Lodging operates and franchises hotels under
the Marriott, Renaissance, Residence Inn, Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites and Ramada
International brand names; develops and operates vacation ownership resorts under the Marriott, Ritz-Carlton and
Horizons brands; operates Marriott Executive Apartments; provides furnished corporate housing through its ExecuStay
by Marriott division; and operates conference centers. Other Marriott businesses include senior living communities
and services, wholesale food distribution, procurement services, and The Ritz-Carlton Hotel Company LLC. The company
is headquartered in Washington, D.C., and has approximately 145,000 employees. In fiscal year 1999, Marriott International
reported total sales of $8.7 billion.
Note: This press release contains ``forward-looking statements'' within the meaning of federal securities law,
including statements concerning the number of lodging properties expected to be added in future years, 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, vacation
ownership intervals, and corporate housing; 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.