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People & Places: Norman K. Jenkins
By Barbara Frankel - Apr 1, 2009
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In recent years, any time you heard the words "Marriott International" and "supplier diversity," the next thing you heard was "Norm Jenkins."

 

Jenkins was senior vice president of North American Lodging Development and corporate officer of Marriott International, No. 11 on The 2008 DiversityInc Top 50 Companies for Diversity® list. But he was much more than that. After 16 years at the company, he embodied company loyalty, commitment to building community wealth, and a deep passion for entrepreneurship.

 

That last quality led him to make a bold move. He has left Marriott to found his own company, Capstone Development, a real-estate acquisition and development company focused on hotels and other commercial real estate. "Even though I left, I'm still a Marriott guy and I feel loyalty to Bill [Marriott] and the company," Jenkins says.

 

Unlike many others who have left corporate America, Jenkins has made this transformation with Marriott's blessings. "They knew for six months that I was contemplating this move … I had accomplished everything I wanted to at Marriott and I really wanted to go out on my own. I had just turned 46 and I was at a point in life where I could take a substantial risk," he says.

 

Considering the economy, some friends thought he was making a mistake. "I disagree," he says. "There is going to be a huge wealth transfer in this country over the next 36 months. Many people overpaid for assets and financed hotels irresponsibly. This difficult market is going to create some good opportunities for someone like me."

 

Capstone is working with partners, including Marriott, to develop hotels, mostly in high barrier-to-entry markets. "We want to go into some emerging areas and help revitalize communities. We want to provide opportunities--vendor and career--for people of color," he says.

 

Marriott pledged to spend $1 billion with minority business enterprises by 2010 and has already nearly doubled that goal.

 

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