Richard Marriott Net Worth & Biography

Mr. Richard Marriott is a reputed American businessperson. He is one of the sons of J.W. Marriott Sr. who owned the popular Marriott Corporation, a hotel chain that started back in 1927 as a root beer stand but eventually developed into catering services, hotels, and restaurants. The first Marriott hotel, Twin Bridges, was opened in 1957. Richard and his brother inherited the company from their father and later divided it into two, to the shock of the shareholders. At the moment, Richard is currently in control of the Host Hotels which has been named the largest lodging real estate trust on the planet, and is composed of 121 hotels. Meanwhile, his brother controls the Marriott Int. which Richard partially owns. Richard became the Chairman of the Board for Host Hotels and Resorts which was formerly known as the Host Marriott Corporation. He is one of the richest men in the United States as we write this, and the below article tells you all you need to know about him and his business affairs.

Early Life: Childhood, Education

Richard Marriott is one of the two sons of J.W. Marriott Sr. He was born in the United States of America where his family-owned and controlled the successful Marriott Hotel conglomerate.

After completing his high school studies, Richard attended the University of Utah for a bachelor’s degree program. He then earned an MBA at Harvard University before going to join the family’s business.

Professional Life: Entrepreneurial Career

One of the two children of Mr. J.W. Marriott, Sr., Richard Marriott inherited the Marriott Hotel chain following the passing of his father who started the hotel back in 1927.

Marriott International, Inc. is a multinational company that operates and licenses lodging including residential, hotel, and timeshare properties, headquartered in Bethesda, Maryland. The company was founded by Mr. J. Willard Marriott and his wife Alice Marriott.

Marriott is the world’s largest hotel chain by the number of rooms. It has 30 brands with 7,642 properties in 131 countries and territories. Of these 7,642 properties, 2,149 are operated by Marriott, while 5,493 are operated by others in accordance with franchise agreements. Furthermore, the company operates 20 hotel reservation centers in different countries.

Marriott International, Inc. was formed in the year 1993 when Marriott Corporation split into two individual companies: Host Marriott Corporation (now known as Host Hotels & Resorts), which owns properties, and Marriott International, Inc., which manages and franchises properties. The founders of the hotel were Mormon missionaries, and because of this, copies of the Book of Mormon are made available in hotel rooms in addition to the Holy Bible.

The Key Bridge Marriott is the longest-operating hotel of the company which was started in 1927 by John Willard Marriott and his wife, Alice Marriott, when they opened a small root beer business in Washington, D.C. As Mormon missionaries in the humid summers, the Marriotts were convinced that residents of the city needed a place to get a cool drink. The couple eventually expanded their enterprise into a chain of restaurants called Hot Shoppes, which became a public company in 1953 via an initial public offering. The first hotel opened by the company was the Twin Bridges Motor Hotel which was launched in Arlington, Virginia, on January 16, 1957. Two years later, they opened their second hotel, the Key Bridge Marriott, which, to date, is Marriott International’s longest continuously operating hotel.

In 1967, Hot Shoppes, Inc. was rebranded to the Marriott Corporation. Nine years on, it opened two theme parks, Six Flags Great America and California’s Great America.

Richard Marriott Net Worth

Richard Marriott has accumulated a net worth of $3 billion dollars from his lucrative profession as a businessman. He is ranked as one of the wealthiest people in Maryland.

He inherited his fortune from his late father, John W. Marriott, who started the Marriott hotel chain alongside his wife in 1927. From a small beer stand in Washington D.C., the business eventually grew to become a chain of hotels, restaurants, and resorts, in addition to real estate development and management. Mr. Richard Marriott, though a beneficiary of his father’s legacy, hasn’t for a single moment slept on duty. He is deeply concerned with the family business and makes sure he manages all that is under his control appropriately. He is in control of the Host Hotels which has been named the largest lodging real estate trust on the planet and is composed of 121 hotels. Meanwhile, his brother controls the Marriott Int. which he partially owns. He is a staunch supporter of Mitt Romney, who has served on Marriott‘s board in the past.