The filing indicates the system grew to 9,361 properties (1,706,331 rooms) at year-end 2024. The company also had nearly 3,800 hotels (over 577,000 rooms) in its development pipeline, indicating continued expansion.

The company expects net rooms growth of 4 to 5 percent in 2025, indicating management's confidence in continued expansion. This growth will be driven by new hotel openings and conversions from competitor brands.

The company signed over 1,200 development deals with hotel owners and other counterparties for nearly 162,000 rooms globally, with approximately 34 percent of rooms signed being the result of conversion opportunities. This highlights the company's ability to attract new properties and convert existing ones to its brands.

The company launched a comprehensive initiative to enhance effectiveness and efficiency, expecting $80-90 million of annual general and administrative cost reductions beginning in 2025. This indicates a focus on operational improvements and cost management.

As part of the efficiency initiative, Marriott implemented a voluntary retirement program for certain above-property associates, streamlining roles and reshaping work. This suggests proactive management of workforce costs and optimization of resources.

The document notes several changes in senior management positions, including the appointment of a new CEO, a new President EMEA, and a new Chief Human Resources Officer. These changes could signal a shift in strategic direction or operational focus.

The document highlights the risk of cybersecurity incidents and the potential for adverse effects on the business, including reputational damage, legal and regulatory consequences, and financial impacts. This risk is amplified by the increasing sophistication of cyberattacks and reliance on cloud-based services and AI technologies.

The document mentions that the Data Security Incident continues to pose risks and that the company could face enforcement actions or contempt proceedings that could potentially result in fines, penalties, requirements to make additional changes to data privacy and information security programs or business practices, or other adverse outcomes.

The document highlights the risks associated with extreme weather, natural disasters, and climate change, including physical impacts, changes in laws and regulations, and changing consumer preferences. This includes potential decline in travel and reduced demand for lodging.

The document highlights the highly competitive nature of the industry, with competition from regional, national, and international chains, independent lodging properties, and online platforms like Airbnb and Vrbo. This underscores the need for Marriott to differentiate itself and maintain its competitive edge.

The document states that Marriott's strong brand recognition assists it in attracting and retaining guests and hotel owners. This is a key competitive advantage that helps the company stand out in a crowded market.

The document states that the location and quality of lodging offerings, Loyalty Program, marketing programs, reservation systems, and emphasis on guest service and guest and associate satisfaction contribute to guest preference across all brands. This highlights the company's focus on customer experience as a key differentiator.

The company launched a comprehensive initiative to enhance its effectiveness and efficiency across the Company, with a focus on headquarters and corporate offices. This suggests a commitment to streamlining operations and improving productivity.

As part of the efficiency initiative, the company streamlined some roles, reshaped work to focus on its highest priorities, and de-layered the organization. This indicates a deliberate effort to improve operational focus and reduce unnecessary layers of management.

The document states that the decrease in cost reimbursements, net primarily reflected lower revenues, net of expenses, for many of the programs and services, and Loyalty Program activity, which incurred higher program expenses. This could indicate inefficiencies in managing these programs or increased costs associated with them.

The company is incorporating artificial intelligence (AI) technologies into certain of its processes, offerings, and services, indicating a focus on leveraging new technologies to improve operations and customer experiences. This could lead to increased efficiency and new revenue streams.

The company is undertaking a multi-year transformation of its reservations, property management, and loyalty systems, indicating a significant investment in upgrading its technological infrastructure. This transformation is focused on introducing new technology that delivers more choices for customers, new capabilities for associates, and new revenue opportunities for hotels.

The document acknowledges the risk that a failure to keep pace with developments in technology could impair operations or competitive position. This highlights the importance of continued investment in and effective implementation of new technologies.

The company repurchased 15.4 million shares of its common stock for $3.7 billion in 2024, demonstrating a commitment to returning capital to shareholders. This also suggests management believes the company's stock is undervalued.

The company increased its quarterly cash dividends in 2024, indicating a commitment to returning capital to shareholders. This is a positive signal for investors.

The company expects capital expenditures and other investments to total approximately $1.0 billion to $1.1 billion for 2025, including capital and technology expenditures, loan advances, contract acquisition costs, and other investing activities. This indicates a continued focus on investing in the business to drive future growth.

The Inclusion and Social Impact Committee of the Board of Directors assists the Board in providing oversight of the Company's strategy related to its people-first culture, associate well-being and inclusion, and corporate social responsibility and environmental matters. This demonstrates a commitment to ESG at the highest level of the organization.

The company's sustainability strategy and initiatives focus on a wide range of issues, including designing resource-efficient hotels, implementing technologies to track and reduce energy and water consumption, as well as waste and food waste, increasing the use of renewable energy, managing water-related risks, focusing on third-party sustainability certifications at the hotel-level, supporting ecosystem restoration initiatives, and focusing on responsible and local sourcing. This demonstrates a comprehensive approach to sustainability.

The company has set near-term and long-term science-based emissions reduction targets, which were verified by the Science Based Targets initiative in 2024. This provides confidence that the company's emissions reduction targets are aligned with climate science.

The document highlights the impact of economic and other global conditions on the business, including weak or volatile economic conditions, pandemics, natural and man-made disasters, changes in energy prices, interest rates and currency values, and geopolitical instability. These factors can negatively impact the company's financial results and growth.

The document states that the company, the hotels in the system, the other lodging offerings, and the programs that it offers are subject to or affected by a variety of laws, regulations, and government policies around the globe. These laws, regulations, and government policies may be complex and change frequently and could have a range of adverse effects on the business.

The document states that labor regulation and the negotiation of new or existing collective bargaining agreements could lead to higher wage and benefit costs, changes in work rules that raise operating expenses and legal costs, and limitations on our ability or the ability of our hotel owners to take cost saving measures during economic downturns.