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Marriott Corporation, 1981 Annual Report
Image 40
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Marriott International, Inc.. Marriott Corporation, 1981 Annual Report - Image 40. 1981. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. August 9, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/1445/show/1440.

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.. (1981). Marriott Corporation, 1981 Annual Report - Image 40. 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/1445/show/1440

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, 1981 Annual Report - Image 40, 1981, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed August 9, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/1445/show/1440.

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, 1981 Annual Report
Creator (LCNAF)
  • Marriott International, Inc.
Publisher Marriott International, Inc.
Date 1981
Description Marriott Corporation Annual Report for calendar year 1981.
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 40
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_053_040.jpg
Transcript At January 1,1982 options for 637,606 shares were exercisable and 956,293 shares were available for granting of additional options. No accounting is made for options until they are exercised. Shares of deferred stock may be granted to key employees and reserved for their benefit. Granted shares generally vest in annual pro rata installments commencing one year after grant and continuing until retirement. However, upon termination all non-vested shares are forfeited. The company accrues compensation expense for the fair market value of the shares on the date of grant, less estimated forfeitures. The purchase price for the shares reserved under the employee qualified stock purchase plan is the market value at the beginning or end of the plan year, whichever is less. Business Segment Information Results of operations by principal business segment are included in the Statement of Consolidated Income. Net assets employed, identifiable assets, capital expenditures and acquisitions, and depreciation and amortization by principal business segment are (in millions): Net Assets Employed* Identifiable Assets Capital Expenditures and Acquisitions Depreciation and Amortization 1981 1980 1979 1981 1980 1979 1981 1980 1979 1981 1980 1979 Hotel Group $ 525.4 $414.0 $376.0 $ 647.2 Contract Food Services 182.3 142.2 126.8 239.8 Restaurant Group 238.3 204.5 182.9 274.4 Theme Parks 166.4 164.2 158.0 172.0 Cruise Ships and Other 17.8 21.3 17.6 28.0 Corporate 37.3 31.5 30.6 93.5 Total "Net assets employed represent identifiable assets less identifiable current liabilities. 505.0 $ 436.5 $247.7 $132.2 $ 80.6 $19.9 $17.7 $15.8 191.4 167.1 42.6 27.1 20.3 13.1 9.8 8.9 239.8 212.4 54.1 57.1 45.0 19.1 15.7 14.4 170.4 162.9 10.8 16.3 6.3 11.3 10.1 9.2 28.6 25.6 .1 .7 1.2 .7 .6 .6 79.1 75.9 2.6 5.7 5.1 2.3 2.0 1.7 $1,167.5 $977.7 $891.9 $1,454.9 $1,214.3 $1,080.4 $357.9 $239.1 $158.5 $66.4 $55.9 $50.6 Acquisitions and Disposition On January 6,1982, the company entered into a merger agreement under which the company offered to purchase for $18 per share all of the outstanding common shares of Gino's Inc. Gino's is a fast food and restaurant company operating primarily in the mid-Atlantic region. As of March 9,1982, the company had acquired 95% of Gino's outstanding common shares. Remaining shares of Gino's will be converted into the right to receive cash of $18 per share under the terms of the merger agreement. The acquisition cost of the Gino's shares approximates $48,000,000 and was financed through the company's available revolving bank loan commitments. Following the merger, the company expects to convert approximately 200 Gino's restaurants into Roy Rogers restaurants which will be operated either by Marriott or its Roy Rogers franchisees, and to sell the remaining Gino's restaurants and operations. On February 2,1982, the company signed an agreement in principle to sell some of the Gino's units to KFC Corporation. On December 15,1981, the company entered into an agreement and plan of merger with Host International, Inc. under which the company would acquire all of the Host common stock through a cash merger between Host and a subsidiary of the company. The transaction was completed on March 3,1982. Host is a diversified food service, hospitality and retail merchandising company, operating in-flight kitchens, airport terminal food and beverage and merchandising facilities, and specialty- type restaurants. Host also manages four hotels adjoining airport terminal buildings. The acquisition cost of the Host shares approximates $148,000,000 and was financed through the company's available revolving bank loan commitments. In connection with the acquisition, the company has agreed to honor option agreements granted by Host to DFS Group Limited (expiring in July 1982) to purchase certain of Host's duty-free operations for $20,000,000 plus approximately $10,000,000 for inventories. Sales and earnings before interest and taxes (unaudited) of Host (excluding discontinued operations and the duty-free operations under option agreements with DFS) for the year ended December 31,1981 were $294,134,000 and $18,770,000, respectively. On March 9,1982 the company sold its Farrell's Ice Cream Parlour Restaurants Division for $15,000,000. Farrell's 1981 sales and operating income were $50,531,000 and $3,646,000, respectively. 38