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Marriott Corporation, 1976 Annual Report
Image 15
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Marriott International, Inc.. Marriott Corporation, 1976 Annual Report - Image 15. 1976. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. August 11, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/956/show/930.

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.. (1976). Marriott Corporation, 1976 Annual Report - Image 15. 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/956/show/930

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, 1976 Annual Report - Image 15, 1976, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed August 11, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/956/show/930.

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, 1976 Annual Report
Creator (LCNAF)
  • Marriott International, Inc.
Publisher Marriott International, Inc.
Date 1976
Description Marriott Corporation Annual Report for the 52 weeks ending on July 30, 1976.
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 15
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_047_015.jpg
Transcript suburban Atlanta and in Santa Clara, California adjacent to "Marriott's Great America." Also, the world-famous Biltmore Hotel in Santa Barbara, California was acquired. We assumed management responsibility for existing hotels in Springfield, Massachusetts and Tucson, Arizona. In their first full year of operation, the four U.S. properties opened in 1975 improved profits by more than $1.5 million after pre-opening costs. The Denver Hotel has surpassed expectations, and our Lincolnshire (111.) complex has established itself as a top resort/convention hotel in the Chicagoland market. Operations in Kansas City and Newport Beach have shown steady occupancy gains and should be good contributors in '77. In fiscal 1976, development costs included a write-off of $500,000 for discontinued projects. This was the second year in a row we have incurred write-offs of that magnitude — all as a part of our ROI improvement program. Early in the new year, the company's management contract at Amelia Island, Florida was terminated. But we will add 1,000 new rooms in '77 including two new 300-room Marriott-managed hotels in Stamford, Connecticut and Houston. Construction of a new Marriott hotel, to be a managed property, is proceeding in downtown Chicago. Financing arrangements for this 1,214-room hotel on North Michigan Avenue were completed at fiscal year-end. The hotel will open early in fiscal 1979. Construction will begin in 1977 on a 430- room addition to the New Orleans Marriott and on a 300-room hotel in Bethesda, Maryland. Both projects are scheduled for completion in late fiscal 1978. Marriott hotels outside the United States had mixed performances in '76. Good results at Amsterdam were offset by profit declines at our properties in Mexico, where tourism softened due to a substantial reduction in travelers from the U.S. and Canada. In the fall of 1976, results at Sam Lord's Castle in Barbados should improve with the opening of 144 new rooms. We are pleased with the continued customer acceptance of our 48 Marriott hotels, resorts, and franchised Inns. Hotel 72 73 74 75 76 S120 S162 S190 >217 »270 GROUP SALES (in millions) Five-Year Compound Growth: 21.3% development represents a significant opportunity for further growth. We are actively seeking new management opportunities, sites and possible hotel acquisitions that meet our marketing goals and stringent requirements for high return on investment. Nevada, a strong hotel and tourism market, is among states under consideration. A serious study of this and other markets and their potential impact on us was underway as '77 began. Franchised Marriott Inns turned in another substantial improvement in '76. The 13th Inn, with 244 rooms, was added in Providence bringing the total number of franchised rooms to 3,085. In fiscal '77, the Pittsburgh Inn will add 230 rooms to become the system's largest franchised property. Early in the following year, two new Inns will open in Syracuse and near Cleveland. Condominium sales and profits declined in fiscal '76 as available inventory was virtually sold out at famous Camelback Inn in Arizona and because of disappointing sales at New York's Essex Towers. The Camelback program was successfully completed with the sale of 96 units (versus 100 the previous year). Also, contracts have been written for 5 additional units now under construction. In all, 407 units will have been sold. Marriott continues to manage these 5-Star accommodations. Six condominium units (14 rooms) were sold at the Essex Towers on Central Park South during the second year of this program. Sales to corporate buyers did not materialize as anticipated although marketing efforts had been stepped up in '76. Costs will be trimmed in '77, but sales and leasing opportunities will continue to be explored. Marriott World Travel was profitable in each quarter of fiscal '76 and ended the year solidly in the black after breaking even last year. The travel bureau, based in Washington, provides a service to corporate and individual travelers, and facilitates arranging group trips to Marriott properties through wholesalers. 13 3,403 73 8,772 74 75 76 10,187 13,393 14,510 NUMBER OF ROOMS Five-Year Compound Growth: 16.7%