Marriott International SuccessStory
Marriott International Inc. is a well recognized and respected name in the hospitality and tourism industry worldwide. The company’s portfolio comprises offering of services such as hotel and lodging facilities for customers. The company has its business spread over to almost 80 countries and is owner of 4,087 properties presently.
It trades under the initials MAR at New York Stock Exchange and is on the list of Fortune magazine’s top 500 companies in the world. Bill Marriott is the Executive Chairman and Arne Sorenson serves as President and CEO. Recently the company opened its 4000th hotel by the name of Marriott Marquis in Washington D.C. Presently it is counted as one of the most profitable corporations in the industry of hospitality and tourism with revenues exceeding 12 billion USD every year.
History And Development
The establishment of Marriott International dates back to the year 1927 when founder John Willard Marriott and his wife Alice Sheets Marriott started with a root beer stand. Later this venture was further expanded into opening chains of restaurants and hotels. The first hotel of the Marriott’s was opened in Arlington, Virginia by the name of Twin Bridges Marriott Motor Hotel in 1927.
Soon this was followed in many numbers. The Marriott International was formed as a result of the split in the Marriott Corporation, back in 1993. The other sister company that Marriott International has is known by the name of Host Marriott Corporation. Marriott International was the first company ever to offer its guests with online reservation facilities in 1995.
Mergers And Acquisitions
The most important mergers and acquisitions to take place in the company’s history started in the mid 90s when in April 1995, Marriott International went on to acquire Ritz-Carlton Hotel Company LLC’s with a 49% stake. With 200 million USD spent in making the deal it ended up splurging an additional 331 million USD in purchasing The Ritz-Carlton located in Atlanta. Tragedy struck the Marriott company big time when it ended up losing its famed Marriott World Trade Center to the terrorist attacks on September 11, 2001 in New York City. The company plans to expand its business in developing countries by having 600 hotel properties in the region by end of 2015.
Apart from hotels, the company is also much known for opening two theme parks in the United States. They are named Marriott's Great America and were established between the years 1976 and 1984. These parks are located in Gurnee, Illinois and Santa Clara, California. These parks are All-American themed and boast a landscape that is adored by millions of visitors from all across the globe. The company has won numerous awards and honors for its service in the hospitality industry and is one of the fastest rising brands in the world currently. It’s astonishing as well as inspiring how much this corporation has achieved in all this time.