Marriott International Inc. (MAR:US), the U.S.’s largest publicly traded hotel chain, is moving to the Nasdaq Stock Market from the New York Stock Exchange.
The shares will be listed on Nasdaq on Oct. 21 and keep the MAR ticker symbol, the company said today in a statement. Nasdaq OMX Group Inc. is the second-biggest American equity exchange operator.
“This will provide us with cost-effective visibility, as well as efficient access to a portfolio of tools and opportunities to reach investors,” Carl Berquist, Marriott’s executive vice president and chief financial officer, said in the statement.
Tom Marder, a spokesman for Marriott, said the switch “was a cost consideration,” and had no further comment beyond the official statement.
One of the attractions of Nasdaq to a company such as Marriott is the exchange operator’s digital billboard in New York City’s Times Square, which is used to advertise listed companies, said Bruce Aust, executive vice president in Nasdaq’s corporate client group.
“Any consumer company is going to see the value of our tower in Times Square, where 1.5 million people walk through each day,” he said in a phone interview.
Oracle Corp. (ORCL:US) moved its stock listing to the NYSE from Nasdaq in July, the biggest company ever to jump between the exchanges. Oracle’s departure followed several high-profile wins for Nasdaq, including moves from NYSE by Texas Instruments Inc. (TXN:US)’s in 2011 and Kraft Foods Inc. in 2012.
“It’s been our pleasure to serve the company and its shareholders,” Rich Adamonis, a NYSE spokesman, said by telephone.
The Nasdaq Stock Market grew its business in the 1990s with the boom in initial public offerings of technology companies and has faced criticisms in the past two years for mishandling the initial public offering of Facebook in May 2012 and suffering a three-hour shutdown in August.
Marriott shares fell 1.5 percent to $41.96 at 4 p.m. in New York. Nasdaq OMX Group Inc. declined 1.9 percent to $32.28. NYSE Euronext (NYX:US), the operator of the NYSE, slipped 0.5 percent to $43.96.
To contact the reporters on this story: Alex Barinka in New York at email@example.com; Sam Mamudi in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Nick Baker at email@example.com