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Marriott Corporation, 1984 Annual Report
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Marriott International, Inc.. Marriott Corporation, 1984 Annual Report - Image 32. 1984. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. November 12, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/439/show/422.

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.. (1984). Marriott Corporation, 1984 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/439/show/422

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, 1984 Annual Report - Image 32, 1984, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed November 12, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/439/show/422.

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, 1984 Annual Report
Creator (LCNAF)
  • Marriott International, Inc.
Publisher Marriott International, Inc.
Date 1984
Description Marriott Corporation Annual Report for calendar year 1984.
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_056_032.jpg
Transcript INVESTMENTS IN AND ADVANCES TO AFFILIATES Investments in and advances to affiliates consist of: 1984 1983 (in thousands) Hotel joint ventures Marriott Financial Services, Inc. Sun Line Greece Special Shipping Company Other joint ventures Less deferred gain on sale of hotels to CHLP $239,884 $44,956 16,458 12,013 8,447 8,505 3,388 2,938 268,177 68,412 120,160 - $148,017 $68,412 The company has minority interests in 13 joint ventures that own hotels operated by the company under long-term agreements. Amounts retained by the company for management services are based on revenues and profits of the hotels. At December 28,1984, combined assets and liabilities of these hotel joint ventures were $1,298.2 million and $1,257.8 million, respectively. Liabilities include mortgages of $1,195.7 million which are secured solely by venture assets, generally without recourse to the company, except as described below. The company also has investments in two other joint ventures presendy constructing hotels which it will operate. Income from affiliates (primarily hotel management fees, interest and equity in earnings) before income taxes aggregated $37.7 million in 1984, $16.7 million in 1983 and $13.9 million in 1982. The company is sole general partner with a 1% interest in Potomac Hotel Limited Partnership (PHLP), a limited partnership owning 11 hotels managed under a long-term agreement as part of the Marriott hotel system. After refinancing three hotels on February 28,1985, PHLP had outstanding mortgage debt in the principal amount of $379 million, property and equipment and deferred costs with a net book value of $298 million, and working capital of $10 million. A group of commercial banks has committed to loan PHLP up to an additional $50 million to pay certain interest costs in excess of specified levels. The company has guaranteed $52,6 million of PHLP's debt service of which $24.7 and $9.1 million had been advanced, respectively, as of December 28,1984 and December 30,1983. PHLP repaid $22.3 million of these advances subsequent to year-end. In August 1984, the company completed the sale of nine hotels for $305 million to Chesapeake Hotel Limited Partnership (CHLP) which was formed to own and operate these hotels. An indirect subsidiary of the company is the general partner of CHLP with a 1% interest, and a subsidiary of the company manages the hotels under a long-term agreement. CHLP assumed $106 million of first mortgage debt on the hotels and gave a second mortgage note to the company for $168 million which amortizes through 2003 with interest at 9% (adjustable under specified circumstances after 1993). The $31 million balance of the purchase price will be paid to the company with interest over a four year period as the capital contributions of the limited partners are received by CHLP. The company has agreed to advance up to $39.5 million to enable CHLP to make certain required debt service payments and such advances are to be repaid from subsequent partnership cash flow after debt service. No advances had been made at December 28,1984. The excess of the purchase price over the company's carrying costs of the hotels, $121.7 million before income taxes, has been deferred and will be recognized in income over the 25 year initial term of the management agreement The company continues to sell notes and trade accounts receivable to Marriott Financial Services, Inc. (MFS). At December 28,1984, the company had guaranteed borrowings of $53 million by MFS under a revolving credit arrangement INCOME TAXES The provision for income taxes on income from continuing operations consists of: 1984 1983 1982 (in thousands) Current—Federal $ 39,864 $18,308 $21,194 State 7,572 3,763 3,611 Foreign 5,781 4,854 2,530 Deferred 64,049 65,708 39,406 Tax credits Investment tax credit (10,100) (10,984) (13,038) Employee stock ownership plans (3,044) (2,480) (1,291) Jobs tax credit (3,274) (2,522) (2,188) Provision for income taxes for continuing operations $100,848 $76,647 $50,224 •& 30