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MARRIOTT SETS JULY 23 ANNUAL MEETING, CHANGE IN ACCOUNTING PRINCIPLE

 WASHINGTON, June 14 /PRNewswire/ -- Marriott Corporation (NYSE: MHS) today announced that it has set Friday, July 23, for its annual meeting of shareholders, which will consider the company's proposed special dividend that would divide Marriott into two separate companies.
 Marriott said it has received clearance from the Securities and Exchange Commission (SEC) of the proxy materials relating to the meeting, and that mailing of the proxies will begin shortly. The company said the transaction is expected to be completed in late summer.
 The company also said that, following discussions with the SEC staff, it has agreed to change its method of determining net realizable value of assets reported as held for sale. Under Marriott's new accounting principle, beginning in the second fiscal quarter of 1993 (which will end June 18), net realizable value of all assets held for sale will be determined on a property-by-property basis. The company previously had determined net realizable value of such assets on a property-by-property basis in the case of its full-service hotels, and on an aggregate basis -- by hotel brand -- for its other hotel properties (Courtyard, Residence Inn and Fairfield Inn).
 Marriott said the one-time, cumulative effect of this accounting change on years prior to 1993 will be reflected in the 1993 second quarter. The after-tax, non-cash charge resulting from the change in accounting principle will be approximately $32 million, or 29 cents per share. Results for the quarter will be announced in the second week of July.
 -0- 6/14/93 R
 /CONTACT: Robert T. Souers of Marriott Corporation, 301-380-1339/
 (MHS)


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

270 06-14-93 08:47 EST 08:35 -- DC005R -- 1726 06/14/93 14:49 EDT
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Publication:PR Newswire
Date:Jun 14, 1993
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