AFM373 Lecture Notes - Lecture 2: Marriott International, Project Chariot, Unsecured Debt

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Marriott, sr. in 1927, is the 12th largest employer in the united states with over 202,000 employees. Marriott corporation started as a root beer stand, then expanded into food industry as a restaurant franchise. It did not expand into hotel business until 1956. Marriot sr. passed on the presidency to his son, j. w. U(cid:374)de(cid:396) the so(cid:374)"s leade(cid:396)ship, the (cid:272)o(cid:396)po(cid:396)atio(cid:374) st(cid:396)a(cid:455)ed a(cid:449)a(cid:455) f(cid:396)o(cid:373) its (cid:272)o(cid:374)se(cid:396)(cid:448)ati(cid:448)e fi(cid:374)a(cid:374)(cid:272)ial policies and adopted aggressive and risk investment strategies, such as bank credit and unsecured debt, in order to maintain its historical 20% annual revenue growth rate. Marriott corporation entered into its first joint venture, constructing a group of hotels and then selling it to a major insurance company called equitable life assurance society. With a strong reputation for quality and reliability in service, careful site selection procedures and hotel sizi(cid:374)g, ma(cid:396)(cid:396)iot co(cid:396)po(cid:396)atio(cid:374)"s o(cid:272)(cid:272)upa(cid:374)(cid:272)(cid:455) (cid:396)ates (cid:449)e(cid:396)e 4% -6% above industry average. Economy recovery tax act of 1981 provided incentives for real estate owners, which fueled.

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