Marriott ExecuStay Signs Three More Franchise Agreements

Marriott ExecuStay, the corporate housing division of Marriott International, Inc., launched the new year with the signing of three more Franchise agreements in the following markets: Greenville-Spartanburg, S.C.; Orlando; and South Florida. Joe Lavin, executive vice president and managing director of Marriott ExecuStay, said that the goal of the business's selective and strategic approach to franchising, first announced in July 2002, is to have close to a dozen franchised markets by year-end 2003. Many of these will represent incremental distribution for ExecuStay.

Mainsail Management Group, a multi-family property management and development company and ExecuStay's current franchisee in Tampa-St. Petersburg, is the franchisee for Greenville-Spartanburg. Temporary Corporate Housing (TCH), based in Orlando, is ExecuStay's newest franchisee, operating ExecuStay for both Orlando and South Florida. TCH was founded in 1993 by Ted Steilen, a developer and owner of apartment communities, shopping centers and daycare centers throughout Florida who also has experience in hotel operations, both as manager and owner.

"Marriott has been a franchisor for a long time, and ExecuStay's new franchise program is based on that proven model: that growing selectively with the best operators is more important than growing fast," said Lavin. "We are leading the evolution of the corporate housing industry, which is generally fragmented and inconsistent, into a connected, professional system of operators. The way to play in this arena is with Marriott."

Ted Steilen, owner and president of TCH, said, "In order for us to grow, it became clear that TCH needed to be affiliated with a brand, and we couldn't pick a better brand than Marriott. We look forward to continuous growth with Marriott."

With today's announcement, three franchisees now represent five franchised markets for ExecuStay. In addition to Mainsail and Temporary Corporate Housing, Gary and Vicky Smith -- founders of Columbus Preferred Apartments of Ohio and ExecuStay's first franchisees -- operate the ExecuStay franchise for Columbus.

"Our affiliation with Marriott has outpaced our highest expectations," said Gary Smith. "In January alone, we've seen significant growth in our unit count here in Columbus, attributable to our inherited Marriott clients and also to new business routed through Marriott's extended stay desk. In our customer's eyes, we also now have the added credibility and services that only a name like 'Marriott' can provide."

Marriott ExecuStay offers travelers who require stays of 30 days or more the spaciousness and privacy of apartment living in approximately 200 U.S. cities. All Marriott ExecuStay apartments are fully furnished and accessorized, with monthly rates that include basic utilities, phone service, cable television, 24/7 customer service, and the convenience of having all payments consolidated on one monthly invoice.

Marriott ExecuStay, with approximately 5,000 apartments in the U.S., is part of Marriott International's extended-stay lodging portfolio, which also includes Residence Inn, TownePlace Suites and Marriott Executive Apartments.

MARRIOTT INTERNATIONAL, INC. (NYSE: MAR), a leading worldwide hospitality company with over 2,600 operating units in the United States and 65 other countries and territories. Marriott International operates and Franchises hotels under the Marriott, JW Marriott, The Ritz-Carlton, Renaissance, Residence Inn, Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites and Ramada International brand names; develops and operates vacation ownership resorts under the Marriott Vacation Club International, Horizons, The Ritz- Carlton Club and Marriott Grand Residence Club brands; operates Marriott Executive Apartments; provides furnished corporate housing through its Marriott ExecuStay division; and operates conference centers. The company is headquartered in Washington, D.C., and has approximately 144,000 employees. In fiscal year 2001, Marriott International reported systemwide sales of $20 billion.