ompany was brought about by managers, who sought and received permission to look into the feasibility of the transaction as early as mid-1992. During the initial phase of the research, several different structures were considered and dismissed, until the final structure evolved which was presented at the board of directors meeting in October 1992. Under this plan, Marriott International would be a service oriented company managing hotels directly and through management contracts and joint ventures. Host Marriott would retain the company's real estate properties and undeveloped real estate. It would also continue operating tollroad food and merchandise concessions and concessions at major airports throughout the country.
Under the plan, holders of Marriott stock would receive one share of Marriott International common stock for each share of company common stock held on the date of record. Marriott International was
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