Activist investor Jonathan Litt wants a seat on Marriott International Inc.'s board and is calling for the hotel operator to reduce the number of brands it owns, The Wall Street Journal reported.
Litt's firm, Land & Buildings Investment Management LLC, owns a less than 1% stake in Marriott and nominated Litt earlier in 2019 for a seat on the hotelier's board, the publication said, citing people familiar with the matter. According to the report, the firm considers Marriott a generally well-run company that mishandled its integration of Starwood Hotels & Resorts Worldwide LLC after acquiring the company in 2016.
The hotelier is evaluating Litt's nomination, and believes it has a "strong, diverse and independent board of directors with deep experience," the publication said, citing Marriott. The company added that its shares have outperformed benchmarks as well as peers' shares over the past three years, according to the report.