The Diversity Ownership Initiative is committed to doubling the number of hotels by Marriott® minority owners and franchisees in the next five years. Marriott's aggressive diversity ownership initiatives work to assist minorities who have significant business experience; are interested in developing hotels or acquiring or re-branding hotels; or those interested in taking equity positions in hotels under development by Marriott or its development partners. The outreach initiative provides minorities with additional operations support where appropriate, as well as flexible transaction terms that can include application and royalty fee support, key money, and various forms of credit enhancement.
“The company demonstrates its commitment to increasing minority hotel ownership by guiding prospective owners through the process,” said Deanne Ayers-Howard, who in 1998 became the owner of the TownePlace Suites by Marriott® in Sterling/Cascades, Virginia. Marriott's minority recruitment success includes the opening of a $43 million Residence Inn by Marriott® in Washington DC, co-owned by four Native-American tribes.
“Our diversity outreach has created opportunities for us to benefit from the talent and expertise from organizations who share our vision and commitment to excellence,” said J.W. Marriott, Jr., chairman and chief executive officer of Marriott International.
As a part of the Diversity Ownership Initiative, Marriott holds Education Summits for aspiring minority hotel owners. At the first summit, more than 30 prospective minority owners and franchisees attended the workshop at the company's corporate headquarters. It included information about how prospective sites are evaluated and how hotels are built, financed and operated. The workshops were led by Marriott executives, owners and franchisees, as well as experts from the lending community.
“Educating prospective owners and franchisees is key to the company's diversity ownership initiative because many candidates have substantial business experience, but they may not have a background in the lodging industry,” said Norman K. Jenkins, senior vice president of North American Lodging Development for Marriott.
