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Marriott Corporation, 1980 Annual Report
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Marriott International, Inc.. Marriott Corporation, 1980 Annual Report - Image 34. 1980. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. March 30, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/1134/show/1123.

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 34. 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/1123

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 34, 1980, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed March 30, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/1134/show/1123.

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.

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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 34
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_052_034.jpg
Transcript maturing beyond one year. The above maturity table reflects the maturities of unsecured debt on the basis of the permanent loan repayment schedule, the maturity schedule of revolving bank loans and managements estimation of prepayments. Under certain bank agreements the company maintains average compensating balances equal to a percentage (3%-10%) of the amounts available or borrowed. All compensating balance agreements are informal and do not legally restrict withdrawal of funds. The average compensating balance during 1980 was $ 10,467,000. Leases Minimum future rentals under non-cancelable leases (primarily real estate and shopping center space) are: Fiscal Year 1981 1982 1983 1984 1985 Thereafter Tbtal minimum lease payments Amount representing interest Present value of net minimum lease payments Current portion of capital lease obligations Long-term capital lease obligations Rent expense consists of: Capital Leases Operating Leases (in thousands) $ 3,445 S 17.208 3.430 17.575 3,406 18.042 3,401 17,318 3,384 16,789 35,325 152,022 52,391 (23,743) 28,648 (1.085) $27,563 1980 $238,954 1979 1978 Minimum rentals on operating leases Additional rentals based on sales —operating leases —capital leases Rentals on hotel operating leases based on profits (in thousands) $17,982 517,410 $17,479 10,956 1,140 $30,078 10,928 836 $29,174 10.868 557 $28,904 $68,155 $47,981 $22,032 Most leases contain one or more renewal options, generally for five- or ten-year periods. During 1980, the company sold four hotels for $84,150,000. The company continues to operate the hotels under long-term lease agreements (75 years including renewal options) with rentals based on hotel profits. The company has committed to complete and sell, for proceeds of $97,070,000, three additional hotels currently under construction. These hotels will also be operated by the company under long-term lease agree ments with rentals based on hotel profits. The proceeds will be used primarily to repay a 1980 loan from the purchaser of $77,500,000. Capital Stock Sixty million shares of common stock, with a par value of $1 pershare, are authorized, of which 29.424,216 were issued at January 2, 1981 and 36,900,144 were issued at December 28,1979, including treasury stock of 4,362,951 and 4,801,811, respectively. One million shares of preferred stock, without par value, are authorized. As of January 2, 1981 no preferred shares have been issued. During February, 1980 the company purchased and retired 7,475,464 shares of its then outstanding common stock pursuant to a tender offer for $23.50 per share. The total cost of the shares purchased, including fees and expenses, was $ 177,513,000. The company purchased an additional 379,692 shares in 1980 market transactions. Tbtal common stock shares reserved at January 2, 1981 are: Employee stock option plan 1,380,879 Conversions of convertible subordinated debt at prices ranging from $29.26 to $38.44 pershare 820.284 Deferred stock compensation program (513,354 shares fully vested) 961,374 Employee qualified stock purchase plan 885,372 Restricted stock plan for key employees 71,000 Exerciseofwarrantat$22.10pershare(expires 1981) 13,576 Tbtal shares reserved 4,132.485 Under the employee stock option plan, options to purchase shares of common stock may be granted to key employees at not less than 100% of the fair market value on the date of grant All options expire ten years after the date of grantand are exercisable in cumulative installments of one-fourth at the end of each of the first four years. Activity under the plan is summarized below: Shares Under Option Balance, December 30,1977 Granted Exercised Canceled Balance. December 29,1978 Granted Exercised - Canceled Balance, December 28.1979 Granted Exercised Canceled Balance. January 2,1981 Number of Shares 1.208.790 185.600 (42.208) (108.631) 1,243.551 270.900 (80,263) (102.115) 1,332,073 355.050 (456,169) (52,936) 1,178,018 Option Price Per Share $ 931-17.32 11.00-16.31 9.69-12.44 9.69-17.32 9.31-16.31 12.75-16.69 9.69-12.44 9.69-1669 9.31-16.69 18.44-34.50 9.69-1669 9.69-28.69 9.31-34.50 30