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Marriott Corporation, 1972 Annual Report
Image 24
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Marriott International, Inc.. Marriott Corporation, 1972 Annual Report - Image 24. 1972. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. February 21, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/1171/show/1158.

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.. (1972). Marriott Corporation, 1972 Annual Report - Image 24. 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/1171/show/1158

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, 1972 Annual Report - Image 24, 1972, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed February 21, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/1171/show/1158.

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, 1972 Annual Report
Creator (LCNAF)
  • Marriott International, Inc.
Publisher Marriott International, Inc.
Date 1972
Description Marriott Corporation Annual Report for the 52 weeks ending on July 28, 1972.
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 24
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_043_024.jpg
Transcript 22 low-rate investments ($36 million construction in progress, $18 million goodwill, $7 million short-term investments, etc.) and therefore is not considered a realistic measurement of the company's investment performance. True investment return from Marriott's operating units remains essentially constant and meets the standards which are established and carefully measured internally. In addition, return on shareholders' investment also is held down by the company's substantial real estate investments. Yields are relatively low after depreciation, but they are consistent and help provide a strong and stabilizing base in the company's steady history of year-to-year profit gains. CAPITAL OUTLAY HITS NEW HIGH Capital expenditures in fiscal 1972 were $86 million, including $18 million for acquisitions of businesses. Major investments during the year were three new hotels and the acquisition of Sun Line, the well- known Greek cruise ship company. Also acquired during the year, on a pooling of interests basis, was Farrell's Inc.,a popular chain of Ice Cream Parlour Restaurants. At year end, the company's investment in property, improvements and equipment was depreciated to a conservative book value of $348 million, compared to $286 million in 1971. Plans for fiscal 1973 call for capital expenditures of $80-$90 million, depending on the timing of the Theme Park construction program. (Total investment in the Theme Park by its first year of operation, 1975, is estimated at $73 million.) MORTGAGE FINANCING EMPHASIZED Fiscal '73 expenditures will be financed by cash flow (estimated at over $50 million) and new debt. The company's policy is to arrange long-term financing before construction begins on major projects. Mortgage debt is the preferred financing vehicle, but intermediate-term bank loans and privately placed subordinated convertible notes provide flexible sources of funds to supplement cash flow from operations. Cash flow provided by operations during the past year was $42 million, up 26 percent from 1971. All of these funds were retained for expansion and, with net financing proceeds of $46 million, funded the company's capital expenditures in 1972. Working capital is up $1 million to $9.6 million. Invested capital has increased to $374.5 million from $308.1 million. Today the company is in an excellent financial position. INVESTED CAPITAL (IN MILLIONS) 390 -Total 374.5 360 1968 1969 1970 1971 1972 I Long-Term Debt I Convertible Subordinated Debt I Shareholders' Investment Auditors' Report To the Shareholders and Board of Directors of Marriott Corporation: We have examined the consolidated balance sheets of MARRIOTT CORPORATION (a Delaware corporation) and Subsidiaries as of July 28,1972 and July 30,1971, and the related statements of consolidated income, shareholders' investment and changes in financial position for the fiscal years then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the accompanying consolidated balance sheets and statements of consolidated income, shareholders' investment and changes in financial position present fairly the financial position of Marriott Corporation and Subsidiaries as of July 28,1972 and July 30,1971, and the results of their operations and the changes in their financial position for the fiscal years then ended, in conformity with generally accepted accounting principles consistently applied during the periods. ARTHUR ANDERSEN & CO. Washington, D.C,September 1, 1972.