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Marriott Corporation, 1973 Annual Report
Image 31
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Marriott International, Inc.. Marriott Corporation, 1973 Annual Report - Image 31. 1973. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. September 15, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/1696/show/1690.

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 31. 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/1690

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 31, 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 15, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/1696/show/1690.

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 31
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_044_031.jpg
Transcript is greater than the accumulated cost. Depreciation and Amortization: Depreciation and amortization are calculated on the straight-line method for financial statement purposes and, where permitted, on accelerated methods for tax purposes. The following lives are used for financial statement purposes: Buildings and improvements 20 to 40 Years Leasehold improvements Shorter of Life of Lease or Asset Furniture and equipment 2 to 20 Years Cruise ships 20 Years Leasehold interest under lease- purchase obligations: Equipment 4 to 20 Years Buildings and improvements .... 25 to 45 Years Franchise Fees: Royalty fees are accrued on a monthly basis. Initial franchise fees are not significant. Long-Term Receivables, Deposits and Other Assets: July 27, 1973 July 28, 1972 Long-term receivables . .. $ 6,341,422 $4,762,724 Escrow and lease deposits 2,709,771 2,192,591 Franchise rights, copyrights and trademarks 1,028,572 941,764 Other 1,310,249 845,795 $11,390,014 $8,742,874 2. ACQUISITIONS: During 1973, the Company acquired two companies (accounted for as poolings of interests) for 65,969 shares of common stock. The companies had combined sales of $7,826,000 and net income of $160,000 for 1973 and total assets of $3,608,000 at dates of acquisition. Results of operations for years prior to 1973 are not significant. 3. INVESTMENTS IN AND ADVANCES TO AFFILIATES: The Company has a 49% equity interest (with 50% voting rights) in Duman Investments, Inc., the landlord of the New. Orleans Marriott Hotel, which is leased to the Company for 55 years including renewal options. At July 27, 1973, Duman had total assets of $32,- 111,000 and total liabilities of $28,875,000 of which $1,422,000 are current liabilities. The Company has guaranteed a $5,000,000 bank loan due in 1977 for Duman. The Company has a 45% equity interest in Sun Line Greece Special Shipping Company, Inc., the owner of a cruise ship presently chartered to the Company on a short-term basis. At its fiscal year end (March 31, 1973), Sun Line had total assets of $16,977,000 and total liabilities of $12,731,000. Liabilities included $2,000,000 advanced by the stockholders, of which $900,000 was the Company's share. The Company has advanced an additional $450,000 since March 31,1973. The excess of the Company's investment over the underlying net assets of minority owned affiliates is $3,516,497 and is being amortized over periods up to 40 years. 4. DEBT (EXCLUDING CONVERTIBLE SUBORDINATED DEBT): Maturities of Mortgages, Notes and Lease-Purchase Obligations at July 27,1973: Secured Lease- Mortgage Unsecured Purchase Fiscal Year Loans Notes Obligations Interest rates 41/2%-10% 6%-9'/4% 5%-7%% 1975 $ 32,732,227 $23,316,015 $ 2,466,526 1976 7,173,750 7,951,895 2,508,547 1977 26,054,383 190,457 2,417,149 1978 7,409,818 338,457 2,529,197 To 1997 67,492,286 $140,862,464 1,143,162 33,976,104 $32,939,986 $43,897,523 The above debt includes $71,240,215 at interest rates which vary based on the prime lending rate. Summary of Pledging of Assets: As of July 27, 1973, property, improvements and equipment, at cost, excluding construction in progress, is $442,669,806 of which $189,128,314 is pledged under mortgage loans, $70,573,611 under lease-purchase obligations, and $182,967,881 is free of lien. Construction Financing: As of July 27, 1973, the Company has commenced major construction projects, aggregating $97,781,000 to be completed over the next two years, of which $45,741,000 has been expended. The Company has obtained permanent mortgage loan commitments of $63,200,000 on projects aggregating $78,107,000. During construction of major projects, the Company uses interim construction financing, consisting of short- term bank loans and commercial paper, which is to be refinanced by mortgage loan proceeds upon completion of the projects. During the construction period of such projects (2 to 3 years), the interim construction financing must be refinanced, replaced by use of the Company's regular bank credit lines (which as of July 27, 1973, aggregate $86 million with 26 commercial banks) or replaced by use of funds under bank credit agreements. As of July 27, 1973, the Company has $34,383,000 of interim construction financing. The Company has obtained commitments for long-term financing of $37,000,000 on the new Los Angeles hotel (opened in August, 1973) which are scheduled for settlement in October, 1973. Such interim construction financing ($3,000,000 commercial paper and $31,383,000 bank notes) has been classified as long-term debt in the consolidated balance sheet since $14,500,000 of bank notes mature (including maturity extension agreements) on or after October 31, 1973, and the remainder ($19,883,000) is covered by a bank commitment to refinance to October 31, 1973. Lease-Purchases and Other Leases: Lease-purchase obligations are in substance installment purchases and are recorded as leasehold inter- 29