Host Hotels and Resorts
Headquarters:
6903 Rockledge Dr., Suite 1500
Bethesda, MD 20817
Employees: 200
CEO: Christopher Nassetta
Stock Symbol: HST
Website:
http://hosthotels.com
Career
Site
Host Hotels, formerly known as Host Marriott,
is one of the largest owners of hotel properties in the world
and the largest lodging Real Estate Investment Trust (REIT).
As a REIT, the company is legally required
to pay virtually all of its taxable income (90 percent) to its
shareholders every year.
The company is a former spinoff of the
Marriott Corporation and officially
changed its name to Host Hotels earlier this year.
Host Hotels currently owns or holds controlling
interests in 129 upper-upscale and luxury hotel properties primarily
operated under Marriott, Ritz-Carlton, Hyatt, Four Seasons, St.
Regis, Fairmont, Hilton and Westin brands. Well-known properties
include the Marriott Marquis in New York, Hyatt Regency San Francisco
Airport and Ritz-Carlton in Tysons Corner, VA.
In 2005, the company had revenues of $3.88
billion and net income of $135 million.
In 2006, the Company has signed contracts
to sell five properties (the Swissôtel The Drake, New York;
the Fort Lauderdale Marina Marriott; the Albany Marriott; the
Marriott at Research Triangle Park; and the Chicago Marriott
Deerfield Suites) for expected total proceeds of approximately
$700 million and a total estimated gain in excess of $380 million.
The proceeds from the sales will be used to partially fund the
acquisition of 38 properties from Starwood Hotels & Resorts
Worldwide, Inc. and for other corporate purposes.
History
In 1927, J. Willard Marriott marries Alice
Sheets in Salt Lake City, UT, and moves to Washington DC with
his new bride. That spring, J. Willard and Alice open a nine-stool
A&W Root Beer stand, which they later call "The Hot
Shoppe."
The Hot Shoppe would expand with more locations
and began offering catering services to airlines in 1937 and
landed a food-services contract in 1939 with the U.S. Treasury.
In 1957, Marriott opened its first hotel,
The Twin Bridges Motor Hotel, in Arlington, VA. In 1953, the
company went public.
By 1967, the company name was changed to
Marriott Corporation from Hot Shoppes Inc.
In 1993, the company splits its hotel and
real estate/food businesses into Marriott International and Host
Marriott Corporation.
In 1996, Host Marriott divides into two
separate companies. Host Marriott continues to own lodging real
estate; Host Marriott Services Corporation will operate concessions
at airports, on toll roads and at sports and entertainment attractions.
The company became an REIT in 1999.
Benefits
Host Marriott pays the full cost for certain
benefits including:
- Life/AD&D Insurance: The Company
provides Life and Accidental Death and Dismemberment (AD&D)
coverage equal to your annual salary (up to a maximum benefit
amount of $700,000 that includes any Optional Life/AD&D you
may elect).
- Short-Term Disability coverage replaces
up to 60% of your salary for 12 weeks of disability with a maximum
weekly benefit of $2,250.
- Long-Term Disability coverage replaces
up to 60% of your salary if you remain disabled after your STD
benefits end. The maximum monthly benefit is $10,000.
- Business Travel Accident Insurance: The
benefit equals $100,000 if you earn less than $30,000; or $250,000
if you earn $30,000 or more. The amount of coverage is doubled
if you are traveling internationally.
- Paid Time Off may be used for sickness,
vacation, unpaid holidays or other personal reasons. Twenty (20)
days per year for up to 5 years of service.
- Nine (9) paid holidays per year.
- Free on-site fitness center.
- Associate Assistance Program (AAP): Host
Marriott offers an AAP to provide you and your immediate family
members help with issues concerning health, work, finances or
other personal concerns.
- Company Paid Parking
The company also partially pays for health,
dental and vision insurance.
Eligible associates may also take advantage
of:
- Hotel Room Discounts: Associates and
their immediate family members are eligible for discounted room
rates at participating Marriott lodging properties.
- Tuition Assistance: Available after one
(1) year of service. 90% of costs up to $1,900 per year are reimbursed
for courses meeting the plan's criteria.
- 401(k) Plan: May contribute up to 20%.
Employer matches $.50 of each $1 up to 6%. Additional discretionary
match determined annually by Board of Directors.
- Employee Stock Purchase Plan available
after one (1) year of service. Associates may purchase stock
at a 10% discount.
Updated May 7, 2006
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