The Marriott Corporation case Free Essay, Term Paper and Book Report
Marriot Corporation
Debt policy and long term financing
1.Company background and evolution:
Marriott Corporation (MC) is a company founded in 1927 by J.W. Marriott Sr. It had grown during the 1930s and 1940s in a chain of 45 restaurants. Marriott Corporation went public in 1953 selling one third of its shares and opened its first hotel in 1956. Eight years later, it owned 120 restaurants and 12 hotels. MC is a company with a strong corporate culture built around the personality and values of its founder. J.W. Marriot Sr. passed the presidency to his son J.W. Marriott Jr. in 1964. He gave up his fathers conservative financial policies in the 1970s by using bank credits to finance the company expansion.
In 1978, MC had his first joint-venture and thus began its powerful growth strategy: the company would plan, construct and develop hotels then sell them to outside investors and retain long-term management contracts. By 1980, 70% of MCs hotels were owned by outside investors. The Economic Recovery Tax Act of 1981 allowed Marriot Corporation to diversify his business into mid......
Word Count: 1121
Page Count: 4.4 (250 words a page / double spaced)
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