Marriott Raises $920 Million in Cash from Chase and Amex
Marriott announced today that it has received a total of $920 million of cash from Chase and American Express and amended existing co-brand credit card agreements with both issuers.
$570 million is coming from Chase. It includes $500 million of prepayment of certain future revenues and $70 million from the early payment of a previously committed signing bonus under the co-brand credit card agreement.
The $350 million from American Express is for the pre-purchase of Marriott Bonvoy points and other consideration. In each case the cash will be recorded by Marriott as deferred revenue and will be available for general corporate purposes.
Both amendments include extensions of the existing co-brand credit card agreements, the announcement says.