Hospitality and Related Services - Tourism: Principles, Practices, Philosophies - page 132

Regarded as a lodging innovator, Mr. Marriott began shifting the
company in the late 1970s from hotel ownership to property
management and franchising. His strategic decision allowed the
company to accelerate its growth and broaden its leadership
position. That transformation culminated in the company's split
into Marriott International, a hotel management and franchising
company, headed by Mr. Marriott, and Host Marriott International,
a hotel ownership company chaired by his younger brother, Richard
Marriott.

Advisory Board (TTAB). He also recently served as chairman of the
Mayo Clinic Capital Campaign.

Mr. Marriott attended St. Albans School in Washington, D.C.,
earned a B.S. degree in banking and finance from the University of
Utah and served as an officer in the U.S. Navy. He is an active
member of The Church of Jesus Christ of Latter-day Saints. He is
married to the former Donna Garff. They have 4 children and 15
grandchildren and 5 great grandchildren.

Mr. Marriott has also worked to compile a family of 18 lodging
brands that range from limited service to full-service luxury hotels
that meet the needs of any traveler. Today, the company manages
and franchises hotels and resorts under the Marriott, JW Marriott,
The Ritz-Carlton, Renaissance, Residence Inn, Courtyard, Towne-
Place Suites, Fairfield Inn, SpringHill Suites, and Bulgari brand
names; develops and operates vacation ownership resorts under
the Marriott Vacation Club, The Ritz-Carlton Destination Club, and
Grand Residences by Marriott brands; licenses and manages
whole-ownership residential brands, including The Ritz-Carlton
Residences, JW Marriott Residences, and Marriott Residences;
operates Marriott Executive Apartments; provides furnished corpo-
rate housing through its Marriott ExecuStay division; and operates
conference centers.

WORDS ABOUT THE FUTURE
In 2012, Marriott celebrates its 85th anniversary. We've come a
long way from our origins as a nine-stool root beer stand in
downtown Washington, D.C. Today, Marriott has more than 3,500
hotels in 70 countries. Approximately 300,000 people serve guests
in Marriott managed and franchised properties throughout the
world. Our associates—like our customers—come from every walk
of life. They speak many languages, and bring the depth and
uniqueness of their cultures to everything they do.

As the travel industry emerges from the worst economic downturn
in my career, we anticipate a time of tremendous growth ahead.
Marriott is more globally focused than ever before, as we open new
hotels in exciting international markets like China, India, and
Africa. Growing middle classes in those countries mean new
travelers looking to explore the world.

Mr. Marriott serves on the board of The J. Willard & Alice S.
Marriott Foundation. He is a member of the National Business
Council and the executive committee of the World Travel & Tourism
Council. Mr. Marriott served on the board of trustees of the
National Geographic Society, as director of the United States Naval
Academy Foundation, as chairman of the President's Export
Council (PEC) and as a member of the Secure Borders Open Doors
Advisory Committee (SBODAC) and the U.S. Travel and Tourism

I'm confident that the Travel Promotion Act will help attract more
visitors to the United States by marketing ''Brand America.'' We
still have work to do to improve our visa and entry processes so
that visitors have a positive experience. In the meantime, we need
to let the world know that the United States is open for business,
and we look forward to welcoming travelers to our shores.

Timeshare Resorts

A is a form of ownership or right to the use of a property, or the term used to describe such

properties. Timeshare is also known as vacation ownership. These properties are typically resort
condominium units, in which multiple parties hold rights to use the property. Each purchaser is allotted
a period of time, typically one week and usually the same time every year, in which they may use the
property. Many timeshare purchasers buy more than one week. Units may be on a part-ownership or

timeshare

'' right

to use '' basis. There are also vacation ownership programs, which are based on point systems.

Deeded Timeshare Ownership

In a timeshare, you either own your vacation unit for the rest of your life, for the number of years
spelled out in your purchase contract, or until you sell it. Your interest is legally considered real
property. You purchase the right to use a speci c unit at a speci c time every year, and you may rent,
sell, exchange, or bequeath your speci c timeshare unit. You and the other timeshare owners
collectively own the resort.
Owners share in the use and upkeep of the units and of the common grounds of the resort
property. A homeowners association usually handles management of the resort. Timeshare owners

elect of cers and control the expenses, the upkeep of the resort property, and the selection of the
resort management company.

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