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Marriott Chief to Leave Board of Spinoff

IN BRIEF/HOTELS

April 05, 2002|Bloomberg News

Marriott International Inc. Chairman J. Willard Marriott will resign from the board of the real estate company Marriott spun off in 1993 as the companies further distance their businesses from each other.

The two also are changing the terms of their hotel management contracts to give the real estate company, Host Marriott Corp., greater flexibility in selling Marriott hotels. In addition, Host Marriott will move out of Marriott's Bethesda, Md., headquarters, company executives said.

Host Marriott's shares have underperformed those of its former parent over the last four years, and analysts said it's important the company become more independent to attract new investors.

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