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Marriott Corporation, 1984 Annual Report
Image 36
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Marriott International, Inc.. Marriott Corporation, 1984 Annual Report - Image 36. 1984. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. November 19, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/439/show/426.

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 36. 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/426

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 36, 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 19, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/439/show/426.

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 36
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_056_036.jpg
Transcript In separate transactions, Host has completed definitive agreements to sell its specialty restaurants. The sales of the Casa Maria and Dinner House restaurants are expected to close during 1985. Gains on these sales will be recognized as payments are received over two and four years, respectively; however, the amount of the gains is notpresendy determinable. Sales of these specialty restaurants were $122.8 million and operating income was $14.2 million in 1984. On December 28,1984, the company entered into a definitive agreement to sell its Essex House hotel in New York City. Upon satisfaction of certain conditions, the sale is to be completed in July 1985. Although a gain is expected to be realized upon completion of the sale, the amount is not presendy determinable. Subsequent to December 28,1984, the company completed the acquisitions of Gladieux Corporation and Service Systems Corporation, diversified food service companies, for $64.4 million cash in the aggregate. Combined sales and operating income (unaudited) of the acquired businesses for the year 1984 were $419.5 million and $15.2 million, respectively. DISCONTINUED THEME PARK OPERATIONS In May 1984, the company sold for $114.5 million in cash the property, equipment and certain other assets direcdy associated with its Great America theme park in Gurnee, Illinois. In August 1983, the company entered into an option to sell land under the Santa Clara theme park (the Park) for $86.5 million. The option was subordinated to the right of the City of Santa Clara, California (the City) to buy the Park. During January 1984, the City agreed to buy the Park land and improvements. The original option holders commenced legal action to invalidate the sale to the City, and in September 1984 the Superior Court of California ruled in their favor on one element of the suit The company has appealed the Court's decision and settlement negotiations are now in process. Although a gain is expected to be realized upon completion of the sale, the amount is not presendy determinable. Combined sales of the discontinued theme parks were $40.1 million in 1984, $86.2 million in 1983 and $82.5 million in 1982. Income from operations of the parks was $2.6 million (after income tax of $2.6 million) in 1984, $6.8 million (after income tax of $6.2 million) in 1983 and $10.9 million, including a gain on the sale of excess land, (after income tax of $9.1 million) in 1982. The net gain on the sale of the Gurnee theme park in 1984 was $1.9 million. OTHER PAYABLES AND ACCRUED LIABILITIES Other payables and accrued liabilities consist of: 1984 1983 (in thousands) Income taxes payable Construction contract accruals Other taxes payable Other 30,276 33,006 27,505 61,867 15,800 42,526 23,496 67,486 $152,654 $149,308 34