Marriott Vacation Club International Launches New Fractional Ownership Brand

"Marriott Grand Residence Club is a great complement to our already diverse collection of Vacation Ownership brands," said Stephen P. Weisz, president, Marriott Vacation Club International. "Our objective is to offer consumers a variety of vacation experiences to best suit their needs."

Located in South Lake Tahoe, Calif., the first resort -- Marriott Grand Residence Club, Lake Tahoe (formerly, Grand Summit Resort Hotel) -- was acquired by MVCI (undeveloped) from American Skiing Company SKI. The 199-villa, quarter ownership property is adjacent to the Heavenly Ski Resort and the MVCI project, Marriott's Timber Lodge. Both resorts are targeted to open in November 2002.

The ownership structure for the resort gives owners one week every 28 days, based on a rotation calendar. Additionally, each owner gains a consecutive two-week period once every fourth year. Marriott Grand Residence Club, Lake Tahoe ownership prices for studio, one-, two- and three-bedroom units, as well as penthouses, currently range in price from $83,900 to $550,000 per interest.

For more information on Marriott Grand Residence Club, Lake Tahoe, please call +1-877-45-GRAND or +1-877-454-7263.

MARRIOTT INTERNATIONAL, INC. MAR is a leading worldwide hospitality company with nearly 2,400 operating units in the United States and 59 other countries and territories. Marriott Lodging operates and franchises hotels under the Marriott, JW Marriott, Renaissance, Residence Inn, Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites and Ramada International brand names; develops and operates vacation ownership resorts under the Marriott, Ritz-Carlton and Horizons brands; operates Marriott Executive Apartments; provides furnished corporate housing through its ExecuStay by Marriott division; and operates conference centers. Other Marriott businesses include senior living communities and services, wholesale food distribution and The Ritz-Carlton Hotel Company, L.L.C. The company is headquartered in Washington, D.C., and has approximately 154,000 employees. In fiscal year 2000, Marriott International reported systemwide sales of $19.8 billion. For more information or reservations, please visit the web site at www.marriott.com.