Clubcorp Joins Marriott and Hyatt as Co-Founder of New e-Procurement B2B Marketplace

CLUBCORP JOINS MARRIOTT AND HYATT AS CO-FOUNDER OF NEW E-PROCUREMENT B2B MARKETPLACE

WASHINGTON, D.C., August 17, 2000 - Marriott International, Inc. (NYSE:MAR), Hyatt Hotels Corporation, and ClubCorp USA, Inc., the world's largest owner and operator of country clubs, private and public golf courses, golf resorts and private business and sports clubs, announced today that ClubCorp, has joined Marriott and Hyatt as a co-founder of their new Internet-enabled, business-to-business procurement company.

The new company, currently known by its interim working name, "P-Co," will be a leading e-procurement company serving the hospitality market, broadly defined to include the golf and private club industries. ClubCorp will contribute its recently introduced B2B electronic purchasing business, ePurchase.net, to P-Co, complementing the prior contribution by Marriott and Hyatt of their procurement businesses to the new company.

ClubCorp's preeminence in the golf and club industries will enable P-Co to readily penetrate this market, estimated to be at $9 billion in goods and services purchased annually. P-Co's broad definition of the North American hospitality market provides it with an overall opportunity in excess of $60 billion of goods and services purchased each year.

Dennis Baker, chief operating officer of P-Co, said, "We are delighted to have ClubCorp join P-Co as a co-founder. ClubCorp's worldwide leadership in providing golf, private club and golf resort experiences makes it an ideal partner. Furthermore, ClubCorp's decision to join P-Co clearly signals that our vision to provide the hospitality market with the most comprehensive source for e-enabled strategic procurement services is rapidly becoming a reality."

Robert Dedman Jr., president and chief executive officer of ClubCorp, said, "The new company we are founding with Marriott and Hyatt unifies the successful procurement companies of each participant, giving us the size and scale to realize the full benefits of e-procurement. P-Co will help us reduce our procurement costs through the use of B2B Internet technologies and strategic purchasing solutions, but it also reinforces ClubCorp as a force in the hospitality industry."

Mike Dillard, executive vice president of ClubCorp and president of ePurchase.net, said, "This is just the beginning of the kinds of technology solutions that ClubCorp will be bringing to the golf industry during the next year. Earlier this year, ClubCorp formed e-Purchase.net to leverage the tremendous opportunities for operational savings, cost efficiencies and better service made possible through online purchasing. Joining with P-Co now allows us to expand and accelerate our efforts."

Expected to formally begin operations in the fall, P-Co's management is in the final stages of selecting a name and brand identity for the new company. The company is working on integration plans for bringing together the three founders' purchasing entities.

ClubCorp expects to begin transitioning its procurement operations to the new company later this month. Both Marriott and Hyatt have begun the process of migrating their procurement businesses to the new company.

GoCo-op, an e-commerce service provider based near Orlando, Florida, will provide the company's core e-commerce engine and will work with the company and other service providers to integrate with other front- and back-office systems and technology. GoCo-op develops and hosts Internet-based procurement systems and vertically integrated business-to-business trading communities, as well as providing marketplace-enabling technology and support. GoCo-op primarily serves the hospitality and food service industries, and is known for rapid application development and implementation.

Completion of this transaction is subject to customary regulatory approval. P-Co will have an initial staff of approximately 100, and will be headquartered in suburban Washington, D.C., with regional offices in Chicago, Dallas and other key North American markets.

MARRIOTT INTERNATIONAL, INC. (NYSE:MAR) is a leading worldwide hospitality company with over 2,000 operating units under multiple brands in the United States and 57 other countries and territories. Major businesses include hotel management and franchising, timeshare resorts, executive apartments, conference centers, furnished corporate housing, senior living communities and services, wholesale food distribution, and procurement services. The company is headquartered in Washington, D.C., and has approximately 149,000 employees. In fiscal year 1999, Marriott International reported total systemwide sales of $17.7 billion. For reservations or for more information, please visit www.marriott.com.

HYATT HOTELS CORPORATION has 195 Hyatt hotels and resorts around the world. Hyatt operates 118 hotels in the United States, Canada and the Caribbean under various Hyatt brands and develops and operates vacation ownership resorts under the Hyatt Vacation Ownership Club brand. Other Hyatt businesses include senior living communities and services. Hyatt International, through its subsidiaries, operates 77 hotels and resorts in 34 countries. In the U.S., reservations for individuals and groups can be made by calling 800-233-1234 or by logging on to www.hyatt.com. Outside the U.S., contact the local Hyatt sales office/representative or hyatt.com. For more information about Hyatt hotels and resorts, contact Hyatt through the Internet at www.hyatt.com.

CLUBCORP USA, INC., founded in 1957 and based in Dallas, has $1.6 billion in assets and is the world leader in delivering golf, private club and resort experiences. Globally, the company owns or operates more than 220 golf courses, country clubs, private business and sports clubs and golf resorts, with more than 22,000 employees and 500,000 members. Its wholly owned subsidiary, The Pinehurst Company, includes a resort division comprised of Pinehurst, located in the Village of Pinehurst, N.C., (site of the 1999 and 2005 U.S. Opens) and several other prominent golf resorts in the U.S. and Mexico. For more information about ClubCorp, please visit www.clubcorp.com.

GOCO-OP, INC. develops and hosts Internet-based procurement systems and vertically integrated business-to-business trading communities for hospitality and hospitality-related industries. GoCo-op offers a rapidly deployable, end-to-end purchasing solution, Procura, which significantly reduces overall costs and inefficiencies for buyers and vendors. Procura is a Web-based, hosted solution that enables users to make immediate real-time purchases or issue RFPs to sellers. Procura allows searching aggregated multi-vendor catalogs, issuing purchase orders, order tracking, custom reporting, and interfacing into a company's accounting and inventory control systems. For more information on GoCo-op and Procura, please visit www.GoCo-op.com.

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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 significant uncertainties raised by the launch of a new, independent enterprise; the integration of the existing procurement operations into the enterprise, risks involved in technological obsolescence, uncertainty involving business development efforts, the effects of economic conditions; supply and demand changes and competitive conditions in the hospitality and internet-enabled procurement services industries; 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.