Marriott Tells Analysts It's On Track For Growth

WASHINGTON, DC-Marriott International’s chairman told a meeting of security analysts on Monday the company is on track to add 70,000 rooms through 2002, and that managing–not owning–hotels is key to the company’s financial health. Marriott chairman J.W. Marriott, Jr., said the hospitality company’s portfolio holds a 7.5% market share of US hotel rooms, and just over 3% worldwide.

“Our plan to continue adding hotel rooms puts us well ahead of our competition, which has scaled back their room growth. With an improving industry room supply picture and an economic rebound, we have the opportunity for 2002 and 2003 to be exceptional years,” Marriott told analysts. “Our strategy of managing, rather than owning, hotels results in a strong balance sheet and a healthy cash flow. This allows us to expand our brands without being overly limited by debt.”