Marriott evaluates investor Jonathan Litt’s nomination for board seat
SAN FRANCISCO, CA – NOVEMBER 16: An indication is posted in entrance of a Marriott resort on November 16, 2015 in San Francisco, California. Marriott Worldwide introduced plans to buy Starwood Resorts & Resorts for $12.2 billion. The deal would create the world’s largest resort firm. (Photograph by Justin Sullivan/Getty Photos)
Marriott Worldwide stated on Friday it was evaluating activist investor Jonathan Litt’s nomination for a seat on the resort chain’s board.
Litt is the founding father of hedge fund Land & Buildings Funding Administration, which owned a 0.03 p.c stake in Marriott as of Dec. 31.
Land & Buildings in current weeks has privately urged Marriott to think about culling its 30 manufacturers to higher align itself with opponents reminiscent of Hilton Worldwide Holdings, the Wall Avenue Journal had reported earlier on Friday.
Land & Buildings spokesman declined to remark.
Shares of Marriott, which owns the Ritz-Carlton and St. Regis luxurious resort manufacturers, rose as a lot as 4.36 p.c to $124.83 on Friday, and had been final up 1.eight p.c at $121.79 in morning commerce.
As much as Thursday‘s shut, Marriott’s shares had risen about 121 p.c prior to now 5 years, outperforming an about 82 p.c enhance in rival Hilton’s inventory and a 51 p.c leap within the S&P 500 index.
Earlier this month, Marriott’s Chief Govt Officer Arne Sorenson apologized earlier than a U.S. Senate panel for an enormous knowledge breach involving as much as 383 million company in its Starwood resorts reservation system and vowed to guard towards future assaults.