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Marriott Corporation, 1978 Annual Report
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Marriott International, Inc.. Marriott Corporation, 1978 Annual Report - Image 5. 1978. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. September 24, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/828/show/792.

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.. (1978). Marriott Corporation, 1978 Annual Report - Image 5. 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/828/show/792

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, 1978 Annual Report - Image 5, 1978, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed September 24, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/828/show/792.

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, 1978 Annual Report
Creator (LCNAF)
  • Marriott International, Inc.
Publisher Marriott International, Inc.
Date 1978
Description Marriott Corporation Annual Report for the year ending on July 31, 1978.
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 5
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_049_005.jpg
Transcript past year deserve special mention: • Cost Controls We made major savings in how we schedule labor and in how much energy we consume. We introduced new divisional safety programs that helped employees avoid injuries on their jobs and cut our costs for employee accidents. We began an intensive effort to subject administrative activities and costs to more rigid scrutiny. • Asset Management We made excellent progress in our program to improve shareholders' return on investment and other key measures of capital productivity. The most important factor in our corporate strategy of the 1970s has been the shift in emphasis from ownership of hotels— which puts a heavy debt load on the company and limits our ability to expand —to operating hotels owned by other investors. In fiscal '78 we sold five of our existing hotels to The Equitable Life Assurance Society of the United States. We will continue normal operation of these hotels under the Marriott name and with Marriott management—and earn significant fees. The transaction, worth $92 million, also enables us to reduce debt and plan for growth in higher-return projects. We will continue to own properties as our financial capacity permits. But more than half our 17,000 hotel rooms today are owned by other investors. A second major factor in our asset management program has been the disposition or redeployment of non-productive or marginal assets. In 1978 we disposed of $22 million worth of assets not meeting our new higher profit objectives. This brings the total amount of dispositions the past four years to $67 million. The 1980s promise to be a tremendous era for our industry. And your company is gearing up for explosive growth. Our organization, first of all, is ready. Shareholders can be proud of the tremendous abilities, hard work and spirit of the personnel in your company. In a major organizational change in 1978, we consolidated our Contract Food Services and Sun Line operations under Frederic V. Malek, who was promoted to Executive Vice President. Our business policy is to attack rising costs, much of which results from too much government in our lives... to phase out operations with uncertain futures... to give up sales volume if the profit yield is poor... to improve the balance sheet ... to be creative in our sources of financing for the future. Our strategic plan stresses expansion from within. We will leverage our premier reputation in lodging with rapid room growth. We also will expand other existing high- profit operations such as Roy Rogers and Big Boy restaurants. But we will not pass up sound opportunities for acquisitions in our established businesses. The 1980s are exciting to contemplate. With more two-income families, there will be greater discretionary spending power than ever before. And we know that people who earn more travel more... dine out more... spend more for recreation. Airlines today are carrying record numbers of people. Good hotels are in demand. Restaurants before too long may be getting half of the wage- earner's food dollar. Theme parks are now well established as a fun-filled escape for millions. Luxury cruise ships are often booked to capacity. And an enthusiastic Marriott Corporation is right in the middle of it all. There are very good times ahead for your company. bu^j^— J. Willard Marriott Founder and Chairman of the Board ^ J.W.Marriott,Jr. ^ President and Chief Executive Officer