Categorized | Hotels

Marriott plans growth by takeovers…

Posted on 30 July 2009

July 30 (Reuters) – Marriott International Inc’s (MAR.N) growth plans include taking over hotel operations from rivals unable to pay or refinance debt, Chief Financial Officer Carl Berquist told Bloomberg in an interview.

 

“There’s a lot of money on the sidelines to step in and take the position as an owner,” the news agency quoted Berquist as saying.

 

Marriott would be ready to “put in some equity” if feasible, the CFO said.

 

The Bethesda, Maryland-based company, which operates chains including the Ritz Carlton, Renaissance and Marriott, plans to add 110,000 rooms to its current total of about 577,000, Bloomberg quoted him as saying.

 

30,000 of these would be added this year, Berquist said, adding he is “very optimistic for 2010″.

Source: Reuters

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