Word: marriott
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Tips are not uncommon in the hotel business. But few are as generous as the one Marriott shareholders received last week. In a financial maneuver that is part of a growing trend, Marriott Corp. said it would spin off its thriving hotel-management division from its debt-laden real estate operations and would award stockholders special tax-free shares in the new company. A number of firms, most recently Sears, that had caught diversification fever during the 1980s are now scrambling to sell ill-fitting or troublesome units...
...move at Marriott was triggered largely by its management's bleak assessment of its money-losing real-estate business. Under the plan, Marriott will split into two separate, publicly traded entities by mid-1993. The healthier operations will be reorganized as Marriott International, a company that will concentrate on operating hotels, resorts and food services. Meanwhile, the successor firm, to be renamed Host Marriott, will retain ownership of the 141 lodging properties and 16 retirement communities, plus airport and toll-road concessions. Host Marriott, whose businesses generated 19% of the existing corporation's 1991 revenues of $9.1 billion, will also...
...Angeles. At Caesars Palace in Las Vegas, bookings are not accepted beyond May 1993, and no thought has been given to fin-de-millenaire entertainment. But don't be discouraged by such myopia; things can change at the mere drop of an inquiry. In 1983 when the Marriott Marquis Hotel in New York City's Times Square was still under construction, screenwriter Ed Woodyard phoned to book a room for Dec. 31, 1999. A Marriott official divined the potential publicity bonanza in the request and promptly offered Woodyard a complimentary four-room suite. Woodyard was soon immortalized on the Tonight...
Right after taking over as publisher, Sulzberger invited Frankel's subjects to two lunches of cold cuts and pasta (pleasantly tacky, a reporter said) at a nearby Marriott. When Sulzberger described his theories of management, a reporter piped up that terror was still the prevalent emotion on 43rd Street. Sulzberger went on in his usual cheerful way, while "Max and Joe ((Lelyveld, the managing editor)) looked like they wanted to die," the reporter recalls...
Sullivan considered distributing a humorous letter which would have asked supporters to send a small donation instead of spending the money for a ticket, babysitter and clothing to go to her fundraising party at the Marriott...