Marriott International, Inc. is a global operator, franchisor, and licensor of lodging properties, including hotels, residential, and timeshare properties. The company operates under numerous brand names at different price and service points. Marriott's business model focuses on management, franchising, and licensing, with less than 1% of properties owned or leased. The company's competitive advantage lies in its strong brand portfolio and global presence.

Marriott operates in two reportable segments: U.S. & Canada and International. In January 2024, the company modified its segment structure to four operating segments: U.S. & Canada, Europe, Middle East, and Africa; Asia Pacific excluding China; and Greater China. The Caribbean and Latin America segment is now included in "Unallocated corporate and other."

• Employees: Approximately 411,000 associates (as of December 31, 2023), including 148,000 employed by Marriott and 263,000 managed by Marriott but employed by property owners.
• Geographic Footprint: 139 countries and territories
• Headquarters: Bethesda, Maryland
• Founded: Not explicitly stated in the 10K
• Number of locations/facilities: 8,785 properties (as of December 31, 2023)
• Revenue: $23.713 billion (FY2023)
• Market Capitalization: $45.768 billion (aggregate market value of shares held by non-affiliates at June 30, 2023)
• Key Subsidiaries/Brands: Includes JW Marriott, The Ritz-Carlton, The Luxury Collection, W Hotels, EDITION, Bvlgari, Marriott Hotels, Sheraton, Delta Hotels by Marriott, Westin, Autograph Collection Hotels, Renaissance Hotels, Le Méridien, Tribute Portfolio, Courtyard, Fairfield, Residence Inn, SpringHill Suites, Four Points, TownePlace Suites, Aloft Hotels, AC Hotels by Marriott, Moxy Hotels, Element Hotels, City Express by Marriott and Four Points Express by Sheraton.

• CEO: Anthony G. Capuano
• CFO: Kathleen K. Oberg
• President, Europe, Middle East & Africa: Satyajit (Satya) Anand
• Executive Vice President and Chief Human Resources Officer: Benjamin T. (Ty) Breland
• Group President, United States and Canada: William P. (Liam) Brown
• Controller and Chief Accounting Officer: Felitia O. Lee
• President, Greater China: Yibing Mao
• President, Asia Pacific Excluding China: Rajeev (Raj) Menon
• Executive Vice President and Chief Revenue & Technology Officer: Drew L. Pinto
• Executive Vice President and General Counsel: Rena Hozore Reiss
• Executive Vice President and Chief Customer Officer: Peggy F. Roe

Key leaders have extensive experience in hospitality, finance, and management.

• Annual Revenue: $23.713 billion (FY2023)
• Net Income: $3.083 billion (FY2023)
• Market Cap: $45.768 billion (aggregate market value of shares held by non-affiliates at June 30, 2023)
• Total Assets: $25.674 billion (as of December 31, 2023)
• Employees: Approximately 411,000 associates (as of December 31, 2023)
• Key Financial Highlights: Strong global RevPAR improvement in 2023, driven by ADR growth and occupancy improvement. Worldwide RevPAR increased 14.9% compared to 2022.

Marriott's main product categories and service lines include:

• Lodging Properties: Management and franchising of hotels and resorts under various brand names.
• Residential Real Estate: Licensing of trademarks for the sale of residential real estate, often in conjunction with hotel development.
• Timeshare Units: Licensing of trademarks for timeshare units.
• Loyalty Program: Operation of the Marriott Bonvoy loyalty program, offering points for stays and other purchases.
• Co-branded Credit Cards: Licensing of credit card programs associated with the Marriott Bonvoy loyalty program.

Flagship offerings include brands such as JW Marriott, The Ritz-Carlton, and Marriott Hotels.

Marriott operates in two reportable business segments:

• U.S. & Canada: Includes operations in the United States and Canada. In 2023, this segment generated $17.696 billion in revenue and $2.724 billion in segment profit.
• International: Includes operations outside of the U.S. and Canada. In 2023, this segment generated $4.455 billion in revenue and $1.121 billion in segment profit.

In January 2024, the company modified its segment structure to four operating segments: U.S. & Canada, Europe, Middle East, and Africa; Asia Pacific excluding China; and Greater China. The Caribbean and Latin America segment is now included in "Unallocated corporate and other."

Marriott's current strategic priorities include:

• Focusing on management, franchising, and licensing.
• Growing the Marriott Bonvoy loyalty program.
• Enhancing digital direct channels and customer experiences.
• Optimizing sales and revenue management systems.
• Expanding the brand portfolio, including luxury and midscale segments.
• Investing in associates and leadership development.
• Committing to sustainability and social impact initiatives.

The company aims to drive efficiencies, profitable revenue, and customer loyalty through these initiatives. Marriott is also undergoing a digital and technology transformation to grow its customer base and drive direct bookings.

Marriott operates in the highly competitive lodging industry, competing with major hotel chains, independent hotels, and online platforms. Key market trends affecting the business include:

• Increased competition from online travel intermediaries.
• Growing demand for short-term rentals.
• Emphasis on brand recognition and reputation.
• Importance of loyalty programs.
• Increasing focus on sustainability and social impact.

Marriott has an approximately 16% share of the U.S. hotel market and a 4% share of the hotel market outside the U.S. The company believes its brands are attractive to hotel owners due to higher RevPAR compared to competitors.

• Industry Risks: Intense competition, new lodging supply, and economic conditions impacting travel demand.
• Operational Risks: Premature termination of management or franchise agreements, disagreements with hotel owners, and reliance on third-party internet services.
• Financial Risks: Exchange rate fluctuations, impairment of goodwill or intangible assets, and inability to access capital.
• Regulatory Risks: Compliance with various laws and regulations, including those related to data privacy, cybersecurity, and marketing.
• Technology Risks: Cybersecurity incidents, disruptions in core operational systems, and failure to keep pace with technological developments.