MARRIOTT INTERNATIONAL CELEBRATES 2,000 PROPERTIES WORLDWIDE; TO ADD 175,000 ROOMS OVER FIVE YEARS
Tampa Marriott Waterside Represents Center of Revitalization in Tampa
TAMPA – April 26, 2000 – 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.
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.
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Contact: Geary Campbell/Mari Snyder