- Richest Business › CEOs
- Net Worth:
- $2.5 Billion
- Date of Birth:
- Mar 25, 1932 (91 years old)
- Place of Birth:
- Washington, D.C.
- Entrepreneur, Businessperson
- United States of America
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 the richest people in Maryland. Bill Marriott, Jr. earned his fortune as an heir to Marriott International, the world's largest hotel company. As the Chairman and former CEO of the company, Marriott helped transform the business into a hospitality empire with more than 7,600 properties in over 130 countries and territories. Bill owns a little over 11% of Marriott's outstanding equity as of this writing. The company was started by his father John Willard Marriott as a root beer stand in Washington, D.C., in 1927. Bill joined the company in 1954 when it was mostly a restaurant and catering business. Under Bill's direction, the company expanded dramatically into hotels around the world. Bill Marriott stepped down as CEO from the company 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 founder of the Marriott Corporation, and Alice Sheets Marriott. Bill Marriott earned a Bachelor of Science degree in banking and finance from the University of Utah in 1954. Following his graduation, he served as an officer in the United States Navy for two years before joining the family business in 1956.
Early Career at Marriott Corporation
Upon joining the Marriott Corporation, Bill Marriott initially worked in various positions, learning the ins and outs of the family business. His early responsibilities included managing Hot Shoppes, the company's initial line of successful restaurants. In 1964, he was appointed Executive Vice President of the company, overseeing its operations and playing a significant role in the development and expansion of the Marriott hotel brand.
Expanding the Marriott Brand
Under Bill Marriott's leadership, the company rapidly expanded its footprint, both domestically and internationally. In 1967, Marriott opened its first international property in Acapulco, Mexico, and continued its global expansion with properties in Europe, Asia, and the Middle East. By 1983, the company had opened its 100th hotel and had established itself as a major player in the hospitality industry.
Marriott's expansion strategy involved diversification and the introduction of new brands tailored to different market segments. In 1984, the company launched Courtyard by Marriott, targeting the mid-priced hotel market. This was followed by the introduction of additional brands, including Residence Inn, Fairfield Inn, and Ritz-Carlton, which Marriott acquired in 1995.
In 1993, Bill Marriott oversaw the split of the Marriott Corporation into two separate entities: Marriott International and Host Marriott Corporation. Marriott International focused on hotel management and franchising, while Host Marriott Corporation concentrated on real estate ownership. Bill Marriott became the Chairman and CEO of Marriott International, driving the company's rapid growth and further expansion.
Under his leadership, Marriott International continued to make strategic acquisitions, including the purchase of Renaissance Hotels in 1997 and the acquisition of Starwood Hotels & Resorts Worldwide in 2016. The latter acquisition made Marriott the largest hotel company in the world, with over 1.1 million rooms across 30 brands.
In 2011, Bill Marriott announced that he would step down as CEO but would continue to serve as the company's Executive Chairman. At the time of his announcement, Marriott International had annual revenues of more than $12 billion and employed over 300,000 associates worldwide.
Philanthropy and Personal Life
In addition to his business accomplishments, Bill Marriott is well-known for his philanthropic endeavors. He has served on the boards of numerous charitable organizations and has been a significant supporter of education, healthcare, and cultural institutions. Through the J. Willard and Alice S. Marriott Foundation, Bill Marriott has overseen the donation of millions of dollars to various causes, including scholarships, medical research, and community initiatives.
Bill Marriott is married to Donna Garff Marriott, and they have four children together. They have 15 grandchildren and twenty great-grandchildren.
In 1996 Bill and Donna paid $3.65 million for a 6+ acre estate in Rockville, Maryland. The property features a 10,000 square foot, 8-bedroom, 12-bathroom mansion.