Bill Marriott Jr Net Worth 2024

What is Bill Marriott, Jr.’s net worth?

Bill Marriott, Jr. is an American businessman who has a net worth of $2.5 billion. That net worth makes him one of many richest people in Maryland. Bill Marriott, Jr. earned his fortune as an inheritor to Marriott International, the world’s largest resort firm. As the Chairman and former CEO of the corporate, Marriott helped remodel the enterprise right into a hospitality empire with greater than 7,600 properties in over 130 international locations and territories. Bill owns a little bit over 11% of Marriott’s excellent fairness as of this writing. The firm was began by his father John Willard Marriott as a root beer stand in Washington, D.C., in 1927. Bill joined the corporate in 1954 when it was principally a restaurant and catering enterprise. Under Bill’s route, the corporate expanded dramatically into inns world wide. Bill Marriott stepped down as CEO from the corporate in 2012.

Early Life and Education

John Willard “Bill” Marriott Jr. was born on March 25, 1932, in Washington, D.C. He is the son of J. Willard Marriott, the founding father of the Marriott Corporation, and Alice Sheets Marriott. Bill Marriott earned a Bachelor of Science diploma in banking and finance from the University of Utah in 1954. Following his commencement, he served as an officer within the United States Navy for 2 years earlier than becoming a member of the family enterprise in 1956.

Early Career at Marriott Corporation

Upon becoming a member of the Marriott Corporation, Bill Marriott initially labored in numerous positions, studying the ins and outs of the family enterprise. His early duties included managing Hot Shoppes, the corporate’s preliminary line of profitable eating places. In 1964, he was appointed Executive Vice President of the corporate, overseeing its operations and enjoying a big position within the growth and enlargement of the Marriott resort model.

Expanding the Marriott Brand

Under Bill Marriott’s management, the corporate quickly expanded its footprint, each domestically and internationally. In 1967, Marriott opened its first worldwide property in Acapulco, Mexico, and continued its international enlargement with properties in Europe, Asia, and the Middle East. By 1983, the corporate had opened its one centesimal resort and had established itself as a serious participant within the hospitality business.

Marriott’s enlargement technique concerned diversification and the introduction of recent manufacturers tailor-made to completely different market segments. In 1984, the corporate launched Courtyard by Marriott, focusing on the mid-priced resort market. This was adopted by the introduction of further manufacturers, together with Residence Inn, Fairfield Inn, and Ritz-Carlton, which Marriott acquired in 1995.

ERIC PIERMONT/AFP/Getty Images

Marriott International

In 1993, Bill Marriott oversaw the break up of the Marriott Corporation into two separate entities: Marriott International and Host Marriott Corporation. Marriott International centered on resort administration and franchising, whereas Host Marriott Corporation focused on actual property possession. Bill Marriott grew to become the Chairman and CEO of Marriott International, driving the corporate’s fast development and additional enlargement.

Under his management, Marriott International continued to make strategic acquisitions, together with the acquisition of Renaissance Hotels in 1997 and the acquisition of Starwood Hotels & Resorts Worldwide in 2016. The latter acquisition made Marriott the biggest resort firm on the earth, with over 1.1 million rooms throughout 30 manufacturers.

In 2011, Bill Marriott introduced that he would step down as CEO however would proceed to function the corporate’s Executive Chairman. At the time of his announcement, Marriott International had annual revenues of greater than $12 billion and employed over 300,000 associates worldwide.

Philanthropy and Personal Life

In addition to his enterprise accomplishments, Bill Marriott is well-known for his philanthropic endeavors. He has served on the boards of quite a few charitable organizations and has been a big supporter of training, healthcare, and cultural establishments. Through the J. Willard and Alice S. Marriott Foundation, Bill Marriott has overseen the donation of thousands and thousands of {dollars} to varied causes, together with scholarships, medical analysis, and group initiatives.

Bill Marriott is married to Donna Garff Marriott, they usually have 4 youngsters collectively. They have 15 grandchildren and twenty great-grandchildren.

Maryland Mansion

In 1996 Bill and Donna paid $3.65 million for a 6+ acre property in Rockville, Maryland. The property contains a 10,000 sq. foot, 8-bedroom, 12-bathroom mansion.