1. Procter & Gamble for hotels

2. Coca-Cola for hotels

• Hotel Accommodation: Providing lodging, dining, and other hospitality services to guests across its diverse portfolio of hotel brands.
• Hotel Franchising and Licensing: Offering its established hotel brands and operational systems to third-party owners who operate properties under a Marriott brand.
• Branded Residential Properties: Developing, managing, or licensing luxury residential units and services, often integrated with or adjacent to its hotel properties.
• Timeshare Properties and Vacation Ownership: Operating and selling interests in vacation ownership properties, allowing members to access a portfolio of vacation resorts.

Marriott International primarily serves individual customers and groups for its hospitality services. While it also engages in business-to-business relationships through its franchising and licensing model (where other companies are its franchisees/licensees), the ultimate consumers of its core hotel, residential, and timeshare offerings are individuals and groups.

The major categories of customers Marriott International serves are:

1. Business & Corporate Travelers: Individuals traveling for work, attending meetings, conferences, or company-sponsored events. These customers often seek amenities such as business centers, meeting rooms, and convenient locations.
2. Leisure & Vacation Travelers: Individuals, couples, and families traveling for personal enjoyment, holidays, sightseeing, or personal events like weddings and celebrations. This category often seeks hotels with recreational facilities, tourist attractions nearby, or specific ambiance.
3. Group & Event Organizers/Attendees: Companies, associations, or individuals organizing or attending large-scale events such as conferences, conventions, weddings, or social gatherings. These bookings often involve block reservations of rooms, as well as the use of event spaces and catering services.

Anthony Capuano, President and Chief Executive Officer

Anthony Capuano was appointed CEO in February 2021, having joined Marriott in 1995. He has been instrumental in the company's growth, including the 2016 acquisition of Starwood Hotels & Resorts Worldwide. Prior to his CEO role, he served as Group President, Global Development, Design and Operations Services, leading strategic unit growth and overseeing global design and operating standards. Mr. Capuano earned a bachelor's degree from Cornell University in Hotel Administration. He also serves on the Board of Directors for McDonald's Corporation.

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

Leeny Oberg became CFO in January 2016 and was additionally designated Executive Vice President, Development in February 2023. She is set to retire on March 31, 2026. Prior to becoming Marriott's CFO, she served as CFO for The Ritz-Carlton Hotel Company. She held various financial leadership positions with Marriott, joining the company in 1999 as part of its Investor Relations group. Before Marriott, she held financial leadership roles at organizations such as Sodexo (formerly Sodexo Marriott Services), Sallie Mae, Goldman Sachs, and Chase Manhattan Bank. Ms. Oberg earned a Bachelor of Science from the University of Virginia and an MBA from Stanford University. She serves on the Board of Directors of Adobe Inc.

Satya Anand, Group President, U.S., Canada, and Caribbean & Latin America (Effective March 28, 2026)

Satya Anand is currently President for Europe, Middle East, and Africa (EMEA) and will assume the role of Group President, U.S., Canada, and CALA on March 28, 2026. A 37-year Marriott veteran, Mr. Anand began his career in 1988 as a night auditor at the Vienna Marriott Hotel. He has held numerous leadership positions spanning operations, finance, and design, including cluster general manager for Renaissance Hotels in Vienna, Area Vice President for Western & Central Europe, Chief Financial Officer for Europe, and Chief Operations Officer for Luxury and Southern Europe and Global Design, EMEA.

Brian King, President, Caribbean and Latin America

Brian King oversees Marriott International’s Caribbean and Latin America operations, a role he assumed in January 2021. He will step down from this role at the end of March 2026 and retire from the company at the end of June 2026. Mr. King has a long tenure with Marriott, joining in 1993, and has held various leadership roles across brand management, digital, distribution, global sales, revenue management, and operations. He was involved in bringing Delta Hotels and Protea Hotels into Marriott's brand portfolio and led the global launch of MOXY Hotels in 2013. He also played a key role in integrating Starwood Hotels onto Marriott’s reservations, revenue management, and digital platforms.

Rajeev Menon, President, APAC (Excluding Greater China)

Rajeev Menon serves as the President for Marriott International Inc., for Asia Pacific excluding Greater China (APEC). He is a key member of the continent's senior leadership team, responsible for business performance, driving key initiatives, and ensuring the implementation of brand and discipline programs across more than 410 operating hotels and resorts under 21 unique brands. Prior to his promotion to President in October 2019, Mr. Menon served as the Chief Operating Officer (COO) for APEC from March 2015 through September 2019.

Key Risks to Marriott International (MAR)

1. Economic Uncertainty and Slowing Travel Demand: Marriott International faces significant downside risk from macroeconomic uncertainty and slowing travel demand, which directly impacts its revenue per available room (RevPAR) growth. Indicators such as decelerating RevPAR, subdued consumer demand driven by recession fears, and a notable decline in business and government-related travel in some segments pose a material threat to the company's financial performance. This economic softening affects the asset-light, fee-based model, leading to potential declines in fee revenue and compressed margins due to fixed corporate overhead.
2. Labor Cost Inflation and Staffing Challenges: The hospitality industry, including Marriott, is grappling with persistent labor challenges. These include rising wage inflation, ongoing staffing shortages for various positions, and increasing benefits costs. These factors compress profit margins for hotel owners and may necessitate rate increases that could impact demand elasticity. For Marriott, these labor challenges risk service quality, potentially damaging brand reputation and loyalty, and can put pressure on hotel owners, who may face difficulties in maintaining profitability.
3. Geopolitical and Regulatory Risks in International Markets: Marriott International's extensive international expansion exposes the company to diverse and rapidly changing regulatory and political risks, particularly in key growth markets like China. Government policies concerning foreign investment, currency controls, and business operations can shift unexpectedly. Furthermore, broader geopolitical tensions can disrupt operations, impair asset values, and create significant uncertainty for Marriott's global strategy.

Marriott International (MAR) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Net Room Growth and Pipeline Expansion: Marriott is consistently expanding its global room count through organic growth and conversions. The company grew its net rooms by over 4.3 percent in 2025 and anticipates accelerating this growth to 4.5 percent to 5 percent in 2026. Marriott ended 2025 with a record development pipeline of approximately 610,000 rooms, an increase of 6 percent year-over-year. This continuous expansion directly increases the base from which Marriott collects its recurring fee revenues.
2. International Market Strength and RevPAR Growth: Strong performance in international markets, particularly in regions like China, the Middle East, Asia Pacific (excluding China), and Europe, is a significant revenue driver. While U.S. and Canada RevPAR (revenue per available room) was relatively flat in Q4 2025, international RevPAR grew by 6.1 percent, offsetting domestic softness. Marriott expects worldwide RevPAR growth of 1.5 percent to 2.5 percent for the full year 2026.
3. Growth of the Marriott Bonvoy Loyalty Program and Co-branded Credit Card Fees: The Marriott Bonvoy loyalty program is a crucial ecosystem for the company, attracting and retaining customers. The program added 43 million new members in 2025, bringing the total to 271 million members worldwide. This expansive member base contributes to revenue through increased bookings and also generates substantial income from co-branded credit card fees, which increased by 35 percent and 8 percent in Q4 2025 due to renegotiated contracts and system growth.
4. Expansion in Luxury and Midscale Segments, Including New Brand Offerings: Marriott is strategically expanding its portfolio across diverse segments. The luxury segment continues to show strong resilience and outperformance, with luxury RevPAR increasing over 6 percent in 2025. Simultaneously, the company is accelerating its presence in the midscale market, exemplified by the rapid expansion of the City Express by Marriott brand into new regions like the U.S. & Canada and various Caribbean and Latin American countries. Marriott also introduced new brands like "Series by Marriott™" in 2025 to cater to midscale and upscale lodging segments. This multi-segment approach captures a broader range of traveler demand.
5. Conversions of Existing Hotels to Marriott Brands: Converting existing properties to Marriott's brands is a key component of the company's growth strategy. Conversions accounted for approximately one-third of organic room signings and openings in 2025, providing a quicker route to increasing room count and generating fee revenue compared to ground-up development.

Share Repurchases

• Marriott repurchased 4.6 million shares for US$1.34 billion between October 1, 2025, and February 6, 2026.
• In 2025, the company repurchased 12.1 million shares for $3.3 billion.
• Marriott repurchased 15.4 million shares for $3.7 billion in 2024.

Outbound Investments

• Marriott International acquired the citizenM lifestyle brand, which is reflected in their total investment spending.

Capital Expenditures

• Capital expenditures for Marriott International increased from $183 million in 2021 to $954 million in 2025.
• The company anticipates capital expenditures and other investments to total approximately $1.0 billion to $1.1 billion for 2025, including capital and technology expenditures, loan advances, and contract acquisition costs.
• For fiscal year 2026, Marriott plans capital investments between $1 billion and $1.1 billion, with a focus on operational enhancement and portfolio expansion, including the multi-year transformation of its property management, reservations, and loyalty systems.