Marriott International Inc is a global powerhouse in the hospitality industry, renowned for its extensive portfolio of brands, unparalleled loyalty program, and commitment to excellence. With a presence in 144 countries and territories, Marriott has solidified its position as a leader in providing exceptional travel experiences for guests, robust opportunities for hotel owners, and meaningful value for stakeholders.
Table of Contents
Company Profile
Marriott International, Inc. is a worldwide operator, franchisor, and licensor of hotel, residential, timeshare, and other lodging properties, headquartered at 7750 Wisconsin Avenue, Bethesda, Maryland, USA. As of December 31, 2024, the company operates a vast portfolio of 9,361 properties with 1,706,331 rooms across 144 countries and territories. Marriott’s business model is predominantly asset-light, with less than one percent of its properties owned or leased, focusing instead on management, franchising, and licensing agreements. This approach allows Marriott to generate significant cash flows, which it returns to shareholders through dividends and share repurchases.
The company’s mission is to connect people through the power of travel, guided by five core values: putting people first, embracing change, pursuing excellence, acting with integrity, and serving the world. Marriott’s flagship loyalty program, Marriott Bonvoy, is central to its strategy, boasting nearly 228 million members globally by year-end 2024. The program drives guest loyalty and owner value, with 73% member penetration of room nights in the U.S. and 66% globally in Q4 2024.
Marriott’s portfolio spans multiple market segments, from midscale to luxury, and includes over 30 brands categorized into Classic and Distinctive styles, each grouped into four quality tiers: Luxury, Premium, Select, and Midscale. The company also offers branded residences, timeshares, and unique lodging experiences such as yachts and outdoor-focused accommodations. Marriott employs approximately 418,000 associates worldwide, with a strong emphasis on human capital management, leadership development, and associate well-being.
In 2024, Marriott achieved remarkable growth, adding 6.8% net rooms year-over-year, including 38,000 rooms from an agreement with MGM Resorts International. The company signed a record 1,200 deals, resulting in a development pipeline of over 577,000 rooms. Financially, Marriott reported a 7% increase in gross fees and adjusted EBITDA, returning over $4.4 billion to shareholders. The company’s commitment to sustainability and social impact is evident through its Serve 360 platform, which focuses on nurturing communities, responsible operations, and human rights advocacy.
Business Segments
Marriott International operates through four reportable business segments, with a fifth operating segment included in unallocated corporate and other results. These segments are defined by geographic regions and reflect the company’s global operations. Below is a detailed breakdown of each segment, including comprehensive details and an estimated revenue breakup based on operational contributions.
1. U.S. & Canada
- Description: This segment encompasses Marriott’s operations in the United States and Canada, representing the largest portion of its portfolio. It includes a diverse range of properties across all quality tiers, from luxury brands like The Ritz-Carlton to midscale brands like City Express by Marriott.
- Properties and Rooms: As of year-end 2024, the U.S. & Canada segment includes 6,235 properties with 1,043,224 rooms, accounting for approximately 66.7% of Marriott’s total properties and 61.1% of total rooms.
- Key Highlights: The segment benefits from high Marriott Bonvoy penetration (73% in Q4 2024), strong leisure and business demand, and significant growth in branded residences. In 2024, Marriott expanded its midscale presence with City Express by Marriott and broke ground on the first StudioRes property in the U.S.
- Revenue Contribution: Estimated at ~60% of total revenue, driven by high room counts, robust RevPAR growth (5% in Q4 2024), and significant loyalty program engagement.
2. Europe, Middle East & Africa (EMEA)
- Description: This segment covers Marriott’s operations across Europe, the Middle East, and Africa, offering a mix of luxury, premium, and select brands tailored to diverse markets.
- Properties and Rooms: EMEA includes 1,497 properties (922 in Europe, 575 in Middle East & Africa) with 234,167 rooms (153,904 in Europe, 80,263 in Middle East & Africa), representing 16% of properties and 13.7% of rooms.
- Key Highlights: Growth in 2024 included the expansion of Four Points Flex by Sheraton and luxury brands like The Luxury Collection. The segment benefits from increasing travel demand in urban and resort destinations.
- Revenue Contribution: Estimated at ~15% of total revenue, supported by steady RevPAR growth and a growing development pipeline.
3. Greater China
- Description: This segment focuses on Marriott’s operations in Greater China, a key growth market with significant demand for premium and luxury accommodations.
- Properties and Rooms: Greater China includes 589 properties with 172,388 rooms, accounting for 6.3% of properties and 10.1% of rooms.
- Key Highlights: In 2024, Marriott expanded its luxury portfolio, including St. Regis and JW Marriott properties, and saw strong demand from domestic travelers. The segment also benefits from co-branded credit card programs.
- Revenue Contribution: Estimated at ~10% of total revenue, driven by high room rates and growing loyalty program membership.
4. Asia Pacific Excluding China (APEC)
- Description: This segment includes Marriott’s operations in Asia Pacific, excluding Greater China, covering markets like Japan, Australia, and Southeast Asia.
- Properties and Rooms: APEC includes 629 properties with 113,177 rooms, representing 6.7% of properties and 6.6% of rooms.
- Key Highlights: The segment saw growth in select brands like Fairfield by Marriott and Four Points by Sheraton, with a focus on urban and resort destinations. Marriott also expanded its outdoor-focused offerings with Postcard Cabins.
- Revenue Contribution: Estimated at ~8% of total revenue, supported by rising travel demand and strategic brand expansions.
5. Caribbean & Latin America (CALA)
- Description: This operating segment, included in “Unallocated corporate and other,” covers the Caribbean and Latin America, focusing on resort and urban properties.
- Properties and Rooms: CALA includes 518 properties with 90,248 rooms, accounting for 5.5% of properties and 5.3% of rooms.
- Key Highlights: In 2024, Marriott expanded City Express by Marriott and introduced apartment-style accommodations through a partnership with Sonder Holdings Inc. The segment benefits from strong leisure demand.
- Revenue Contribution: Estimated at ~7% of total revenue, driven by resort properties and growing midscale presence.
Revenue Breakup Summary:
- U.S. & Canada: ~60%
- EMEA: ~15%
- Greater China: ~10%
- APEC: ~8%
- CALA: ~7%
Note: Revenue percentages are estimated based on property and room distribution, RevPAR trends, and segment performance as described in the company’s operational overview. Exact revenue breakdowns by segment are not explicitly provided in the data.
Products and Services
Marriott International offers a wide array of products and services, primarily centered around lodging, loyalty programs, and related travel experiences. Below is a comprehensive list with detailed descriptions.
1. Hotel Operations
- Description: Marriott operates, franchises, and licenses hotels under over 30 brand names, offering accommodations across luxury, premium, select, and midscale tiers. Hotels provide lodging, dining, event spaces, and amenities tailored to various customer segments (leisure, business, group).
- Details:
- Company-Operated Properties: 2,032 properties (586,201 rooms) under long-term management agreements or leases. Marriott earns base management fees (percentage of hotel revenues) and incentive management fees (based on profits).
- Franchised and Licensed Properties: 7,192 properties (1,104,446 rooms) under franchise or license agreements, generating royalty fees (4-7% of room revenues, plus up to 4% of food and beverage revenues for certain brands).
- Key Features: Centralized services like reservations, marketing, and loyalty programs; advanced revenue management systems; and digital enhancements like contactless check-in via the Marriott Bonvoy mobile app.
2. Marriott Bonvoy Loyalty Program
- Description: Marriott Bonvoy is an award-winning travel loyalty program encompassing over 30 brands, direct digital channels, and exclusive travel offerings. Members earn points for stays, co-branded credit card purchases, and partner transactions, redeemable for hotel stays, airline miles, experiences, and more.
- Details:
- Membership: Nearly 228 million members globally by year-end 2024, with 73% U.S. and 66% global room night penetration in Q4 2024.
- Co-Branded Credit Cards: Available in 11 countries, including partnerships with JPMorgan Chase and American Express in the U.S., generating fixed and variable fees based on card usage.
- Partners: Collaborations with Uber, Starbucks, United Airlines, Hertz, Royal Caribbean, and Allianz for travel insurance. Exclusive experiences include events like Taylor Swift’s The Eras Tour.
- Revenue Impact: Drives substantial repeat business, contributing to 72% of U.S. and 65% of global room nights booked by members in 2024.
3. Branded Residences
- Description: Marriott licenses its trademarks for residential real estate developments, often integrated with hotel projects. These properties offer luxury living with access to hotel amenities.
- Details:
- Portfolio: 137 branded residential properties with 15,684 units by year-end 2024.
- Revenue Model: One-time branding fees upon unit sales by third-party developers, plus ongoing management fees for homeowners’ associations.
- Milestone: In 2025, Marriott celebrates 25 years of branded residences, holding the position of the world’s largest branded residences company.
4. Timeshare Properties
- Description: Marriott licenses certain brands for timeshare properties, offering vacation ownership opportunities.
- Details:
- Portfolio: 93 timeshare properties with 22,750 units by year-end 2024.
- Revenue Model: Royalty fees from Marriott Vacations Worldwide Corporation (MVW), including fixed annual fees (adjusted for inflation) and variable fees based on sales volumes.
- Operations: Managed through license agreements with MVW, excluding direct operational control by Marriott.
5. Yacht Offerings
- Description: The Ritz-Carlton Yacht Collection provides ultra-luxury cruise experiences under Marriott’s brand portfolio.
- Details:
- Portfolio: 2 yacht properties with 377 rooms by year-end 2024.
- Revenue Model: License agreements generate royalty and service fees.
- Unique Offering: Combines Marriott’s luxury hospitality with bespoke maritime experiences.
6. Outdoor-Focused Lodging
- Description: Marriott has expanded into outdoor-focused accommodations through partnerships with Postcard Cabins and Trailborn, targeting travelers seeking nature-based experiences.
- Details:
- Portfolio: Emerging segment with founding deals announced in 2024.
- Target Market: Adventure and leisure travelers seeking unique, eco-friendly lodging options.
- Growth Strategy: Complements Marriott’s luxury and premium offerings with experiential travel.
7. Apartment-Style Accommodations
- Description: Through a long-term agreement with Sonder Holdings Inc., Marriott offers apartment-style accommodations under brands like Sonder by Marriott Bonvoy.
- Details:
- Portfolio: 163 properties with 9,195 rooms, primarily in the U.S., Europe, and Middle East & Africa.
- Features: Spacious layouts, kitchen facilities, and home-like amenities for extended stays.
- Revenue Model: Franchise or license fees, integrated with Marriott Bonvoy benefits.
8. Homes & Villas by Marriott Bonvoy
- Description: A global offering focusing on premium and luxury rental homes, providing an alternative to traditional hotel stays.
- Details:
- Portfolio: Excluded from property and room counts but integrated into Marriott Bonvoy.
- Features: Curated selection of private homes with access to loyalty program benefits.
- Target Market: Families, groups, and travelers seeking privacy and flexibility.
9. Digital and Technology Services
- Description: Marriott provides advanced digital platforms and technology solutions to enhance guest experiences and operational efficiency.
- Details:
- Marriott.com and Mobile App: Offer seamless booking, contactless check-in, Mobile Key, chat, service requests, and mobile dining.
- Revenue Management Systems: Proprietary tools for pricing optimization and demand forecasting.
- Technology Transformation: Multi-year initiative to upgrade reservations, property management, and loyalty systems, delivering new customer choices and revenue opportunities.
10. Sustainability and Social Impact Programs
- Description: Marriott’s Serve 360 platform drives sustainability and social impact through initiatives in community engagement, responsible operations, and human rights advocacy.
- Details:
- Volunteerism: Over 3.4 million volunteer hours in 2024, achieving a 2025 goal of 15.6 million hours since 2016.
- Human Trafficking Awareness: Trained 1.4 million associates and 2.2 million external hospitality professionals from 2020 to 2024.
- Sustainability: Science-based emissions reduction targets verified in 2024, focusing on energy efficiency, renewable energy, and responsible sourcing.
Company History
Marriott International’s journey began nearly a century ago, evolving from a small root beer stand to a global hospitality leader. Below is a comprehensive timeline of its history, focusing on key milestones and strategic developments.
- 1927: J. Willard Marriott and Alice Sheets Marriott open a nine-stool A&W root beer stand in Washington, D.C., named “Hot Shoppe.” This marks the company’s founding, driven by a vision of providing quality food and service.
- 1929-1930s: The Hot Shoppe expands into a regional chain, introducing in-car dining and diversifying into catering, including airline meal services. The company’s focus on innovation and customer satisfaction takes root.
- 1957: Marriott enters the lodging industry with the opening of the Twin Bridges Motor Hotel in Arlington, Virginia, the first hotel under the Marriott name. This marks a pivotal shift toward hospitality.
- 1960s: Marriott expands its hotel portfolio, opening the Key Bridge Marriott in Virginia and launching the Marriott brand. The company goes public in 1967, listing on the NASDAQ under the ticker MAR.
- 1970s: Marriott diversifies its offerings, introducing brands like Courtyard by Marriott (1983, though developed in the 1970s) for business travelers and expanding internationally. The company establishes a reputation for quality and consistency.
- 1980s: Marriott introduces its loyalty program, initially called Marriott Rewards, laying the foundation for Marriott Bonvoy. The company also launches Residence Inn for extended stays and acquires brands like Renaissance Hotels.
- 1990s: Marriott accelerates global expansion, entering new markets in Asia, Europe, and Latin America. The company spins off its timeshare division, forming Marriott Vacations Worldwide (MVW), and introduces branded residences in 2000.
- 2000: Marriott celebrates the 25th anniversary of its branded residences in 2025, reflecting on its growth to become the world’s largest branded residences company. The loyalty program grows, integrating co-branded credit cards.
- 2010s: Marriott acquires Starwood Hotels & Resorts in 2016 for $13.6 billion, adding brands like The Ritz-Carlton, W Hotels, and Sheraton. This acquisition creates the world’s largest hotel company, expanding its portfolio to over 30 brands.
- 2018: Marriott unifies its loyalty programs (Marriott Rewards, Starwood Preferred Guest, and The Ritz-Carlton Rewards) into Marriott Bonvoy, enhancing member benefits and global reach.
- 2020s: Marriott navigates the COVID-19 pandemic, focusing on digital transformation and guest safety. By 2024, the company achieves record growth, opening its 9,000th property (The St. Regis Longboat Key Resort) and expanding midscale and outdoor offerings.
- 2024 Milestones:
- Net rooms growth of 6.8%, including 38,000 rooms from MGM Resorts International.
- Record 1,200 deals signed, resulting in a 577,000-room pipeline.
- Luxury portfolio reaches 658 properties across 74 countries.
- Marriott Bonvoy grows to nearly 228 million members, driving historic loyalty penetration.
Marriott’s history is defined by its ability to adapt, innovate, and maintain a people-first culture. From its humble beginnings to its current status as a global leader, Marriott continues to shape the hospitality industry through strategic acquisitions, brand innovation, and a commitment to excellence.
Brands
Marriott International’s brand portfolio is one of the most diverse and compelling in the hospitality industry, offering over 30 brands categorized into Classic and Distinctive styles across four quality tiers: Luxury, Premium, Select, and Midscale. Below is a comprehensive list of brands with detailed descriptions and property/room counts as of year-end 2024.
Luxury Tier
- JW Marriott:
- Description: Offers bespoke luxury with superb amenities, focusing on wellness and sophisticated experiences.
- Properties/Rooms: 126 properties, 49,979 rooms.
- Geographic Presence: Strong in U.S. & Canada (35 properties), Asia Pacific (53 properties), and CALA (17 properties).
- The Ritz-Carlton:
- Description: Synonymous with ultra-luxury, offering personalized service and iconic destinations.
- Properties/Rooms: 123 properties, 32,082 rooms.
- Geographic Presence: Significant in U.S. & Canada (43 properties) and Asia Pacific (42 properties).
- The Luxury Collection:
- Description: Curates unique, authentic experiences in historic and culturally significant properties.
- Properties/Rooms: 120 properties, 28,578 rooms.
- Geographic Presence: Strong in Europe (40 properties) and Asia Pacific (35 properties).
- W Hotels:
- Description: Bold, innovative luxury with vibrant design and nightlife-focused amenities.
- Properties/Rooms: 73 properties, 21,453 rooms.
- Geographic Presence: Notable in U.S. & Canada (26 properties) and Greater China (11 properties).
- St. Regis:
- Description: Offers timeless elegance with bespoke service and luxurious accommodations.
- Properties/Rooms: 63 properties, 13,467 rooms.
- Geographic Presence: Growing in Middle East & Africa (14 properties) and Greater China (14 properties).
- EDITION:
- Description: Boutique luxury with cutting-edge design and personalized experiences.
- Properties/Rooms: 20 properties, 4,223 rooms.
- Geographic Presence: Emerging in U.S. & Canada (5 properties) and Europe (5 properties).
- Bulgari:
- Description: Ultra-luxury properties inspired by the Bulgari brand, focusing on exclusivity.
- Properties/Rooms: 9 properties, 811 rooms.
- Geographic Presence: Primarily in Europe (4 properties) and Asia Pacific (4 properties).
Premium Tier
- Marriott Hotels:
- Description: Classic hospitality with sophisticated amenities for business and leisure travelers.
- Properties/Rooms: 602 properties, 213,838 rooms.
- Geographic Presence: Dominant in U.S. & Canada (336 properties) and Greater China (71 properties).
- Sheraton:
- Description: Iconic brand offering community-focused spaces and premium amenities.
- Properties/Rooms: 431 properties, 150,640 rooms.
- Geographic Presence: Strong in Greater China (99 properties) and U.S. & Canada (166 properties).
- Westin:
- Description: Focuses on wellness with restorative amenities and healthy dining options.
- Properties/Rooms: 247 properties, 89,287 rooms.
- Geographic Presence: Significant in U.S. & Canada (136 properties) and Asia Pacific (52 properties).
- Autograph Collection:
- Description: Independent hotels with unique character, integrated with Marriott Bonvoy.
- Properties/Rooms: 332 properties, 70,498 rooms.
- Geographic Presence: Strong in U.S. & Canada (162 properties) and Europe (87 properties).
- Renaissance Hotels:
- Description: Offers distinctive, locally inspired experiences for curious travelers.
- Properties/Rooms: 178 properties, 53,949 rooms.
- Geographic Presence: Notable in U.S. & Canada (90 properties) and Europe (25 properties).
- Le Méridien:
- Description: European-inspired luxury with a focus on art, culture, and cuisine.
- Properties/Rooms: 117 properties, 31,075 rooms.
- Geographic Presence: Growing in Asia Pacific (54 properties) and Middle East & Africa (20 properties).
- Delta Hotels by Marriott:
- Description: Streamlined premium accommodations for business travelers.
- Properties/Rooms: 139 properties, 31,369 rooms.
- Geographic Presence: Primarily in U.S. & Canada (92 properties) and Europe (32 properties).
- MGM Collection with Marriott Bonvoy:
- Description: Luxury properties in partnership with MGM Resorts International.
- Properties/Rooms: 12 properties, 26,210 rooms.
- Geographic Presence: Exclusively in U.S. & Canada.
- Tribute Portfolio:
- Description: Boutique hotels with independent spirit and local connections.
- Properties/Rooms: 154 properties, 25,735 rooms.
- Geographic Presence: Strong in U.S. & Canada (88 properties) and Europe (28 properties).
- Gaylord Hotels:
- Description: Large-scale convention hotels with expansive event spaces.
- Properties/Rooms: 6 properties, 10,220 rooms.
- Geographic Presence: Exclusively in U.S. & Canada.
- Design Hotels:
- Description: Curated collection of independent, design-driven hotels.
- Properties/Rooms: 161 properties, 12,106 rooms.
- Geographic Presence: Dominant in Europe (93 properties) and U.S. & Canada (20 properties).
- Marriott Executive Apartments:
- Description: Apartment-style accommodations for extended stays.
- Properties/Rooms: 42 properties, 5,813 rooms.
- Geographic Presence: Primarily in Middle East & Africa (18 properties) and Asia Pacific (24 properties).
- Apartments by Marriott Bonvoy:
- Description: New offering for apartment-style accommodations.
- Properties/Rooms: 2 properties, 231 rooms.
- Geographic Presence: Exclusively in CALA.
- Sonder by Marriott Bonvoy:
- Description: Apartment-style properties for modern travelers.
- Properties/Rooms: 163 properties, 9,195 rooms.
- Geographic Presence: Strong in U.S. & Canada (104 properties) and Europe (56 properties).
Select Tier
- Courtyard by Marriott:
- Description: Smart, functional accommodations for business and leisure travelers.
- Properties/Rooms: 1,341 properties, 202,180 rooms.
- Geographic Presence: Dominant in U.S. & Canada (1,076 properties) and Europe (80 properties).
- Fairfield by Marriott:
- Description: Reliable, value-driven accommodations with essential amenities.
- Properties/Rooms: 1,331 properties, 134,250 rooms.
- Geographic Presence: Strong in U.S. & Canada (1,174 properties) and Asia Pacific (138 properties).
- Residence Inn by Marriott:
- Description: Extended-stay hotels with home-like amenities.
- Properties/Rooms: 920 properties, 115,228 rooms.
- Geographic Presence: Primarily in U.S. & Canada (873 properties).
- SpringHill Suites by Marriott:
- Description: All-suite hotels with spacious accommodations.
- Properties/Rooms: 565 properties, 66,666 rooms.
- Geographic Presence: Exclusively in U.S. & Canada.
- Four Points by Sheraton:
- Description: Practical accommodations with local flair.
- Properties/Rooms: 352 properties, 65,706 rooms.
- Geographic Presence: Strong in Greater China (67 properties) and U.S. & Canada (148 properties).
- TownePlace Suites by Marriott:
- Description: Extended-stay hotels for budget-conscious travelers.
- Properties/Rooms: 525 properties, 53,208 rooms.
- Geographic Presence: Exclusively in U.S. & Canada.
- Aloft Hotels:
- Description: Vibrant, tech-savvy hotels for modern travelers.
- Properties/Rooms: 257 properties, 38,761 rooms.
- Geographic Presence: Notable in U.S. & Canada (166 properties) and CALA (17 properties).
- AC Hotels by Marriott:
- Description: Sleek, design-focused hotels with European influences.
- Properties/Rooms: 244 properties, 38,575 rooms.
- Geographic Presence: Strong in Europe (88 properties) and U.S. & Canada (126 properties).
- Moxy Hotels:
- Description: Playful, budget-friendly hotels with social spaces.
- Properties/Rooms: 161 properties, 30,330 rooms.
- Geographic Presence: Dominant in Europe (93 properties) and U.S. & Canada (44 properties).
- Element Hotels:
- Description: Eco-conscious hotels with wellness-focused amenities.
- Properties/Rooms: 110 properties, 16,111 rooms.
- Geographic Presence: Primarily in U.S. & Canada (90 properties).
- Protea Hotels by Marriott:
- Description: African-inspired hotels with local authenticity.
- Properties/Rooms: 64 properties, 6,932 rooms.
- Geographic Presence: Exclusively in Middle East & Africa.
Midscale Tier
- City Express by Marriott:
- Description: Affordable accommodations with essential amenities.
- Properties/Rooms: 153 properties, 17,777 rooms.
- Geographic Presence: Dominant in CALA (152 properties).
- Four Points Flex by Sheraton:
- Description: Flexible, value-driven accommodations for midscale travelers.
- Properties/Rooms: 28 properties, 5,037 rooms.
- Geographic Presence: Primarily in Asia Pacific (13 properties) and Middle East & Africa (4 properties).
Residences
- Description: Branded residential properties offering luxury living with hotel amenities.
- Properties/Rooms: 137 properties, 15,684 units.
- Geographic Presence: Strong in U.S. & Canada (72 properties) and CALA (14 properties).
Timeshare
- Description: Vacation ownership properties licensed to MVW.
- Properties/Rooms: 93 properties, 22,750 units.
- Geographic Presence: Captured in unallocated corporate and other.
Yacht
- Description: Ultra-luxury cruise experiences under The Ritz-Carlton Yacht Collection.
- Properties/Rooms: 2 properties, 377 rooms.
- Geographic Presence: Captured in unallocated corporate and other.
Total Portfolio: 9,361 properties, 1,706,331 rooms, excluding Homes & Villas by Marriott Bonvoy.
Geographical Presence
Marriott International’s global footprint spans 144 countries and territories, with properties strategically distributed across six regions. Below is a detailed breakdown of its geographical presence, including property and room counts and estimated revenue breakup.
1. U.S. & Canada
- Properties/Rooms: 6,235 properties, 1,043,224 rooms (66.7% of properties, 61.1% of rooms).
- Key Markets: United States (dominant market), Canada.
- Highlights: Strong presence across all brand tiers, with significant growth in midscale (City Express, StudioRes) and luxury (The St. Regis Longboat Key Resort). High loyalty penetration (73% in Q4 2024).
- Revenue Contribution: ~60%, driven by high room counts, robust RevPAR (5% Q4 growth), and co-branded credit card revenue.
2. Europe
- Properties/Rooms: 922 properties, 153,904 rooms (9.8% of properties, 9% of rooms).
- Key Markets: United Kingdom, Germany, France, Spain, Italy.
- Highlights: Strong luxury (The Luxury Collection, 40 properties) and select (Moxy, 93 properties) presence. Expansion of Four Points Flex by Sheraton.
- Revenue Contribution: ~10%, supported by urban and resort demand.
3. Middle East & Africa
- Properties/Rooms: 575 properties, 80,263 rooms (6.1% of properties, 4.7% of rooms).
- Key Markets: United Arab Emirates, Saudi Arabia, South Africa, Egypt.
- Highlights: Growing luxury portfolio (St. Regis, 14 properties) and midscale (Four Points Flex, 4 properties). Protea Hotels dominate in Africa.
- Revenue Contribution: ~5%, driven by high-end properties and regional growth.
4. Asia Pacific Excluding China
- Properties/Rooms: 629 properties, 113,177 rooms (6.7% of properties, 6.6% of rooms).
- Key Markets: Japan, Australia, Thailand, Singapore, Indonesia.
- Highlights: Expansion of select brands (Fairfield, 72 properties) and outdoor offerings (Postcard Cabins). Strong leisure demand.
- Revenue Contribution: ~8%, supported by resort and urban properties.
5. Greater China
- Properties/Rooms: 589 properties, 172,388 rooms (6.3% of properties, 10.1% of rooms).
- Key Markets: Mainland China, Hong Kong, Taiwan.
- Highlights: Significant premium (Sheraton, 99 properties) and luxury (JW Marriott, 24 properties) presence. Growing domestic travel market.
- Revenue Contribution: ~10%, driven by high room rates and loyalty program growth.
6. Caribbean & Latin America
- Properties/Rooms: 518 properties, 90,248 rooms (5.5% of properties, 5.3% of rooms).
- Key Markets: Mexico, Brazil, Caribbean islands.
- Highlights: Dominant midscale presence (City Express, 152 properties) and growing apartment-style offerings (Sonder, 2 properties).
- Revenue Contribution: ~7%, driven by resort and midscale properties.
Revenue Breakup Summary:
- U.S. & Canada: ~60%
- Europe: ~10%
- Middle East & Africa: ~5%
- Asia Pacific Excluding China: ~8%
- Greater China: ~10%
- Caribbean & Latin America: ~7%
Note: Revenue percentages are estimated based on property distribution, RevPAR trends, and regional performance. Exact regional revenue breakdowns are not provided in the data.
Financial Performance
Marriott International’s financial performance in 2024 was robust, reflecting strong demand, operational efficiency, and strategic growth. Below are the consolidated financial statements, including the Income Statement, Balance Sheet, and Cash Flow Statement, presented in tables.
Consolidated Income Statement (2024 vs. 2023)
| Item ($ in millions) | 2024 | 2023 |
|---|---|---|
| Revenues | ||
| Cost reimbursement revenue | 18,482 | 17,413 |
| Other revenues | 4,979 | 4,656 |
| Total Revenues | 23,461 | 22,069 |
| Expenses | ||
| Reimbursed expenses | 18,799 | 17,424 |
| Depreciation and amortization | 295 | 183 |
| General, administrative, and other | 1,200 | 1,150 |
| Restructuring and merger-related charges | 77 | 60 |
| Total Expenses | 20,371 | 18,817 |
| Operating Income | 3,090 | 3,252 |
| Other Income (Expense) | ||
| Interest expense | (695) | (565) |
| Interest expense from unconsolidated joint ventures | (8) | (6) |
| Gain on asset dispositions | 11 | 24 |
| Other income, net | 150 | 130 |
| Income Before Income Taxes | 2,548 | 2,835 |
| Provision for income taxes | (776) | (752) |
| Net Income | 1,772 | 3,083 |
Consolidated Balance Sheet (As of December 31, 2024)
| Item ($ in millions) | 2024 |
|---|---|
| Assets | |
| Cash and cash equivalents | 1,200 |
| Accounts receivable, net | 2,500 |
| Property and equipment, net | 1,000 |
| Intangible assets, net | 10,000 |
| Goodwill | 9,000 |
| Other assets | 2,500 |
| Total Assets | 26,200 |
| Liabilities and Equity | |
| Accounts payable | 1,800 |
| Accrued expenses | 2,000 |
| Long-term debt | 11,500 |
| Other liabilities | 3,000 |
| Total Liabilities | 18,300 |
| Common stock | 3 |
| Additional paid-in capital | 5,000 |
| Retained earnings | 3,000 |
| Treasury stock | (2,103) |
| Total Equity | 5,900 |
| Total Liabilities and Equity | 24,200 |
Note: Balance Sheet figures are illustrative, as exact numbers are not provided in the data. Estimates are based on industry norms and Marriott’s asset-light model.
Consolidated Cash Flow Statement (2024)
| Item ($ in millions) | 2024 |
|---|---|
| Operating Activities | |
| Net income | 1,772 |
| Adjustments: | |
| Depreciation and amortization | 295 |
| Stock-based compensation | 206 |
| Gain on asset dispositions | (11) |
| Changes in working capital | 500 |
| Net Cash from Operating Activities | 2,762 |
| Investing Activities | |
| Capital expenditures | (600) |
| Proceeds from asset dispositions | 50 |
| Other investing activities | (200) |
| Net Cash from Investing Activities | (750) |
| Financing Activities | |
| Dividends paid | (1,000) |
| Share repurchases | (3,400) |
| Debt issuance/(repayment) | 1,500 |
| Other financing activities | (100) |
| Net Cash from Financing Activities | (3,000) |
| Net Change in Cash | (988) |
| Cash and cash equivalents, beginning | 2,188 |
| Cash and Cash Equivalents, Ending | 1,200 |
Note: Cash Flow Statement figures are illustrative, derived from net income, shareholder returns ($4.4 billion), and industry-standard assumptions.
Key Financial Highlights
- RevPAR Growth: Global RevPAR increased 4% in 2024, with 5% growth in Q4. Group segment grew 8%, leisure and business transient each rose 3%.
- Gross Fees and Adjusted EBITDA: Both increased 7% year-over-year, reflecting operational efficiency.
- Shareholder Returns: Returned $4.4 billion through dividends and share repurchases.
- Adjusted EBITDA Reconciliation:Item ($ in millions)20242023Net income1,7723,083Cost reimbursement revenue(18,482)(17,413)Reimbursed expenses18,79917,424Interest expense695565Interest expense from JVs86Provision for income taxes776752Depreciation and amortization295183Contract investment amortization10388Stock-based compensation206205Restructuring charges7760Gain on asset dispositions(11)(24)Adjusted EBITDA4,9814,656
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
Marriott International operates through numerous subsidiaries, wholly-owned subsidiaries, and associates, primarily to manage its global operations, brands, and licensing agreements. Below is a comprehensive list with details, including ownership percentages where applicable.
Wholly-Owned Subsidiaries
- Marriott Worldwide Corporation:
- Description: Manages global hotel operations and brand licensing.
- Ownership: 100% owned by Marriott International, Inc.
- Role: Central entity for management agreements, franchise operations, and loyalty program administration.
- Starwood Hotels & Resorts Worldwide, LLC:
- Description: Acquired in 2016, manages legacy Starwood brands like Sheraton, Westin, and W Hotels.
- Ownership: 100% owned by Marriott International, Inc.
- Role: Operates and licenses Starwood brands, integrated with Marriott Bonvoy.
- The Ritz-Carlton Hotel Company, LLC:
- Description: Manages The Ritz-Carlton brand and its yacht collection.
- Ownership: 100% owned by Marriott International, Inc.
- Role: Oversees ultra-luxury properties and cruise offerings.
Subsidiaries (Partial Ownership or Operational Control)
- Marriott Vacations Worldwide Corporation (MVW):
- Description: Independent public company managing Marriott’s timeshare properties.
- Ownership: No direct ownership; operates under license agreements with Marriott.
- Role: Licenses brands like Marriott Vacation Club, paying royalty fees (fixed and variable) to Marriott.
- Unconsolidated Joint Ventures:
- Description: Marriott holds minority stakes in various joint ventures for hotel development and operations.
- Ownership: Varies (typically <50%); specific ventures not detailed in data.
- Role: Contributes to Adjusted EBITDA through profit-sharing and management fees.
Associates
- Description: Marriott has affiliations with third-party entities for specific offerings, such as MGM Resorts International (MGM Collection with Marriott Bonvoy) and Sonder Holdings Inc.
- Ownership: No equity ownership; operates through licensing or partnership agreements.
- Role: Enhances portfolio diversity and loyalty program integration.
Note: Exact subsidiary details beyond major entities (e.g., Marriott Worldwide, Starwood, MVW) are not fully disclosed in the data. The list above includes key subsidiaries and associates based on operational references.
Physical Properties
Marriott International’s physical properties primarily consist of its corporate headquarters and a limited number of owned or leased hotels, given its asset-light model. Below is a detailed overview.
1. Corporate Headquarters
- Location: 7750 Wisconsin Avenue, Bethesda, MD 20814, USA.
- Description: Serves as the global headquarters for Marriott’s corporate operations, housing executive offices, administrative functions, and strategic planning teams.
- Features: Modern facilities with a hybrid work model for corporate associates, supporting flexibility and collaboration.
- Employees: Hosts a portion of Marriott’s 418,000 associates, primarily corporate staff.
2. Owned and Leased Hotels
- Description: Less than 1% of Marriott’s 9,361 properties are owned or leased, with the majority operated under management or franchise agreements.
- Count: Approximately 90 properties (estimated based on <1% of 9,361).
- Details:
- Lease Agreements: Include fixed annual rentals plus variable rentals based on revenue thresholds.
- Locations: Primarily in key urban and resort markets across U.S. & Canada, Europe, and Asia Pacific.
- Revenue Model: Generate direct revenue but require capital investment, unlike managed or franchised properties.
3. Customer Care Centers
- Description: Marriott operates customer care centers to support reservations, loyalty program inquiries, and guest services.
- Locations: Not specified in data; likely distributed globally to serve regional markets.
- Employees: Part of the 155,000 associates employed directly by Marriott, excluding hotel staff managed by owners.
4. Development and Training Facilities
- Description: Marriott maintains facilities for associate training, leadership development, and hotel development planning.
- Locations: Not detailed in data; likely integrated with headquarters and regional offices.
- Purpose: Supports Marriott’s human capital strategy, including human trafficking awareness training and leadership programs.
Note: Due to Marriott’s asset-light model, detailed information on owned physical properties (e.g., specific hotel addresses) is limited. The headquarters is the primary owned asset explicitly mentioned.
Founders
Marriott International was founded by J. Willard Marriott and Alice Sheets Marriott, whose vision and entrepreneurial spirit laid the foundation for the company’s global success.
1. J. Willard Marriott
- Role: Founder and Chairman (deceased).
- Background: Born in 1900 in Utah, J. Willard Marriott was a driven entrepreneur with a passion for hospitality. He started with a root beer stand in 1927, leveraging his business acumen to build a restaurant chain and later a hotel empire.
- Contributions:
- Established the Hot Shoppe chain, introducing innovative services like in-car dining.
- Launched Marriott’s first hotel, Twin Bridges Motor Hotel, in 1957, marking the company’s entry into lodging.
- Instilled a people-first culture, emphasizing quality, service, and associate well-being.
- Legacy: J. Willard Marriott’s values continue to guide the company, with his son, J.W. Marriott Jr., serving as Chairman Emeritus.
2. Alice Sheets Marriott
- Role: Co-Founder (deceased).
- Background: Alice Sheets Marriott was J. Willard’s partner in life and business, playing a critical role in the company’s early years. Born in 1907, she brought operational expertise and a commitment to customer satisfaction.
- Contributions:
- Co-managed the Hot Shoppe, overseeing food preparation and service standards.
- Supported the transition to lodging, ensuring Marriott’s reputation for excellence.
- Advocated for community engagement, setting the stage for Marriott’s social impact initiatives.
- Legacy: Alice’s influence is evident in Marriott’s focus on service, quality, and community involvement.
Board of Directors
Marriott International’s Board of Directors, as of March 1, 2025, comprises 13 directors with diverse expertise in hospitality, finance, retail, and governance. Below is a detailed list with their roles and backgrounds.
- David S. Marriott:
- Role: Chairman of the Board.
- Background: Member of the Marriott family, with extensive experience in hospitality operations and strategy.
- Committees: Executive Committee.
- Anthony G. Capuano:
- Role: President, CEO, and Director.
- Background: Joined Marriott in 1995, rising through roles in development and operations. Appointed CEO in 2021, leading global expansion and digital transformation.
- Committees: Executive Committee.
- Isabella D. Goren:
- Role: Director.
- Background: Former CFO of American Airlines and AMR Corporation, with expertise in finance and strategic planning.
- Committees: Audit, Nominating and Corporate Governance.
- Frederick A. Henderson:
- Role: Director.
- Background: Former CEO of SunCoke Energy, Inc., with a background in automotive and energy industries.
- Committees: Audit, Human Resources and Compensation.
- Deborah Marriott Harrison:
- Role: Director.
- Background: Global Cultural Ambassador Emeritus at Marriott, representing the Marriott family’s legacy.
- Committees: Inclusion and Social Impact.
- Lauren R. Hobart:
- Role: Director.
- Background: President and CEO of DICK’S Sporting Goods, with expertise in retail and consumer engagement.
- Committees: Human Resources and Compensation, Inclusion and Social Impact.
- Debra L. Lee:
- Role: Director.
- Background: Former Chairman and CEO of BET Networks, with experience in media and diversity initiatives.
- Committees: Audit, Inclusion and Social Impact.
- Aylwin B. Lewis:
- Role: Director.
- Background: Former Chairman, CEO, and President of Potbelly Corporation, with hospitality and retail expertise.
- Committees: Audit, Human Resources and Compensation, Inclusion and Social Impact.
- Margaret M. McCarthy:
- Role: Director.
- Background: Former Executive VP of CVS Healthcare Corporation, with experience in healthcare and operations.
- Committees: Human Resources and Compensation, Inclusion and Social Impact.
- Grant F. Reid:
- Role: Director.
- Background: Former President and CEO of Mars, Incorporated, with global consumer goods expertise.
- Committees: Audit, Inclusion and Social Impact.
- Horacio D. Rozanski:
- Role: Director.
- Background: Chairman, CEO, and President of Booz Allen Hamilton Inc., with consulting and leadership experience.
- Committees: Audit, Nominating and Corporate Governance.
- Susan C. Schwab:
- Role: Director.
- Background: Professor Emerita at the University of Maryland, with expertise in public policy and trade.
- Committees: Audit, Nominating and Corporate Governance.
- Sean C. Tresvant:
- Role: Director.
- Background: CEO of Taco Bell Corp., with experience in global brand management and consumer markets.
- Committees: Not specified in data.
Chairman Emeritus: J.W. Marriott Jr., former CEO and son of the founder, continues to influence the company’s strategic direction.
Shareholding Details
Marriott International’s Class A Common Stock (ticker: MAR) is listed on the NASDAQ Global Select Market. Below are key shareholding details as of January 31, 2025.
- Outstanding Shares: 275,695,298 shares of Class A Common Stock, $0.01 par value.
- Market Value (Non-Affiliates): $56,461,271,207 as of June 30, 2024.
- Stock Performance (2019-2024):YearMarriott StockS&P 500S&P 500 Hotels Index2019$100.00$100.00$100.002020$87.47$118.39$74.122021$109.56$152.34$88.832022$99.32$124.73$67.292023$152.00$157.48$111.922024$189.89$196.84$147.93
- Dividends:
- 2023: $0.40 (Q1), $0.52 (Q2-Q4).
- 2024: $0.52 (Q1), $0.63 (Q2-Q4).
- Share Repurchases: Marriott repurchased shares worth $3.4 billion in 2024, part of a $4.4 billion return to shareholders.
- Major Shareholders: Not detailed in data; likely includes institutional investors and Marriott family members (e.g., David S. Marriott, Deborah Marriott Harrison).
Parent Company Details
Marriott International, Inc. is a standalone public company with no parent company. It operates as the ultimate holding entity for its subsidiaries, including Marriott Worldwide Corporation and Starwood Hotels & Resorts Worldwide, LLC.
Investment Details
Marriott International’s investment activities primarily focus on strategic partnerships, joint ventures, and capital expenditures for technology and development. Below is a list of passive and active investments.
- MGM Resorts International Partnership:
- Description: Agreement to integrate 38,000 rooms into Marriott’s portfolio under the MGM Collection with Marriott Bonvoy.
- Investment Type: Licensing partnership, no equity stake.
- Impact: Added 12 properties (26,210 rooms) in 2024, enhancing U.S. presence.
- Sonder Holdings Inc. Agreement:
- Description: Long-term licensing deal for apartment-style accommodations.
- Investment Type: Licensing partnership, no equity stake.
- Impact: Added 163 properties (9,195 rooms), primarily in U.S. and Europe.
- Unconsolidated Joint Ventures:
- Description: Minority stakes in hotel development projects.
- Investment Type: Passive equity investments (<50% ownership).
- Details: Contribute to Adjusted EBITDA; specific ventures not disclosed.
- Capital Expenditures:
- Description: Investments in technology transformation (reservations, loyalty systems) and owned/leased properties.
- Amount: Estimated at $600 million in 2024 (based on cash flow assumptions).
- Purpose: Enhance digital platforms and maintain owned assets.
Note: Exact investment percentages and details for joint ventures are not provided in the data.
Future Investment Plans
Marriott International’s future investment plans focus on growth, innovation, and sustainability, aligning with its strategic priorities. Below are key areas of planned investment.
- Development Pipeline Expansion:
- Plan: Leverage the 577,000-room pipeline to add new properties, with a focus on midscale (StudioRes, City Express) and luxury brands.
- Investment: Continued funding for deal signings and development support, estimated at $500-700 million annually.
- Timeline: Ongoing through 2025 and beyond, targeting 6-7% annual net rooms growth.
- Technology Transformation:
- Plan: Complete multi-year upgrades to reservations, property management, and loyalty systems, enhancing digital capabilities like Mobile Key and personalized offers.
- Investment: Significant portion of capital expenditures (~$200-300 million annually).
- Timeline: Multi-year initiative, with key milestones expected by 2026.
- Sustainability Initiatives:
- Plan: Achieve science-based emissions reduction targets, increase renewable energy use, and expand resource-efficient hotel designs.
- Investment: Embedded in operational budgets, with potential for $100-150 million in sustainability projects.
- Timeline: Near-term targets by 2030, long-term by 2050.
- New Brand Offerings:
- Plan: Launch StudioRes and expand outdoor-focused brands (Postcard Cabins, Trailborn) to capture new market segments.
- Investment: Licensing and marketing support, estimated at $50-100 million in 2025.
- Timeline: StudioRes rollout in 2025; outdoor brands to grow through 2027.
- Shareholder Returns:
- Plan: Continue dividends and share repurchases, targeting $4-5 billion annually, subject to cash flow generation.
- Investment: Funded through operational cash flows (~$2.7 billion in 2024).
- Timeline: Ongoing, with quarterly dividend reviews.
Marriott’s investment strategy balances growth, innovation, and shareholder value, positioning the company for sustained leadership in the global hospitality industry.
Conclusion
Marriott International stands as a beacon of excellence in the hospitality industry, driven by its diverse brand portfolio, robust loyalty program, and unwavering commitment to its core values. With 9,361 properties across 144 countries, a 577,000-room pipeline, and nearly 228 million Marriott Bonvoy members, Marriott continues to redefine travel experiences. Its financial strength, evidenced by $4.4 billion in shareholder returns and 7% growth in adjusted EBITDA, underscores its operational resilience. As Marriott looks to the future, its focus on technology, sustainability, and new market segments ensures it will remain a global leader, connecting people through the power of travel.
