Close

Cart

Total $0.00

Checkout

Marriott International (NASDAQ: MAR) today announced that the owners of Avendra, LLC have completed the sale of Avendra to Aramark (NYSE: ARMK) for $1,350 million.  After redemption of management participation rights, transaction costs, and repayment of Avendra’s outstanding debt, Avendra’s founding shareholders – Marriott, Hyatt, Accor, ClubCorp and IHG – received $1,201 million in cash proceeds from the transaction.  Marriott received $659 million for its 55 percent interest in Avendra.  In addition, in conjunction with the sale of Avendra, Marriott has entered into a 5-year procurement service agreement with Aramark on behalf of its managed hotel system in the Americas.

Leeny Oberg, Executive Vice President and Chief Financial Officer of Marriott International, said, “The success of Avendra demonstrates the tremendous power of procurement scale combined with great customer service.  Together, Aramark and Avendra should further increase these benefits to Aramark’s customers, including Marriott and our hotel owners and franchisees.”

Marriott has committed to the owners of Marriott’s hotels that its proceeds from the sale of Avendra will be used for the benefit of the hotels in its system.

About Marriott

Marriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of more than 6,400 properties in 30 leading hotel brands spanning 126 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company also operates award-winning loyalty programs: Marriott Rewards®, which includes The Ritz-Carlton Rewards®, and Starwood Preferred Guest®. For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on Twitter and Instagram.

Contact: Connie Kim

connie.kim@marriott.com / (301) 380-4028

Related News

Hyatt to Realign its Corporate Leadership Team and Operations

Fairfield Inn & Suites Grand Mound Centralia Opens in Rochester, Washington with General Manager Curtis Crimmins at the Helm

Owned by Dreamcatcher and Managed by Sun Capital Hotels, Fairfield Inn & Suites by Marriott Now Open in Albuquerque, New Mexico

Owned by Starwood Capital and Managed by Aimbridge Hospitality, Courtyard by Marriott Opens in Woodbury, Minnesota

NOVUM Hospitality Acquires Conference Hotel in Frankfurt-Niederrad to Become Crowne Plaza Frankfurt Congress Hotel

Janet Tsang Named Director of Sales and Marketing at Hyatt Regency Hong Kong, Tsim Sha Tsui

IHG Signs with Cornerstone Partners Group for Kimpton Taipei Marking Brand First in Taiwan

HK CTS Hotels and Kew Green Hotels Partner with IHG to Manage Hotels in Mainland China

IHG Celebrates Groundbreaking of New Brand, avid™ hotels, in Oklahoma City

SSN Hotels Opens 111-Suite Residence Inn by Marriott in Collegeville, Pennsylvania

IHG Partners with Ghelambo for 430-Room Dual-Branded Crowne Plaza and Holiday Inn Express Warsaw Hub, an IHG-First in Poland

IHG in Partnership with JEJUair Plan 2018 Opening of 300-Room Holiday Inn Express Hotel in Seoul, South Korea

Owned and Managed by Stonebridge Companies, Residence Inn by Marriott Set to Open in Downtown Seattle

Michael Lamey Named Director of F&B at Fort Lauderdale Marriott Harbor Beach Resort & Spa

HRI Lodging Appoints Peter Tziahanas as General Manager and David Siguaw as Director of Sales & Marketing of Nashville’s Holston House

IHG Partners with SAMHI to Expand Holiday Inn Express Portfolio in India

IHG ANA Hotels Group Japan, a Joint Venture, Enters Agreement to Launch New Hotel Indigo® Hakone Gora in Japan

Al Badr For Investments and Commercial Spaces Company Signs for First Crowne Plaza Hotel in Cairo

Hotel Development Partners Celebrates Grand Opening for Residence Inn Atlanta Perimeter Center Dunwoody

New 116-Suite Residence Inn by Marriott Set to Open in Littleton, Colorado Led by General Manager Steve Ryan

All News »

Please login or register to post a comment.