MARRIOTT INTERNATIONAL INC /MD/ (MAR)

Marriott is a worldwide franchisor, operator, and licensor of hotel, residential, timeshare, and other lodging properties under a portfolio of brands at different price and service points. It owns or leases very few of its properties (less than one percent of the system) and focuses instead on franchising, management, and licensing. At year-end 2025 its system included 9,805 properties (1,779,936 rooms) in 145 countries and territories, with about 4,100 properties (nearly 610,000 rooms) in the development pipeline. Revenue comes from franchise royalty fees (typically four to seven percent of room revenues, plus up to four percent of food and beverage revenues for certain brands), base and incentive management fees, license fees, residential branding fees, and co-branded credit card payments.

The company reports four segments: U.S. & Canada, Europe, Middle East & Africa (EMEA), Greater China, and Asia Pacific excluding China (APEC). Caribbean & Latin America does not meet the criteria for separate disclosure and is included in unallocated corporate and other. Brands are grouped as Classic or Distinctive and into Luxury, Premium, Select, and Midscale tiers, with longer-stay brands spanning several tiers. Examples include JW Marriott, The Ritz-Carlton, St. Regis, W Hotels, and EDITION (Luxury); Marriott Hotels, Sheraton, Westin, Autograph Collection, and Renaissance (Premium); Courtyard, Fairfield, Residence Inn, SpringHill Suites, and TownePlace Suites (Select); and City Express by Marriott (Midscale). The company also has 144 branded residential properties (16,253 units), 95 timeshare properties licensed largely to Marriott Vacations Worldwide, and three yachts. At year-end 2025 there were 7,644 franchised, licensed, and other properties and 2,017 company-operated properties (580,170 rooms). Management agreements generally run 20 to 30 years initially, and franchise agreements typically 10 to 25 years.

Its customers are hotel owners and developers, who affiliate with the brands, and the traveling public, both business and leisure. The Marriott Bonvoy loyalty program is central to the strategy, and members booked about 75 percent of U.S. and 68 percent of global hotel room nights in 2025. Co-branded credit cards are offered in 11 countries, including with JPMorgan Chase and American Express in the U.S. Guests book through Marriott.com, the Marriott Bonvoy app, and other direct digital channels. The company estimates a 17 percent share of the U.S. hotel market and four percent outside the U.S., by rooms. Business fluctuates moderately with the seasons, and some resort properties are more seasonal.

Under management agreements, Marriott hires, trains, and supervises hotel staff, while owners generally bear operating costs. It also provides centralized reservations, marketing, loyalty, accounting, and data processing services. It managed the employment of about 414,000 associates at year-end 2025, including about 266,000 employed by hotel owners. It competes with Hilton, IHG, Hyatt, Wyndham, Accor, Choice, Best Western, unaffiliated properties, and short-term rental platforms such as Airbnb and Vrbo. Online travel platforms and search engines compete with its direct channels. The company is headquartered in Bethesda, Maryland.