Marriott: The Dog Days of Summer (United States)
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Marriott: The Dog Days of Summer (United States)
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Category: North America & West Indies / Carribean islands - United States
This is a press release selected by our editorial committee and published online for free on 2009-08-20
In the U.S., we're in the time of year called the "dog days of summer." Some say this is derived from the ancient Romans, who named the brightest star in the Canis Major constellation Sirius, or the "dog star," because during this time of year, Sirius rose and set with the sun in the northern sky. No matter its origin, even as many take a deserved break during these hot days of August, we're not sitting still here at Marriott.
As my father used to say, "Success is never final." It's a good thing to remember, because with all the economic and financial turmoil, and the stock market taking roller-coaster rides in recent months, sometimes it's easy to forget that patience and persistence pay off.
I recently received an inspiring letter from an 83-year-old Washington native, recounting how, back in 1952, she was advised to buy a few shares of our company, which was just going public. Back then it was called Hot Shoppes -- we were in the restaurant business and our first hotel was 5 years away. Well, this bright new investor bought 10 shares of our company's stock and, including commission, it cost $110. Over time, the stock split, she continued to reinvest dividends and it increased in value. Just recently she opened her statement and found that her holdings of our stock now amounted to more than 10,000 shares, worth $240,000 at today's prices!
As we all know, we're not the only company that can make a similar claim, nor does it mean that we know this experience will be repeated again. But I sure hope so! It certainly confirms the lessons my parents taught me and that I hope to pass along: that commitment, loyalty and hard work pay good dividends.
As always, I'm Bill Marriott and thanks for helping me keep Marriott on the move.
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