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MARRIOTT REJECTS DEMANDS OF PREFERRED SHAREHOLDER GROUP

 WASHINGTON, April 2 /PRNewswire/ -- Marriott Corporation (NYSE: MHS) said today that it has rejected demands made by representatives of a group of preferred shareholders who had previously announced their intent to bring a lawsuit against the company. The group includes UBS Securities Inc., an affiliate of Union Bank of Switzerland, which holds the largest number of preferred shares in the group. Marriott said that the interests of this particular group were not aligned with those of other preferred shareholders, because the members of this group apparently chose to short sell the company's common stock as they purchased its preferred shares.
 Stephen F. Bollenbach, executive vice president and chief financial officer of Marriott Corporation, said, "The authentic preferred shareholders have been happy to see their investment increase approximately 25 percent since we announced our special dividend in October 1992. The UBS group, whose members shorted Marriott common stock in a sophisticated financial maneuver, is simply trying a 1980s style greenmail. We see no merit in its claims. It is inconceivable that the real preferred shareholders have concerns about this transaction when shares they bought in December 1991 for $50.00 now trade at over $75.00--more than a 50 percent increase."
 -0- 4/2/93
 /CONTACT: Robert T. Souers of Marriott Corporation, 301-380-1339/
 (MHS)


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

TM -- NY070 -- 2669 04/02/93 16:55 EST
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Publication:PR Newswire
Date:Apr 2, 1993
Words:232
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