Marriott International Announces Lodging Pipeline of Over 70,000 Rooms at End of Third Quarter 2000
MARRIOTT INTERNATIONAL ANNOUNCES LODGING PIPELINE OF OVER 70,000 ROOMS AT END OF THIRD QUARTER 2000
SAN FRANCISCO – September 19, 2000 – Marriott International, Inc. (NYSE:MAR) today announced that, at the end its third quarter, the company had more than 70,000 rooms under construction or approved for development. Approximately 20 percent of these rooms are outside of the United States.
Speaking at the Banc of America Securities Annual Investment Conference here, Arne Sorenson, Marriott International executive vice president and chief financial officer, noted that the company continues to add new hotels to its pipeline even as new properties open. He reaffirmed that Marriott expects to add 175,000 rooms over the five-year period of 1999-2003. Rooms constituting about three-quarters of this growth goal have either opened or are under development, he added.
Sorenson said, "Marriott’s preferred brands continue to attract owners and franchisees, despite a very challenging financing environment and increased construction costs for new hotels.
“In particular, we are seeing strong developer interest in our full-service brands: Marriott, Renaissance and Ritz-Carlton. The company expects to open 37,000 to 39,000 new rooms in 2000, despite delays in construction due to competition with other real estate development and a tighter financing market,” he added.
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Note: This press release contains “forward-looking statements” within the meaning of federal securities laws, including statements concerning the Company's rooms growth goals 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 for the lodging industry; relationships with clients and property owners; the impact of government relations; 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.
CONTACT: Tom Marder (301) 380-2553
MARRIOTT INTERNATIONAL, INC. (NYSE:MAR) is a leading worldwide hospitality company with over 2,000 operating units in the United States and 58 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 151,000 employees. In fiscal year 1999, Marriott International reported systemwide sales of $17.7 billion. For more information or reservations, please visit us at www.marriott.com.