Marriott International Approves Share Buyback Program of Approximately Ten Percent of Outstanding Shares
MARRIOTT INTERNATIONAL APPROVES SHARE BUYBACK PROGRAM OF APPROXIMATELY TEN PERCENT OF OUTSTANDING SHARES
WASHINGTON - Feb. 3, 2000 -- Marriott International, Inc. (MAR / NYSE) today announced that its board of directors has approved the purchase of an additional 25 million shares of the company's common stock, representing approximately ten percent of outstanding shares. The shares will be purchased from time to time in the open market.
The company said it repurchased 10.8 million shares of its common stock in 1999, and has acquired 3.4 million shares to date in 2000 (as of Feb. 2). The company now has authority to buy back an additional 27 million shares. Marriott International had approximately 246.9 million common shares outstanding as of January 1, 2000.
MARRIOTT INTERNATIONAL, INC. is a leading worldwide hospitality company with over 2,000 operating units in the United States and 55 other countries and territories. Marriott Lodging operates and franchises hotels under the Marriott, 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, Ritz-Carlton and Horizons brands, operates executive apartments and conference centers, and provides furnished corporate housing through its ExecuStay by Marriott division. Other Marriott businesses include senior living communities and services, wholesale food distribution, and procurement services. The company is headquartered in Washington, D.C. and has approximately 143,000 employees. In fiscal year 1998, Marriott International reported total sales of $8.0 billion.