J.W. Marriott Jr. Sells Shares for $7.3 Million
J.W. Marriott Jr
Chairman J.W. Marriott Jr. sold Marriott International Inc. (NYSE: MAR) shares for $7.26 million, according to an SEC filling.
Marriott, who ran the Bethesda-headquartered hotel group for 39 years, sold 196,505 shares at $36.98 apiece. The sale came upon exercise of options to buy 296,505 shares at $15.05 per share.
Marriott made a net gain of $4.30 million on the transaction. He still owns 6.18 million shares worth $227.23 million, based on the stock’s closing price of $36.77 per share on Nov. 6.
Marriott built the global hotel empire from a root beer stand opened by his father, J.W. Marriott Sr., in Washington, D.C., in 1927. He is ranked No. 804 on Forbes’ list of global billionaires with a net worth of $1.6 billion.
Marriott International has more than 3,700 lodging properties in 74 countries and territories, and reported revenues of over $12 billion in the last fiscal year. Its brands include Marriott, The Ritz Carlton, JW Marriott and Bulgari.
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