Largest African American Owned Resort in the US
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Marriott Minority Franchise Program
In 1995, RENAISSANCE ST. LOUIS HOTEL AND MARRIOTT INTERNATIONAL created the Minority Franchise Outreach Program to ensure that minorities and women were represented in the Marriott franchise portfolio. The company works with the elite members of a number of high profile organizations including the national Black MBA Association to identify additional franchise candidates.
As of July 2000, Marriott now has over 114 hotels that are operated under development by ethnic minorities and women franchisees. We have increased the number of minority and women franchisees by over 100% in the last four years. The company continues to assist the current minority and women franchisees in the development of additional hotel projects, by nurturing their core competencies in finance, real estate development and hotel operations.
Marriott supports the involvement of minorities in franchising of the company's various hotel brands through franchising as well as ownership opportunities of properties that Marriott would in turn manage. This support comes in a variety of forms including limited capital participation, mezzanine loans and credit enhancements to first mortgage loans. In 1999, under these financial programs, Marriott provided $214.3 million in loans and financial assistance to these projects, a 570% increase from $32 million previously reported for 1998. These financial programs have enabled our diverse franchisees and owners to participate in ownership of a broader spectrum of Marriott brands, including Fairfield Inns, Towne Place Suites and Courtyard.
Marriott is a very active participant in the Emerging Markets Program of the International Franchise Association, which includes executive management talent resources, monetary and in-kind services. The In-Kind services include providing the expertise of an African-American owned public relations firm and conference call line usage. In 2000, we plan to further our outreach by working with the NAACP, National Black Accountants association and the United States Hispanic Chamber of Commerce to identify additional franchise candidates for Marriott Lodging.
Due to the real estate development timeline, the lodging development process can take from 12 - 18 months before the franchisee will break ground on the new property. Once a candidate has signed the license agreement, Marriott considers them a franchisee. Unlike the typical fast food franchise project, the franchisee is in control of the development process.
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