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MARRIOTT COMPLETES PURCHASE OF DUNA HOTEL IN BUDAPEST

 WASHINGTON, March 10 /PRNewswire/ -- Marriott Corporation (NYSE: MHS) announced the acquisition of the 349-room Duna Intercontinental Hotel from the Hungarian State Property Agency (SPA) through a joint venture with GiroCredit Bank of Austria. It is among the first purchases of Hungarian hotel property by a western company since privatization began.
 Marriott, which will hold an equity interest in the hotel, has also entered into a long-term management contract with the joint venture to operate the hotel as well as a technical services agreement for planned renovation work which is expected to begin soon and take about a year to complete.
 "Marriott eagerly looks forward to being an integral part of the Hungarian business and tourism community," said Ed Fuller, senior vice president and managing director of Marriott Lodging International.
 Located in Budapest's fifth district, on the bank of the Danube River, between the Chain Bridge and the Elizabeth Bridge, the Duna Hotel stands in one of the best locations in the city. The fifth district is centrally located and is considered to be Budapest's' prime business district. It is home to the Parliament Building, various government ministries and agencies, the stock exchange, as well as banks and financial institutions. The leading shopping street of Budapest, Vaci utca, is one block away from the hotel. The Duna is the only hotel in Budapest to offer spectacular, panoramic views from all of its guest rooms of the Danube and the historic buildings, including the Hapsburg Castle, located on the Buda side of the river.
 Plans call for a transition period for the removal of the current brand affiliation, followed by an extensive renovation program, during which the hotel will be operated as the Duna Hotel. Upon completion of the renovation, the hotel will be marketed internationally as the Budapest Marriott.
 Included in the initial renovation phase will be at total rooms refurbishment program, including bathrooms, corridors and elevator lobbies; the upgrading of life safety systems to Marriott criteria including sprinkler system, smoke detection, fire protection and fire egress; general upgrading of public area including meeting rooms and ballroom; the addition of an executive level consisting of 16 guest rooms and lounge; exterior facade cleaning; the addition of a lobby bar and the creation of additional meeting space.
 Currently the hotel offers 8,700 square feet of meeting space including a 6,000-square-foot ballroom and a number of smaller function rooms.
 Among its amenities are in-room safes and minibars; a gift shop; business center; indoor swimming pool; fitness center with exercise rooms, squash court, sauna, solar, pedicure and massage facilities; shopping arcade and parking for 180 automobiles.
 In addition to the renovations, Marriott plans to conduct an extensive associate training program for existing hotel employees in order to meld the best of Hungarian hospitality with the high quality standards and services for which Marriott is recognized globally.
 "We are very cognizant of the long history of hospitality that is associated with the hotel, when it first operated as the Duna hotel and when it was re-opened as the first western-style hotel in Budapest," said Karl Kilburg, regional vice president for Marriott's European, Middle East and Caribbean region. "We will do our best to maintain its traditions with care and understanding."
 With global expansion one of its primary corporate objectives, the Marriott lodging system doubled its presence outside the United Stated in 1992 to 41 hotels and stands poised for further growth in 1993.
 "This year has the potential of being the biggest year in our corporate history, in terms of international expansion," said James M. Sullivan, senior vice president-acquisitions and development for Marriott Lodging. He noted that Marriott will open a 235-room deluxe hotel in Dubai and a 260-room hotel in Leeds, England; and will begin construction on a 400-room hotel in Jakarta, Indonesia, and a 333- room hotel in Paris. Additionally, Marriott recently announced a management contract for a 270-room resort on the Red Sea at Hurghada, Egypt, and is in the final negotiating stages on hotels in Kuala Lumpur, Malaysia, and San Juan, Puerto Rico.
 Sullivan said that Marriott is an attractive hotel operating partner for
global developers interested in forging strategic alliances. "Our systems and programs have a proven track record of generating occupancy increases, high customer preference, associate satisfaction and bottom line profitability."
 Currently, the Marriott lodging system consists of 747 hotels offering more than 165,000 rooms in 20 countries around the world.
 -0- 3/10/93
 /CONTACT: June Farrell of Marriott, 301-380-1340/
 (MHS)


CO: Marriott Corporation ST: District of Columbia IN: LEI SU:

DC -- DC023 -- 4690 03/10/93 12:17 EST
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Date:Mar 10, 1993
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