John W. Marriott III to head private investment fund; appointed vice chairman of Marriott International's board of directors
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John W. Marriott III to head private investment fund; appointed vice chairman of Marriott International's board of directors
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Category: North America & West Indies / Carribean islands - Careers
- Appointments
This is a press release selected by our editorial committee and published online for free on 2005-11-02
John W. Marriott III, executive vice president - lodging of Marriott International, Inc. (NYSE:MAR) announced today that he will leave the company in January 2006 to serve as chief executive officer of J.W.M. Family Enterprises, L.P., a private partnership. Mr. Marriott also has accepted the position of vice chairman of Marriott International’s Board of Directors.
Mr. Marriott said he will focus on aggressively growing J.W.M. Family Enterprises, which he launched 12 years ago. The fund now has more than $600 million in assets.
Mr. Marriott joined Marriott International in 1976 and has served in a number of positions in the company. Named in 2004 as one of “The Most Influential Executives” by Business Travel News, Mr. Marriott is credited with the revitalization of Marriott’s worldwide portfolio of 14 lodging brands.
J.W. Marriott, Jr., chairman and chief executive officer of Marriott International, said, “John is an entrepreneur. His great talents have added tremendous value to Marriott International over the past 30 years. We look forward to his continued contribution to our company.”
J.W.M. Family Enterprises, L.P. currently owns 10 hotels, operated and managed under Marriott International’s brands. The partnership recently purchased a 351-room hotel in Palm Beach, Fla., and a 405-room hotel in Columbus, Ohio, and plans to invest in other hotels to be managed and branded by Marriott.
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