Keyword
in
Collection
Date
to
Marriott Corporation, 1980 Annual Report
Image 23
Citation
MLA
APA
Chicago/Turabian
Marriott International, Inc.. Marriott Corporation, 1980 Annual Report - Image 23. 1980. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. February 22, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/1134/show/1112.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Marriott International, Inc.. (1980). Marriott Corporation, 1980 Annual Report - Image 23. Annual Reports from the Hospitality Industry Archives. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. Retrieved from https://digital.lib.uh.edu/collection/hiltonar/item/1134/show/1112

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Marriott International, Inc., Marriott Corporation, 1980 Annual Report - Image 23, 1980, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed February 22, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/1134/show/1112.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

URL
Embed Image
Compound Item Description
Title Marriott Corporation, 1980 Annual Report
Creator (LCNAF)
  • Marriott International, Inc.
Publisher Marriott International, Inc.
Date 1980
Description Marriott Corporation Annual Report for calendar year 1980.
Subject.Topical (LCSH)
  • Hospitality industry
  • Hotel management
  • Corporation reports
Subject.Name (LCNAF)
  • Marriott International, Inc.
Genre (AAT)
  • annual reports
  • business records
Language English
Type (DCMI)
  • Text
  • Image
Original Item Location Marriott Hotels Collection
Digital Collection Annual Reports from the Hospitality Industry Archives
Digital Collection URL http://digital.lib.uh.edu/collection/hiltonar
Repository Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston
Repository URL http://www.uh.edu/hilton-college/About/hospitality-industry-archives
Use and Reproduction No Copyright - United States
File Name index.cpd
Item Description
Title Image 23
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_052_023.jpg
Transcript Current Value Rises Shareholders' equity per share, expressed on a Current Value basis, increased 33% from $36 in 1979 to $48 in 1980, principally due to Current Value Increases combined with fewer outstanding shares. This compares favorably with the historical cost book value of $ 12 per share. The company's Current Value balance sheet restates historical cost assets and liabilities to reflect 1980 year-end valuations. As shown, Current Value shareholders' equity increased from $1,169 million in 1979 to $1,201 million in 1980. Current Value Increases of $206 million during 1980 resulted primarily from strong discretionary cash flow and new hotel management agreements. The fourfold increase in restated shareholders' equity from $312 million at historical cost to $1,201 million at Current Value results from a consistent policy of owning and managing real estate assets prudently financed with debt Outlook Inflation continues to loom as the most significant external economic force that will impact business in the 1980s. Inflation adversely affects many industries. However Marriott's business profile and real estate- based assets should enable the company to meet its financial goals— despite inflation—and to continue to provide shareholders with real economic returns in excess of inflation. Changes In Current Value Shareholders' Equity Current Value-December 28, 1979 Discretionary Cash Flow Changes in Current Value Property and Equipment Hotel Management and Lease Agreements Deferred Taxes and Other Current Value Increases Common Stock Repurchase and Other Current Value—January 2, 1981 Millions Per Share $1,169 $36.42 125 4.50 51 1.95 93 3.53 (63) (2.39) 206 7.59 (174) 3.92 $1,201 $47.93 Condensed Consolidated Current Value Balance Sheet as of January 2,1981 (in thousands) Current Assets Property and Equipment Net Hotel Management and Lease Agreements Investments in Affiliates Other Assets Current Liabilities Senior Debt and ilease Obligations Convertible Debt Deferred Taxes Other Liabilities Shareholders' Equity Current Historical Value Cost $ 218,156 $ 218,156 1,594,600 916,383 326,261 - 53,716 37,587 23,263 42,138 $2,215,996 $1,214,264 $ 236,574 $ 236,574 486,869 536,607 24,550 24,550 237,796 75,975 29,053 29,053 1,201,154 311,505 $2,215,996 $1,214,264 Basis of Valuation: Property and equipment, hotel management agreements and investments in affiliates are valued on the basis of the present worth of estimated future cash flows after deducting anticipated asset maintenance requirements. Goodwill is assigned no value. Senior debt and lease obligations are discounted to present value. Rates used to discount cash flows reflect current market rates. Deferred taxes are provided to reflect the present value of projected income tax payments arising from the difference between assets' current value and net tax value. Current Value shareholders' equity at December 28,1979 includes the value of hotel management agreements not reflected in the 1979 annual report 19