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Marriott Corporation, 1983 Annual Report
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Marriott International, Inc.. Marriott Corporation, 1983 Annual Report - Image 35. 1983. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. June 3, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/303/show/289.

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.. (1983). Marriott Corporation, 1983 Annual Report - Image 35. 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/303/show/289

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, 1983 Annual Report - Image 35, 1983, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed June 3, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/303/show/289.

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, 1983 Annual Report
Creator (LCNAF)
  • Marriott International, Inc.
Publisher Marriott International, Inc.
Date 1983
Description Marriott Corporation Annual Report for calendar year 1983.
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 35
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_055_035.jpg
Transcript i 1 DEBT Maturities of debt at December 30,1983 are: (in thousands) 1985 $ 36,081 1986 43,064 1987 50,234 1988 62,192 to 2024 809,572 $1,001,143 The company has debt of $801,607,000 as of December 30,1983, at interest rates which vary based on the prime lending rate, the Treasury bill rate, the London Euro-dollar interbank rate or negotiated rates based on the lenders' cost of funds. The weighted average interest rate on this debt was 10% in 1983. The company's loan agreements require, among other things, the maintenance of minimum net worth, asset-to- debt and debt-to-equity ratios. The loan agreements also include restrictions on cash dividends, other payments and the pledging of certain assets. At December 30,1983, retained earnings of $276,231,000 are unrestricted and $670,348,000 of owned property and equipment, at net book value, is pledged or mortgaged. Mortgage notes of $491,999,000 bear interest at rates ranging from 5.5% to 13.1% and mature serially through 2024. Of the total mortgage debt outstanding, $371,512,000 is secured, generally without recourse to the company, by specific assets with a net book value that approximates the outstanding loan balance. Unsecured debt at December 30,1983 consists of: (in thousands) Senior notes payable with interest at 10%% and maturing 1985 to 1997 $ 29,900 Notes payable with interest at 5.2% to 12.0% and maturing 1985 to 2010 60,819 Bank and other loans with average interest at 10.4% and maturing through 1993 (includes short-term debt of $182,508,000) 418,425 $509,144 The company has $617,000,000 of revolving loan commitments at December 30,1983. A commitment fee of up to .5% is payable on the unused portion. Revolving loan commitments, short-term loans and commercial paper are used for interim financing. Such financing is classified as noncurrent to the extent funds are available under revolving loan agreements maturing beyond one year. The above maturity table reflects the maturities of unsecured debt based on the permanent loan repayment schedule, the maturity schedule of revolving bank loans and management's estimation of prepayments. Under certain bank agreements, the company maintains average compensating balances equal to a percentage (3%-5%) of the amounts available or borrowed. All compensating balance agreements are informal and do not legally restrict withdrawal of funds. The average compensating balance during 1983 was $12,918,000. LEASES Minimum future rentals under non-cancelable leases (primarily real estate and shopping center space) are: Capital Operating Operations Fiscal Year Leases Leases Held for Sale (in thousands) 1984 $ 11,735 $ 48,533 $ 3,382 1985 11,515 45,547 3,363 1986 11,145 44,370 3,275 1987 10,820 41,906 3,184 1988 10,392 37,938 3,180 Thereafter 89,240 322,020 16,569 Total minimum lease payments 144,847 $540,314 $32,953 Amount representing interest (69,526) Present value of net minimum lease payments 75,321 Current portion of capital lease obligations (4,853) Long-term capital lease obligations $ 70,468 These future rentals have not been reduced by minimum sublease rentals of $51,786,000, payable to the company under non-cancelable subleases. Most leases contain one or more renewal options, generally for five or 10-year periods. Minimum rentals under leases related to units acquired as part of the Gino's acquisition, which the company intends to divest under the original merger plan, are shown separately in the table above. 33