Keyword
in
Collection
Date
to
Marriott-Hot Shoppes, Inc., 1966 Annual Report
Image 6
Citation
MLA
APA
Chicago/Turabian
Marriott International, Inc.; Marriott Hot Shoppes. Marriott-Hot Shoppes, Inc., 1966 Annual Report - Image 6. 1966. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. July 20, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/62/show/35.

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 Hot Shoppes. (1966). Marriott-Hot Shoppes, Inc., 1966 Annual Report - Image 6. 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/62/show/35

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 Hot Shoppes, Marriott-Hot Shoppes, Inc., 1966 Annual Report - Image 6, 1966, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed July 20, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/62/show/35.

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.

URL
Embed Image
Compound Item Description
Title Marriott-Hot Shoppes, Inc., 1966 Annual Report
Creator (LCNAF)
  • Marriott International, Inc.
  • Marriott Hot Shoppes
Publisher Marriott International, Inc.; Marriott Hot Shoppes
Date 1966
Description Marriott-Hot Shoppes, Inc. Annual Report for the fiscal year ending on July 31, 1966.
Subject.Topical (LCSH)
  • Hospitality industry
  • Hotel management
  • Corporation reports
Subject.Name (LCNAF)
  • Marriott International, Inc.
  • Marriott Hot Shoppes
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 6
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_037_006.jpg
Transcript To Our Shareholders: September 9, 1966. We are pleased to report that 1966, our 39th year, was one of substantial growth and progress. Sales increased 25.4 per cent and net income was up 22.4 per cent. Since 1953, when our stock was first sold to the public, these gains in sales and profits have averaged better than 15 per cent a year. The company had sales of $123.9 million in the 53 weeks ended July 31, 1966, versus $98.8 million in fiscal 1965. Sales have risen every single year of our 39-year history, except for 1942—a war year. Net income of $5.1 million in fiscal 1966 compares with a restated $4.2 million just a year ago. This is equivalent to $1.06 per share on the 4,841,004 shares outstanding at year end versus $.86 per share last year. The steady rise in sales and earnings occurred in all nine divisions of the company, emphasizing the soundness of our policy of wide diversification into almost every type of growing food service. For example, air traffic alone in 1966 is estimated at a record 107.5 million passengers flying 72 billion miles. In this market Marriott In-Flite Services provides over 40,000 meals each day from fifteen flite kitchens coast to coast. The six Marriott Motor Hotels, including the new Saddle Brook Marriott, provided accommodations for over 1,000,000 traveling Americans last year. With an increasing number of young families moving to the suburbs, our Real Estate Department is acquiring new locations in suburban areas for cafeterias, service restaurants and Hot Shoppes Jrs. The Food Service Management Division has made a major breakthrough in the field of institutional feeding and has doubled its sales over last year. This division now provides food service for eight hospitals, four schools, and seventeen business firms in five states from New York to Iowa. In fiscal 1966, the company opened 25 new operations, closed one for redecorating and sold one restaurant. The Cafeteria Division opened two units, and the Service Restaurants opened three units. The Food Service Management Division added nine operations, and four more Hot Shoppes Jrs. were opened. A new flite kitchen was added at O'Hare Airport in Chicago. The Atlanta Marriott and Saddle Brook, New Jersey, Marriott were opened this year. With the addition of four new specialty restaurants, located in our new motor hotels, the total number of units in operation is 150 in sixteen states and the District of Columbia. A number of significant financial events occurred this year. On January 4, 1966, we acquired eight properties, previously leased by the company, in exchange for 313,000 shares of Marriott-Hot Shoppes common stock. The acquisition, which was approved by shareholders at the annual meeting in November, has been accounted for as a pooling of interests. At year end, we owned 23 properties (including six buildings on long-term land leases.) The company also has favorable options to repurchase 11 properties (including four buildings on long-term land leases) from affiliates of the Marriott Foundation. These Leasehold Interests and the related Lease-Purchase Obligations are reported on the balance sheet for the first time. This change in accounting has reduced working capital (for lease-purchase installments due in the next 12 months) and increased cash flow (for amortization of the leasehold interest) but has had no effect on net income. Net working capital at year end amounted to $6,871,803, and we had $8,556,293 invested in short-term investments in accordance with our practice of keeping excess funds invested. Long-term financing commitments were made on major new construction projects before the