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| Title | Marriott Corporation, 1984 Annual Report |
| Creator (LCNAF) |
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| Publisher | Marriott International, Inc. |
| Date | 1984 |
| Description | Marriott Corporation Annual Report for calendar year 1984. |
| Subject.Topical (LCSH) |
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| Subject.Name (LCNAF) |
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| Genre (AAT) |
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| Language | English |
| Type (DCMI) |
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| 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 |
| Title | Image 36 |
| Format (IMT) |
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| 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 |