Here are 1-2 brief analogies to describe Marriott International (MAR):

• The Coca-Cola of hotels
• The McDonald's of hotels

• Hotel Accommodations: Providing lodging in a diverse portfolio of luxury, full-service, and select-service hotel brands worldwide.
• Food and Beverage Services: Offering a range of dining experiences, bars, room service, and catering options within its managed and franchised properties.
• Meeting and Event Facilities: Supplying spaces, planning services, and catering for corporate meetings, conferences, social events, and weddings.
• Hotel Management and Franchising: Licensing its global hotel brands and providing operational management services to hotel owners.
• Loyalty Program (Marriott Bonvoy): Operating a comprehensive global loyalty program that rewards members with points, benefits, and exclusive experiences.

Marriott International (MAR) primarily sells its lodging services to **individuals**, rather than exclusively to other companies. While corporate clients, travel agencies, and event organizers play a significant role in booking and facilitating stays, the ultimate consumer of Marriott's hotel rooms and services is typically an individual guest.

Based on this, here are the three primary categories of customers Marriott International serves:

1. Leisure Guests: This category includes individuals, couples, families, and small groups traveling for personal reasons such as vacations, holidays, sightseeing, personal celebrations (e.g., weddings, anniversaries), or weekend getaways. They often book directly through Marriott's channels, online travel agencies (OTAs), or traditional travel agents.

2. Business Guests: These are individuals traveling for work-related purposes. This can include attending conferences, meetings, client visits, training sessions, corporate events, or project assignments. Bookings for business guests may be made directly by the individual, through their company's corporate travel program, or via a travel management company.

3. Group Guests (Conventions & Events): This category encompasses individuals who are part of larger organized groups attending conventions, trade shows, corporate meetings, association gatherings, sporting events, or social events like large weddings. While the group booking itself might be managed by an event planner, a company, or an association, the individuals occupying the rooms and utilizing the hotel's amenities are the customers receiving the service.

• Amadeus IT Group S.A. (AMS.MC)
• Oracle Corporation (ORCL)
• Ecolab Inc. (ECL)

Anthony Capuano, President and Chief Executive Officer

Anthony Capuano became President and CEO of Marriott International in February 2021. He joined Marriott in 1995 and was instrumental in the company's steady growth, including the acquisition of Starwood Hotels & Resorts Worldwide in 2016. Before becoming CEO, he served as Group President, Global Development, Design and Operations Services, where he oversaw the strategic unit growth of Marriott's brands, global design, and global operating standards. Mr. Capuano serves on the Board of Directors for McDonald's Corporation and Save Venice, a nonprofit organization dedicated to preserving the artistic heritage of Venice, Italy.

Leeny Oberg, Chief Financial Officer and Executive Vice President, Development

Leeny Oberg was appointed Executive Vice President and Chief Financial Officer of Marriott International on January 1, 2016. In February 2023, she was additionally tapped to lead the strategic growth of the company's global lodging portfolio. Ms. Oberg will retire on March 31, 2026. Before her role as Marriott's CFO, she served as Chief Financial Officer for The Ritz-Carlton Hotel Company since 2013, a wholly-owned subsidiary of Marriott. She joined Marriott in 1999 as part of its Investor Relations group and previously held various financial leadership positions with organizations such as Sodexo (formerly Sodexo Marriott Services), Sallie Mae, Goldman Sachs, and Chase Manhattan Bank. Ms. Oberg is an active member of the American Hotel and Lodging Association’s IREFAC Council and serves on the Board of Directors of Adobe Inc.

Tina Edmundson, President, Luxury

Tina Edmundson is the President, Luxury at Marriott International, Inc., where she is responsible for overseeing all aspects of the strategy for Marriott's luxury brands. This portfolio includes brands like The Ritz-Carlton, St. Regis, Bulgari Hotels & Resorts, EDITION, The Luxury Collection, JW Marriott, and W Hotels worldwide. She has been crucial in integrating luxury brands following the Starwood acquisition and has over 25 years of experience in brand architecture and marketing.

Satya Anand, President, Europe, Middle East and Africa (EMEA)

Satya Anand leads Marriott International's extensive EMEA region, overseeing operations for nearly 1,100 properties across 26 brands in 76 countries and territories. He is responsible for developing and managing the company's hotel portfolio in EMEA, driving strategic growth and optimizing performance in diverse markets. Mr. Anand began his career with Marriott in 1988, steadily rising through various roles, including Chief Operations Officer, Luxury & Southern Europe and Global Design EMEA.

Brian King, President, Caribbean and Latin America (CALA)

Brian King is the President of the Caribbean and Latin America (CALA) region for Marriott International, Inc. In this role, he is responsible for strategy development, revenue growth, unit expansion, operations, and financial performance of close to 500 Marriott International hotels across 21 brands in 37 countries. Mr. King assumed his current role in January 2021 and focuses on associate talent development, customer engagement, owner preference, and operational excellence. He has progressed through multiple senior roles at Marriott, including Global Officer for Digital and Sales.

Marriott International (MAR) faces several key risks to its business, primarily stemming from macroeconomic factors, its financial leverage, and the highly competitive nature of the hospitality industry.

1. Macroeconomic Conditions and Softening Travel Demand

One of the most significant risks to Marriott International is the impact of macroeconomic uncertainty and a potential softening of travel demand. Subdued consumer confidence, fears of a recession, and a notable decline in business and government-related travel, particularly in the U.S. and Canada, have contributed to a deceleration in Revenue per Available Room (RevPAR) growth in key markets. This economic backdrop can lead to reduced occupancy rates and pressure on pricing, directly impacting Marriott's profitability and overall financial performance.

2. High Debt Levels and Financial Vulnerability

Marriott International carries a significant total debt load, reported at approximately $16.0 billion as of the third quarter of 2025. While the company's asset-light business model generally generates strong cash flow, these high debt levels introduce financial risks. Concerns exist regarding Marriott's debt management efforts and its ability to effectively service this debt, especially in the event of an economic downturn or changes in interest rates. Maintaining effective debt management strategies is crucial for the company's financial flexibility and resilience.

3. Intense Competition, New Supply, and Rising Operational Costs

The lodging industry is intensely competitive, with Marriott competing against a wide array of major hotel chains as well as alternative accommodation providers like home and apartment sharing services. This competitive landscape can exert pressure on room rates and market share. Furthermore, the introduction of new lodging supply in various markets could negatively impact the company's ability to maintain or increase room rates and occupancy. Marriott also faces operational risks from rising costs, particularly labor expenses, which are expected to continue weighing on profit margins. Challenges in hiring and retaining personnel are also a recurring concern.

The clear emerging threats for Marriott International (MAR) include:

• The evolving landscape of alternative accommodations: While platforms like Airbnb are established, the broader market of short-term rentals continues to diversify and innovate, increasingly offering premium and unique stays that directly compete with traditional hotel segments. This ongoing market evolution and consumer preference shift could erode Marriott's market share, particularly among leisure travelers seeking distinct experiences or longer stays, and increasingly for business travelers looking for flexible options.

• Permanent shifts in business travel demand: The widespread adoption of hybrid and remote work models, coupled with enhanced virtual meeting technologies, is leading to a structural re-evaluation of corporate travel needs. While leisure travel has largely rebounded, sustained reductions in certain types of business travel (e.g., internal meetings, routine corporate visits) pose an ongoing threat to Marriott's historically strong business and group bookings segment, which is crucial for its full-service and luxury brands.

Marriott International (MAR) primarily operates, franchises, and licenses lodging brands, which include hotels, residential properties, and timeshare properties. The addressable markets for their main products and services are sized as follows:

Hotels and Lodging

• Global Hotel Market: The global hotels market size was approximately USD 1,376.40 billion in 2023 and is predicted to grow to around USD 2,993.90 billion by 2032. The global hotel and other travel accommodation market is also expected to reach USD 1,052.84 billion in 2025.
• North America Hotel Market: The North America hotel market was valued at USD 120 billion.
• Global Luxury Hotel Market: The global luxury hotel market size was estimated at USD 103.93 billion in 2024 and is projected to reach USD 156.80 billion by 2030.
• North America Luxury Hotel Market: The North America luxury hotel market generated a revenue of approximately USD 37.86 billion in 2024, and was also reported at USD 30.48 billion in 2024. This market is expected to grow at a CAGR of 6.2% from 2025 to 2030.

Timeshare and Vacation Ownership

• Global Vacation Ownership (Timeshare) Market: The global vacation ownership (timeshare) market size was USD 20,401.55 million in 2024, is projected to grow to USD 21,892.67 million by 2025, and is expected to exceed USD 41,517.64 million by 2033. Another estimate indicates the market was USD 21.08 billion in 2024 and is projected to grow to USD 38.94 billion by 2033.
• U.S. Vacation Ownership (Timeshare) Market: The U.S. vacation ownership (timeshare) market is valued at USD 18.5 billion in 2024 and is anticipated to reach USD 33 billion by 2031.

1. Global Net Room Growth and Strategic Expansion: Marriott International continues to prioritize expanding its worldwide hotel portfolio. The company reported adding approximately 17,900 net rooms during the third quarter of 2025, contributing to a 4.7% net room growth from the end of the third quarter of 2024. Marriott's development pipeline has reached a record high, totaling over 596,000 rooms. The company outlined plans to add 230,000 to 270,000 net rooms between 2023 and 2025, representing a compound annual growth rate (CAGR) of 5.0% to 5.5% for net rooms. This growth is supported by a focus on converting existing properties and introducing new brands to meet diverse market needs.
2. Strong Performance and Expansion in International Markets: International markets are expected to be a significant driver of revenue growth, outperforming the U.S. and Canada. In Q3 2025, international Revenue Per Available Room (RevPAR) increased by 2.6%, with the Asia-Pacific (excluding Greater China) region seeing nearly 5% growth. More than half of Marriott’s extensive development pipeline is located in international markets, and 70% of the new rooms signed in Q2 2025 were situated in these regions, indicating a strong international growth strategy. The company anticipates that international travel demand will continue to bolster hotel performance through 2026.
3. Growth in Revenue Per Available Room (RevPAR), particularly in Luxury and Higher-End Segments: Marriott projects continued global RevPAR growth, with an anticipated increase of 1% to 2% in Q4 2025 and a similar 1.5% to 2.5% growth expected for fiscal year 2026. Higher-end chain scales, including luxury properties, are expected to lead this growth, outperforming lower-end segments. Luxury hotels already demonstrated robust performance, with RevPAR growing 4% in Q3 2025.
4. Expansion and Engagement of the Marriott Bonvoy Loyalty Program and Co-branded Credit Card Offerings: The Marriott Bonvoy loyalty program is a key strategic asset, with membership growing 18% year-over-year in Q3 2025. The program is seen as a powerful marketing platform that enhances guest loyalty and drives direct bookings. Additionally, co-branded credit card fees, which are part of Marriott's diverse revenue streams, saw a significant 13% increase in Q3 2025, contributing to overall gross fee revenues.

Share Repurchases

• Marriott International repurchased 9.7 million shares for $2.6 billion year-to-date through October 30, 2025.
• The company's board increased its authorization to repurchase Class A common stock by an additional 25 million shares in August 2025, totaling approximately 32.4 million shares available for repurchase.
• In 2024, annual share repurchases amounted to $3.762 billion, following $3.953 billion in 2023 and $2.566 billion in 2022.

Outbound Investments

• For the full year 2025, Marriott's investment spending outlook includes approximately $349 million to $355 million for the acquisition of the citizenM brand.

Capital Expenditures

• Capital expenditures increased from $183 million in 2021 to $332 million in 2022, $553 million in 2023, and $776 million in 2024.
• Expected investment spending for 2025 is approximately $1.1 billion (excluding the citizenM transaction) or $1.36 billion to $1.46 billion (including the citizenM transaction).
• A primary focus of these expenditures is the multi-year transformation of the company's property management, reservations, and loyalty systems.