Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, July 24, 1993 TAG: 9307240084
SECTION: BUSINESS PAGE: A-4 EDITION: METRO
SOURCE:
DATELINE: WASHINGTON LENGTH: Short
The split, which calls for Marriott to divide into a profitable hotel management firm and a debt-laden real estate management company, was approved by 85 percent of the shares voted. Marriott, based in Bethesda, Md., owns or manages 737 hotels under the Marriott, Courtyard, Residence Inn and Fairfield names.
The plan will put Marriott's profitable business - managing hotels, motels and food facilities at businesses, schools and hospitals - in a new company, Marriott International Inc. The rest of Marriott's operations - and most of its debt - would go to the new Host Marriott Corp., which will own 139 Marriott hotels, 14 retirement communities and the Host Travel Plaza, which runs restaurant concessions at 74 airports and at rest stops on 14 U.S. toll roads.
The Marriott family will hold about 25 percent of stock in each company after the split.
- Associated Press
by CNB