Marriott International, Inc. (MAR/NYSE) has announced a new marketing agreement with The Atrium, a 136-room luxury serviced apartment development, in Hong Kong. Under the new agreement, the The Atrium will be operated under the Marriott Executive Residences brand.
MeriStar Investment Partners, a $400 million investment partnership, today announced that it has acquired the 323-room Marriott Hotel in Trumbull, Conn. The property is the fifth hotel acquired by the recently formed partnership, which plans to purchase a total of 12 to 15 hotels over the next year. Participants in the joint venture investment partnership include MeriStar Hospitality Corporation (NYSE:MHX), the nation`s third largest hotel real estate investment trust (REIT), MeriStar Hotels & Resorts, Inc. (NYSE:MMH), the nation`s largest independent hotel management company, and Oak Hill Capital Partners, L.P., a private equity investment group. The partnership will invest approximately $5 million to renovate the property.
Marriott International, Inc. (MAR / NYSE) today reported that it has completed its previously announced spinoff and merger transactions.
Marriott International, Inc. (MAR / NYSE) today announced that W. David Mann has been named corporate secretary. His responsibilities will include serving as secretary at Marriott`s board of directors and annual shareholders meetings, and managing the company`s shareholder proxy solicitations. Mr. Mann will continue in his capacity as a senior attorney in the Corporate Affairs section of the Marriott International Law Department, which provides legal services and counsel to the company in connection with mergers, acquisitions and dispositions, corporate financings, securities law compliance, employee benefits and related legal matters.
Marriott`s new frequent travel program—Marriott Rewards—was awarded the 1997 Freddie Award today for the “Best Frequent Guest Program of the Year” by InsideFlyer. Launched in May of 1997, Marriott Rewards offers its 10 million members the most point-earning potential and award-redeeming opportunities in the industry with nine hotel brands in eight lodging tiers—representing more than 1,300 hotels in 30 countries.
Marriott International, Inc. (NYSE / MAR) today announced that it has launched a $1.5 billion syndicated bank financing for the new hospitality company which it plans to spin off. Marriott International and Sodexho Alliance also have obtained $1.4 billion of bank financing commitments for Sodexho Marriott Services, Inc. In addition, Marriott International announced that the waiting period has expired under the Hart-Scott-Rodino Antitrust Improvements Act with respect to the pending merger of Marriott`s food service and facilities management business (Marriott Management Services) with Sodexho Alliance`s North American operations.
Marriott International has realigned the leadership of its Asia, Pacific & Australia Region in response to its extraordinary growth in the area, announced Ed Fuller, president and managing director of Marriott Lodging International. As a result, on April 2, the following managerial changes will become effective: