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MARRIOTT ADJUSTS CONVERSION PRICE FOR PREFERRED STOCK

 WASHINGTON, Oct. 1 /PRNewswire/ -- Marriott Corporation (NYSE: MHS) said today that its board of directors has adjusted the conversion price for the company's Series A cumulative convertible preferred stock to $2.61 per share of common stock of Marriott Corporation (which will be renamed Host Marriott Corporation after Oct. 8, 1993). Each depositary share representing the preferred stock now will be convertible into approximately 19.16 shares of Host Marriott common stock. Accordingly, the 326,366 remaining depositary shares would be convertible into an aggregate of 6,252,222 Host Marriott common shares.
 Marriott said that, under the terms of its special dividend, shareholders of record at the close of business on Sept. 30, 1993 will receive one share of common stock in Marriott International, Inc., for each share owned in Marriott Corporation. The company announced earlier today that approximately 92 percent or 3,673,634 of the 4 million depositary shares representing its publicly held Series A cumulative convertible preferred stock had converted into 10,556,419 shares of Marriott's common stock prior to the close of business on Sept. 30.
 The company explained that, since the record date has now passed, holders of Series A preferred stock who subsequently convert their shares will not be entitled to receive the special dividend. Therefore, the conversion price was adjusted in accordance with the terms of the preferred stock.
 -0- 10/1/93
 /CONTACT: Robert Souers of Marriott Corporation, 301-380-1339/
 (MHS)


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

DC-MH -- DC021 -- 7738 10/01/93 11:03 EDT
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Publication:PR Newswire
Date:Oct 1, 1993
Words:260
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