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Marriott Corporation, 1973 Annual Report
Image 23
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Marriott International, Inc.. Marriott Corporation, 1973 Annual Report - Image 23. 1973. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. September 17, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/1696/show/1682.

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.. (1973). Marriott Corporation, 1973 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/1696/show/1682

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, 1973 Annual Report - Image 23, 1973, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed September 17, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/1696/show/1682.

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, 1973 Annual Report
Creator (LCNAF)
  • Marriott International, Inc.
Publisher Marriott International, Inc.
Date 1973
Description Marriott Corporation Annual Report for the 52 weeks ending on July 27, 1973.
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_044_023.jpg
Transcript NET INCOME (In Millions) $21.6 1969 1970 1971 1972 1973 Financial Review: Capital Expenditures Set Record As Growth Program Steps Up Marriott's consistent growth record, which now spans 41 consecutive fiscal quarters, is a tribute to its strength as a diversified and flexible organization. During the year the company had a net gain of 62 new operations, bringing to 570 the number of restaurants, hotels, airline catering kitchens, cruise ships, and other units in the Marriott system. Sustained expansion does not come without cost, and in 1973, as in prior years, the company absorbed many special charges resulting from development, pre- opening and start-up of new units. In addition, certain costs were incurred from the routine pruning of obsolete and unsuccessful units. Pre-opening and development costs alone (excluding start-up costs) increased 79 percent in 1973. They are budgeted to rise only 12 percent further in 1974. Pretax profit margins declined in 1973 but were better than 1970 or 1969. Income taxes, on the other hand, were lower as a result of foreign tax rates and higher investment tax credits. The tax rate before investment credit was 45.1% in 1973 versus 46.5% in 1972. The net profit margin after tax compares favorably with the 10-year record. EQUITY DOUBLES IN 3 YEARS Shareholders' investment now exceeds $200 million—up 116 percent in just three years. This is leveraged with $5 million of subordinated convertible notes and $252 million of long-term debt to provide the funds for our operating facilities and working capital as well as for a large amount of non-operating assets. Non-operating assets, including land purchased for resale or future operations, construction in progress, and receivables from prior asset sales amounted to $88 million at July 27, 1973, versus $41 million a year ago. These investments, which yield no present profit return, result from or are required to sustain our expansion program. Some are financed by interim construction loans, others by long- term debt and shareholders' investment. To a large extent, their rising burden has been a major factor in the declining return on beginning shareholders' investment which in 1973 was 12.4% versus 13.6% last year. Obviously, if investments for the future were stopped and all current non-operating assets were fully developed into profit-making ventures, the company's return on invest- 21