Article: The Daily Record News Briefs: April 23, 2009

Marriott unveils growth plans

Marriott International Inc., the biggest U.S. lodging company, plans to add 770 hotels in the next four years as the recession spurs independent hoteliers in Europe and the Middle East to outsource management to branded chains. Hotel occupancy has shrunk around the world as the recession causes consumers to reduce their leisure spending and companies to cut their travel budgets. Bethesda- based Marriott plans to convert properties to brands including Ritz- Carlton and Courtyard, and has $1.5 billion of a revolving credit facility left to spend on expansion, Chairman J.W. Marriott said at a briefing in London.

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