MARRIOTT INTERNATIONAL TO OPEN NINE HOTELS IN LATIN AMERICA & THE CARIBBEAN

Regional Portfolio Now Encompasses 32 Hotels In 18 Countries and Five Lodging Brands

Building on its extraordinary growth in the region over the past decade, Marriott International (NYSE:MAR) announced that it plans to open nine additional properties in Latin America and the Caribbean over the next 36 months.

These new properties will be located in seven countries and will span five lodging brands. They will include the regions:

First Marriott Executive Apartments lodging product in Brazil for business travelers on overseas assignments of 30 days or more.

The first Marriott resort on St. Kitts in the Caribbean.

The first moderately-priced Courtyard by Marriott hotel in Central America and in Puerto Rico.

The expansion of its JW Marriott hotel brand to Venezuela and Puerto Rico.

The first Marriott-branded hotel in Uruguay.

The company’s first franchised property in South America.

Speaking at a press conference here today marking the Grand Opening of the 245-room Rio de Janeiro Marriott Hotel, J.W. Marriott Jr., chairman and chief executive officer of Marriott International, said, “We are on-target with our development strategy for the region. In the past
decade, we have opened hotels or have hotels under construction in virtually every major capital city in the region. We are now expanding our resort portfolio in key leisure destinations and are introducing our Courtyard and Executive Apartments lodging brands.

“In addition to the Rio de Janeiro hotel, we are especially pleased to be represented by two new, sensational resorts in Costa do Sauipe, Brazil’s exciting, destination for leisure travelers. Representing our Marriott and Renaissance lodging brands, we are confident that these two properties will have enormous appeal for vacationers throughout the South American continent and abroad.”

He said that by the end of 2004, the Marriott International lodging portfolio in the region will grow to 41 hotels, offering 13,259 rooms, and six lodging brands in 21 countries and territories. This growth rate represents a 22 percent increase in the number of hotels, an 18 percent increase in the number of rooms and the addition of two countries as compared with current levels and will rank Marriott International among the leading lodging companies operating in the region. In 1990, the Marriott International lodging portfolio in the region consisted of the 450-room Marriott CasaMagna Resort in Cancun and the 433-room Marriott CasaMagna Resort in Puerto Vallarta, both of which are in Mexico.

Mr. Marriott said that the company’s Latin American growth plans are part of its overall strategy, which will add 175,000 rooms to its global portfolio over a five-year period (1999-2003). At yearend 2000, the company had more than 400 lodging properties (just over 70,000 rooms) under construction or approved for development. Over 80 percent of the rooms associated with the company’s five-year goal are open or under development.

He said that in 2000, Marriott International added a record number of new rooms. “Nearly 30 percent of these room openings represented conversions to our brands, demonstrating owners’ and franchisees’ preferences to be part of a worldwide lodging family. At yearend, even after opening 17,000 rooms in the fourth quarter, our lodging pipeline was slightly over 70,000 rooms. We continue to gain market share worldwide and are optimistic about our future prospect.”

The new Marriott International hotels scheduled to open in the region over the next 36 months are:

202-room Renaissance Mexico City Hotel, opening this year
125-room San Jose Courtyard by Marriott in Costa Rica, opening this year
269-room JW Marriott Hotel Caracas in Venezuela, opening in 2002
471-room Marriott Royal St. Kitts Resort in St. Kitts, opening in 2003
330-room San Juan Courtyard by Marriott in Puerto Rico, opening in 2003
123-unit Sao Paulo Marriott Executive Apartments, opening in 2003
450-room JW Marriott Resort Dos Mares in Puerto Rico, opening in 2004

Two hotels will be reflagged to the Marriott brand:

320-room Guarulhos Airport Hotel Deville in Sao Paulo which will be renamed the Sao Paulo International Airport Marriott Hotel in mid-2001

118-room Carrasco Hotel & Casino in Montevideo, Uruguay, which will be renamed the Montevideo Carrasco Marriott Hotel in late 2003

“We are excited by the outlook for Latin American tourism, especially South America,” Mr. Marriott said. “Travel agents in North America report that the region has been growing in popularity. In fact, this winter, nine out of 10 travelers who traveled to South America visited Brazil, Peru, Argentina, Ecuador and Chile, all of which are now home to a Marriott hotel.” He added that travel to Brazil attracted two out of every three travelers to the region.

In South America, the Marriott International lodging portfolio is currently represented by hotels in Buenos Aires, Costa do Sauipe, Lima, Quito, Rio de Janeiro, Sao Paulo and Santiago.