MARRIOTT INTERNATIONAL INC /MD/ (MAR)

Marriott International is a global operator, franchisor, and licensor of hotel, residential, timeshare, and other lodging properties, asset-light in nature as it owns or leases less than one percent of its system of properties. The company operates through U.S. & Canada and International segments (transitioning to four segments in 2024: U.S. & Canada, Europe/Middle East/Africa, Asia Pacific excluding China, and Greater China). At year-end 2023, Marriott had 8,785 properties with 1,597,380 rooms across 2,096 company-operated properties (589,078 rooms) and 6,563 franchised/licensed properties (994,354 rooms and timeshare units), organized under a portfolio of over 30 brands spanning Luxury (JW Marriott, Ritz-Carlton, St. Regis, W Hotels, EDITION, Bvlgari, The Luxury Collection), Premium (Marriott Hotels, Sheraton, Westin, Autograph Collection, Renaissance, Le Méridien, Delta Hotels, Gaylord Hotels, and others), Select (Courtyard, Fairfield, Residence Inn, SpringHill Suites, Four Points, TownePlace Suites, Aloft, AC Hotels, Moxy, Element, Protea), and Midscale (City Express, Four Points Express) tiers, plus 126 branded residential communities.

Revenue is generated through management fees (base and incentive fees plus cost reimbursements), franchise royalty fees (typically 4-7% of room revenue plus up to 4% of food and beverage for full-service brands), licensing arrangements including with Marriott Vacations Worldwide, branding fees for residential real estate, and co-branded credit card programs in 11 countries with partners including JPMorgan Chase and American Express. The company's Marriott Bonvoy loyalty program is central to its strategy, generating over 60% of global room nights in 2023 and serving as a key competitive differentiator alongside its reservation systems, sales and marketing infrastructure, and digital platforms including Marriott.com and its mobile app. Marriott competes against major chains including Hilton, IHG, Hyatt, Wyndham, Accor, Choice Hotels, and Best Western, as well as online travel platforms and alternative lodging services like Airbnb and Vrbo, holding approximately 16% share of the U.S. hotel market and 4% share outside the U.S. The company manages the employment of approximately 411,000 associates (148,000 directly employed and 263,000 managed on behalf of property owners), with human capital strategy focused on leadership development, associate investment, and diversity/inclusion initiatives overseen by its Board's Inclusion and Social Impact Committee.

Marriott's sustainability efforts are guided by its Serve 360 platform with 2025 goals spanning environmental impact, responsible operations, community opportunity, and human rights, including commitments to science-based emissions targets and net-zero value chain emissions by 2050. The company operates in a heavily regulated global environment covering employment, advertising, trade sanctions, anti-corruption, data privacy, competition, environmental, health and safety, and franchise-related laws.