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Marriott International, Inc.
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2019 Vault Rankings

At a Glance

Uppers

Well-respected hotel company with over 6,000 properties world-wide

Reputation for being a good company for employees

Downers

Office politics in some locations

The Bottom Line

Large company with many different hotel brands ranging from budget to luxurious with over 30,000 employees

About Marriott International, Inc.

Marriott International is one of the world's leading hoteliers. The company operates or franchises some 7,300 hotel, residential, and timeshare properties worldwide. Its hotel portfolio, which comprises nearly 1.4 million guest rooms, includes the premium Delta Hotels and Renaissance Hotels brands and its flagship Marriott Hotels & Resorts as well as the Ritz-Carlton, W Hotels, The Luxury Collection, and JW Marriott luxury brands. Additionally, the company operates the select-service and extended-stay brands Courtyard and Fairfield Inn. I North America accounts for about 80% of Marriott International's revenue.

Operations

Marriott International operates through three reportable business segments: North American Full-Service, North American Limited-Service, and Asia/Pacific segment.

The North American Full-Service generates nearly 65% of Marriott International's total revenue. It includes Marriott's luxury and premium brands (JW Marriott, The Ritz-Carlton, W Hotels, and others) located primarily in the US and Canada.

The North American Limited-Service segment accounts for more than 15% of sales and consists of Courtyard, Residence Inn, Fairfield Inn & Suites, and other hotels in the US and Canada.

The Asia/Pacific segment, which has hotels in Japan, accounts for around 5% of sales. Other operations, including corporate and international operations in EMEA, Latin America, and beyond, account for about 10% of sales but are not part of Marriott International's core reportable business units.

Geographic Reach

Based in Maryland, Marriott International's presence extends to more than 130 countries in North America, Latin America, the Caribbean, Europe, the Middle East and Africa, and Asia Pacific.

Operations in North America account for about 80% of total company revenue.

Sales and Marketing

Marriott International's marketing activities include email, online advertising, and postal mailing. It encourages cross-brand loyalty via a point-based membership scheme based on money spent at hotels, on timeshare intervals, fractional ownership, and residential products.

The company's advertising costs were $851 million in 2019, $660 million in 2018, and $562 million in 2017.

Financial Performance

Over the past five years, Marriott International's revenue has trended upwards.

Revenue growth slowed in 2019 with the company reporting a 1% uptick to $21.0 billion over 2018 results. Modest increases in franchise fees as well as base management , partially offset by incentive management fees (percentages of revenue earned in exchange for services Marriott provides to its managed hotels) across its three operating units drove the company's mild top-line increase.

A higher expenses in 2019 cause net income fell 33% to $1.3 billion over 2018 results.

Cash on hand at the end of 2019 was $523 million, down $107 million from cash at the end of the previous year. Operating activities added $1.7 billion to the coffers, while investing activities used $284 million and financing activities used $1.5 billion, mostly for the purchase of treasury stock.

Strategy

Building on the momentum of its of 2016 Starwood Hotels and Resorts acquisition, Marriott International is pushing ahead with an aggressive growth plan to open more than 1,700 hotels around the world by 2021. Marriott will outline its plan to add between 275,000 and 295,000 rooms by 2021, supported by the strength of its record 478,000-room pipeline, including roughly 214,000 rooms already under construction. Marriott will disclose that its new room openings during this period could contribute $400 million in fee revenue in 2021 and $700 million annually when stabilized.

The Starwood acquisition boosted Marriott's international presence, particularly in the Asia-Pacific region, and the company is now looking to expand its geographic footprint in the region by opening hotels in China (which accounts for 50% of the company's Asia-Pacific presence), India, Indonesia, Australia, the Philippines. The company is also planning to open 100 new properties in the Middle East by 2023. Marriott estimates its development pipeline through 2023 represents up to $8 billion of investment from property owners and is expected to generate over 20,000 new jobs across the region.

Hotel rooms are not the only thing Marriott has to offer. To compete with HomeAway and Airbnb, in 2019 the company expanded into the home rental business through its Homes & Villas unit. Homes & Villas offers guests premium and luxury home rentals in more than 100 destinations in the US, Europe, the Caribbean, and Latin America. Its more than 2,000 unique homes range from four-bedroom cottages in California wine country to an 18th century Irish Castle that sleeps more than a dozen guests. Marriott's home rentals are offered at higher price points than many of its hotel rooms and boast an average guest stay that's three times longer than the average hotel stay.

Mergers and Acquisitions

In 2019, Marriott completed the acquisition of Elegant Hotels Group plc ("Elegant") for $128 million in cash and assumed Elegant's net debt outstanding of $63 million, which we subsequently repaid in January 2020. As a result of the transaction, we added seven hotels and a beachfront restaurant on the island of Barbados to our Caribbean and Latin America owned and leased portfolio.

Also in 2019, the company purchased the W New York - Union Square, a North American Full-Service property, for $206 million.

Company Background

Marriott International began in 1927 as a Washington, DC, root beer stand operated by John and Alice Marriott. Later they added hot food and named their business the Hot Shoppe. In 1929 the couple incorporated and began building a regional chain.

Hot Shoppes opened its first hotel, the Twin Bridges Marriott Motor Hotel, in Arlington, Virginia, in 1957. When the Marriotts' son Bill became president in 1964 (CEO in 1972, chairman in 1985), he focused on expanding the hotel business. The company changed its name to Marriott Corp. in 1967.

Marriott split its operations into two companies in 1993: Host Marriott to own hotels, and Marriott International primarily to manage them. However, Marriott International still owned some of the properties, and in 1995 it bought 49% of the Ritz-Carlton luxury hotel group.

In 1998, after the division of its lodging and food distribution services, the new Marriott International then began trading as a separate company. That year Marriott also acquired the rest of Ritz-Carlton.

Marriott International, Inc.

10400 Fernwood Rd
Bethesda, MD 20817-1102
Phone: 1 (301) 380-3000

Firm Stats

Employer Type: Publicly Owned
Stock Symbol: MAR
Stock Exchange: , NASDAQ
Chairman: John W. Marriott
CFO: Kathleen K. Oberg
President and CEO: Arne M. Sorenson
Employees (This Location): 3,000
Employees (All Locations): 174,000

Major Office Locations

Bethesda, MD

Other Locations

Birmingham, AL
Hoover, AL
Mobile, AL
Orange Beach, AL
Little Rock, AR
North Little Rock, AR
Cave Creek, AZ
Chandler, AZ
Phoenix, AZ
Scottsdale, AZ
Sedona, AZ
Sierra Vista, AZ
Tempe, AZ
Tucson, AZ
Burlingame, CA
Carlsbad, CA
Corona, CA
Cupertino, CA
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El Segundo, CA
Fremont, CA
Hawthorne, CA
Indian Wells, CA
Irvine, CA
Laguna Hills, CA
La Jolla, CA
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Long Beach, CA
Los Angeles, CA
Millbrae, CA
Murrieta, CA
Newark, CA
North Hollywood, CA
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Oceanside, CA
Ontario, CA
Palm Desert, CA
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Pomona, CA
Rancho Cordova, CA
Rancho Cucamonga, CA
Rancho Mirage, CA
Redondo Beach, CA
Sacramento, CA
San Diego, CA
San Francisco, CA
San Rafael, CA
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Scotts Valley, CA
Sonoma, CA
South San Francisco, CA
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Warner Robins, GA
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Princeville, HI
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