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Marriott Corporation, 1982 Annual Report
Image 32
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Marriott International, Inc.. Marriott Corporation, 1982 Annual Report - Image 32. 1982. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. October 27, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/1296/show/1275.

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.. (1982). Marriott Corporation, 1982 Annual Report - Image 32. 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/1296/show/1275

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, 1982 Annual Report - Image 32, 1982, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed October 27, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/1296/show/1275.

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, 1982 Annual Report
Creator (LCNAF)
  • Marriott International, Inc.
Publisher Marriott International, Inc.
Date 1982
Description Marriott Corporation Annual Report for calendar year 1982.
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 32
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_054_032.jpg
Transcript ■U markets and submarkets for the ensuing decade. This plan provides the overall direction to guide Marriott's 10 development executives in expanding their designated markets. Marriott's developers are entrepreneurial, sophisticated negotiators who have wide latitude in creating real estate transactions. For any specific project, their efforts generally follow one of three approaches: □ The most common development method is to acquire a site and develop the hotel as a corporate project. The hotel then can be financed with investors when financial markets are favorable. □ Frequently, an outside developer controls a desired site or project. Marriott will then negotiate to manage the hotel, often joint venturing the ownership. Many of America's best-known developers and financial institutions are owners or joint venturers of Marriott- operated hotel projects. □ Acquisitions of select existing hotels in target markets are actively pursued. Once a hotel in a target market appears feasible, A&C prepares a preliminary site layout, schematics and cost estimates. This data forms the basis of a detailed economic study of the project by Feasibility and Operations to determine economic viability. Feasibility work is performed on managed hotel projects even if they do not involve Marriott investment. Marriott's philosophy is that successful hotels create satisfied owners who are the key to Marriott's long-term expansion program. The company has declined many invitations to manage hotels that, in its judgment, would not succeed economically. The combination of development and operational feasibility planning lends objectivity to the financial projections, and provides the best marketing basis for developing hotel criteria [e.g., food and beverage seats, ballroom space and amenities) that best fit the local market. When the feasibility process indicates the hotel meets Marriott's stringent economic standards, the company's developer is then authorized to conclude negotiating the business structure of the transaction. This involves substantial input from Marriott's Finance, Tax and Legal departments. Concurrently, A&C and Operations establish detailed hotel criteria, and A&C performs more detailed architectural work to further refine cost estimates. Once the transaction is finally negotiated, it is reviewed by Marriott's Finance Committee before being presented to the Board of Directors for approval. If a hotel project survives this rigorous and demanding approval process, the owner can be confident that the project has a high probability of economic success. The Architecture & Construction Division supervises construction of all Marriott- developed projects and most joint venture transactions. Through technical service agreements, A&C also participates to varying degrees in Marriott hotels developed by others. This gives Marriott the assurance that agreed upon product quality is actually delivered by independent developers. Construction normally takes from 14 to 36 months, depending on the size and complexity of the project. The development executive and A&C remain actively involved during this critical development period to ensure the hotel is built on time, on budget, and to Marriott quality standards. During this same period, Operations is pre-sell- ing room nights and selecting the hotel management team. Large convention hotels frequently will open with the equivalent of several years of occupancy pre-sold. An aggressive pre-opening effort by Operations allows Marriott generally to produce positive cash flow from the hotel's opening day. Permanent financing is unique to each project, but is generally arranged while the hotel is under construction. The Treasu ry department is active in all segments of the financial markets, attempting to negotiate the most economically attractive package possible for Marriott and/or its joint venture partners. Marriott has the financial capacity to underwrite hotels during development, so financing is not required to begin a project. This gives the company a major competitive advantage in the development process. Once the property is open, Hotel Operations assumes control and the development process is complete. Operations has opened a hotel at a rate averaging nearly one every two weeks during the 1980s, while maintaining Marriott's high performance and quality. This attests to the depth of Marriott's management talent and the effectiveness of its operating system. 30