Marriott International Inc

(NASDAQ:MAR)

Marriott International, Inc. (Marriott International) is a lodging company. Marriott International operates in three business segments: North American Full-Service, North American Limited-Service and International. Its North American Full-Service segment includes its Luxury and Premium brands (JW Marriott, Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Le Meridien, Autograph Collection Hotels, Delta Hotels, Gaylord Hotels, and Tribute Portfolio) located in the United States and Canada. Its North American Limited-Service segment includes Select brands (Courtyard, Residence Inn, Fairfield Inn & Suites, SpringHill Suites, Element Hotels and Moxy Hotels) located in the United States and Canada. Its International segment includes JW Marriott, St. Regis, EDITION, Bulgari Hotels & Resorts, Marriott Hotels, Sheraton, Westin, Four Points, Aloft Hotels, AC Hotels by Marriott, Protea Hotels, Element Hotels, and Moxy Hotels located outside the United States and Canada.

$144.07 2.94 (2.08%)

Quote Date: Jan 19, 4:15PM EST

Data delayed 15 minutes
Currency in USD

MAR News

    On The Fly: Top five analyst downgrades


    Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Acorda Therapeutics (ACOR) was downgraded to Hold from Buy at Stifel and to Underperform from Market Perform at Raymond James. 2. Verifone (PAY) downgraded to Outperform from Strong Buy at Raymond James with analyst Wayne Johnson saying he is cautious on fiscal 2018 Systems Solutions revenue growth and earnings and thinks it will be dominated by older, flagship architecture and said he can not verify traction in its next-generation Carbon and Engage PoS devices, which lack commitment from a large, domestic name brand retailer. 3. Marriott (MAR) downgraded to Market Perform from Outperform at Bernstein. 4. Emerson (EMR) downgraded to Market Perform from Outperform at Cowen with the firm saying its increased offer for Rockwell (ROK), if accepted, would result in a very low return for years. 5. NetEase (NTES) downgraded to Sell from Underperform at CLSA with analyst Man Ho Lam saying third quarter results were disappointing and expects negative revenue and earnings momentum to continue into the first half of 2018. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, [click here.]:Link

    ACOR;PAY;MAR;EMR;NTES11/16 10:26 EDT

    Marriott downgraded to Market Perform from Outperform at Bernstein

    MAR11/16 07:12 EDT

    Slowing Airbnb adoption a positive for hotels, says Morgan Stanley


    A team of Morgan Stanley analysts led by Brian Nowak said the firm's latest AlphaWise survey indicated that Airbnb adoption has slowed in the U.S. and EU, which is making them a bit more bullish on the lodging space. Given the survey findings, the firm is raising its 2018 and 2019 EBITDA estimates for the group by 0.4% and 1.5%, respectively, on average, and raised its price targets on Hilton (HTL), Marriott (MAR), Hyatt (H) and Choice Hotels (CHH). Other lodging companies covered by Morgan Stanley and mentioned in the note include La Quinta (LQ) and Extended Stay America (STAY), though the price targets on both of those Equal Weight rated names were maintained.

    LQ;STAY;HLT;MAR;H;CHH11/10 08:40 EDT

    Marriott increases share buyback authorization by additional 30M shares


    Marriott International announced that its board has increased the authorization to repurchase the company's Class A common stock by an additional 30M shares, for a total of approximately 37.5M shares currently authorized for repurchase. Shares may be purchased in the open market or in privately negotiated transactions. Year to-date the company has repurchased 23.9M shares.

    MAR11/9 12:33 EDT

    Marriott price target raised to $108 from $96 at SunTrust


    SunTrust analyst C. Patrick Scholes raised his price target on Marriott to $108 and kept his Hold rating following Q3 earnings. Scholes says the company has been a beneficiary of investor rotation into higher quality Lodging from other sectors but remains guarded in terms of multiple expansion because of the likely moderating industry fundamentals, even though conversations with private hotel owners do not suggest bad news in the near future.

    MAR11/9 09:33 EDT

    Marriott says international arrival data 'difficult to get'


    Marriott said it has seen "modest" decrease in international arrivals to U.S. from all foreign sources in 2017, says will have to see if that changes in 2018.

    MAR11/8 11:11 EDT

    Marriott says Alibaba China relationship to be 'great lift'

    MAR;BABA11/8 10:51 EDT

    Marriott sees returning $3.5B to shareholders this FY


    Now expects to return $3.5B to shareholders for FY, an increase from previous guidance due to $350M of asset recycling, lower and later capital spending, higher working capital.

    MAR11/8 10:24 EDT

    Marriott: Corporate group, transient demand cautious, has seen few cancellations


    Marriott CEO Arne Sorenson said on the company's Q3 earnings call that leisure demand was "strong" in Q3. He said that while corporate group and transient demand "cautious," Marriott has seen few cancellations. The company said hurricanes during Q3 boosted North America RevPar by 25bps. Marriott says five hotels remain closed in Florida and five in Texas following the hurricanes. Sorenson sees North American group business pace up in Q4. Sorenson also noted that Q1 lodging demand will have "tough" comparisons. The executive said Marriott is not seeing project cancellations or hesitancy to sign deals, but says construction cycles may be delayed "a few months." Expects $250M of G&A savings from Starwood deal in 2018.

    MAR11/8 10:17 EDT

    Marriott price target raised to $115 from $98 at Stifel


    Stifel analyst Simon Yarmak noted that Marriott reported better than expected Q3 earnings and raised its fiscal year EPS guidance, also pointing out that the company continues to be aggressive with its buying back of stock. He raised his price target on the stock $115 from $98 following the report and maintains a Hold rating on Marriott shares.

    MAR11/8 07:24 EDT

    Marriott sees 2017 investment spending about $550M-$650M


    Including approximately $175M for maintenance capital.

    MAR11/7 16:49 EDT

    Marriott sees FY17 N. America comparable systemwide RevPAR up 1%-2%


    For the full year 2017, Marriott expects comparable systemwide RevPAR on a constant dollar basis for the combined company will increase 1 to 2 percent in North America, roughly 5 percent outside North America and 2 to 3 percent worldwide. Marriott anticipates gross room additions of nearly 7 percent and room deletions of 1 to 1.5 percent for full year 2017.

    MAR11/7 16:40 EDT

    Marriott sees Q4 N. America comparable systemwide RevPAR up 2%-3%


    The company's guidance for fourth quarter RevPAR growth in North America reflects the shift of the Jewish holidays, which occurred in the third quarter of 2017 compared to the fourth quarter of 2016. The company expects fourth quarter comparable systemwide RevPAR on a constant dollar basis will increase 3 to 5 percent outside North America and 2 to 3 percent worldwide.

    MAR11/7 16:39 EDT

    Marriott sees FY17 EPS $4.22-$4.24, consensus $4.15

    MAR11/7 16:38 EDT

    Marriott sees Q4 EPS 98c-$1.00, consensus $1.02

    MAR11/7 16:37 EDT

    Marriott sees FY18 comparable systemwide RevPAR up 1%-3%


    "For 2018, we expect comparable systemwide RevPAR on a constant dollar basis will increase 1 to 3 percent worldwide and 3 to 5 percent outside North America, while RevPAR in North America should be flat to up 2 percent. Group revenue pace for our North American full-service hotels is up nearly 2 percent. We anticipate our number of rooms will increase roughly 7 percent, gross, in 2018, while rooms deletions should total 1 to 1.5 percent during the year."

    MAR11/7 16:36 EDT

    Marriott added nearly 22,800 rooms during Q3


    Including more than 3,600 rooms converted from competitor brands and roughly 8,000 rooms in international markets. At quarter-end, Marriott's worldwide development pipeline increased to approximately 450,000 rooms, including 41,000 rooms approved, but not yet subject to signed contracts.

    MAR11/7 16:35 EDT

    Marriott: Q3 worldwide comparable systemwide constant dollar RevPAR up 2.1%


    North American comparable systemwide constant dollar RevPAR rose 0.4% in Q3.

    MAR11/7 16:34 EDT

    Marriott sees FY17 adjusted EBITDA $3.177B-$3.192B


    Or up 6%-7% y/y.

    MAR11/7 16:32 EDT

    Marriott reports Q3 adjusted EPS $1.10, consensus 99c


    Reports Q3 revenue $5.66B, consensus $5.3B.

    MAR11/7 16:31 EDT

    Notable companies reporting after market close


    Notable companies reporting after the market close, with earnings consensus, include Marriott (MAR), consensus 22c... DXC Technology (DXC), consensus $1.53... Snap (SNAP), consensus (15c)... Continental Resources (CLR), consensus 4c... Alnylam Pharmaceuticals (ALNY), consensus ($1.27)... DaVita (DVA), consensus 94c... Take-Two Interactive Software (TTWO), consensus 74c... Pilgrim's Pride (PPC), consensus 78c... Zillow (ZG), consensus 17c... Match (MTCH), consensus 22c... Blue Buffalo Pet Products (BUFF), consensus 25c... ACADIA Pharmaceuticals (ACAD), consensus (62c)... Planet Fitness (PLNT), consensus 16c... LendingClub (LC), consensus 3c... Synaptics (SYNA), consensus 97c... Fossil (FOSL), consensus (28c).

    MAR;DXC;SNAP;CLR;ALNY;DVA;TTWO;PPC;ZG;MTCH;BUFF;ACAD;PLNT;LC;SYNA;FOSL11/7 14:04 EDT

    Marriott call volume above normal and directionally bullish


    Bullish option flow detected in Marriott with 4,198 calls trading, 1.0x expected, and implied vol increasing over 1 point to 30.27%. Jan-18 115 calls and Apr-18 125 calls are the most active options, with total volume in those strikes near 2,800 contracts. The Put/Call Ratio is 0.05. Earnings are expected on November 7th.

    MAR11/2 13:05 EDT

    Marriott Vacations initiated with a Buy at Nomura Instinet


    Nomura Instinet analyst Brian Dobson started Marriott Vacations Worldwide (VAC) with a Buy rating and $151 price target. The analyst views the company's EBITDA growth as "compelling" and sees potential for increasing capital returns over the next two years. He believes the Street is underestimating Marriott Vacations' ability to leverage Marriott's (MAR) "best-in-class" loyalty program.

    VAC;MAR10/25 06:59 EDT

    Apple Hospitality acquires two residence inns by Marriott


    Apple Hospitality REIT (APLE) announced that it acquired the 179-room Residence Inn by Marriott (MAR) Portland Downtown/Waterfront and the 136-room Residence Inn by Marriott Salt Lake City Murray. On October 13, 2017, Apple Hospitality acquired the Residence Inn by Marriott Portland Downtown/Waterfront, located at 145 Fore Street in Portland, Maine, for a purchase price of approximately $55.8M or $311,500 per key. The hotel is located on Portland's waterfront within walking distance of Portland's Historic Old Port District, Portland's cruise ship terminals, and a variety of restaurants, art galleries and entertainment venues. The hotel is also convenient to the University of Southern Maine, Maine Medical Center and numerous corporate offices. According to data provided by STR for the 12-month period ending September 30, 2017, RevPAR for the Portland, Maine submarket improved by approximately 5 percent, as compared to the previous 12-month period. On October 20, 2017, the Company acquired the Residence Inn by Marriott Salt Lake City Murray, located at 171 East 5300 South in Murray, Utah, for a purchase price of approximately $25.5M, or $187,500 per key. In addition to its close proximity to downtown Salt Lake City and numerous ski resorts, the hotel is ideally located near Intermountain Medical Center and a variety of shopping and dining options. According to data provided by STR for the 12-month period ending September 30, 2017, RevPAR for the Salt Lake City South submarket improved by approximately 9 percent, as compared to the previous 12-month period.

    APLE;MAR10/23 09:04 EDT

    Week in review: How Trump's policies moved stocks


    Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Trump and his administration with this weekly recap compiled by The Fly: 1. COST SHARING SUBSIDIES: On Monday, Leerink analyst Ana Gupte told investors that she sees the Healthcare Facilities and Centene (CNC) most structurally impacted to the downside in 2019 and beyond at 15% of earnings, if there is no legislative or other budgetary compromise to restore the Cost Sharing Subsidies after President Trump's executive action to stop funding them. The analyst also noted that Healthcare Facilities also face a structural headwind in 2019 and beyond with Exchanges contributing 1%-5% of EBITDA. In the near-term in 2017, Gupte says Molina Healthcare (MOH) faces transient balance sheet pressure with the fourth quarter unfunding placing pressure of $135M and wiping excess parent cash possibly necessitating an equity raise, while other HIX plans Anthem (ANTM), Centene and Cigna (CI) can offset with their excess capitalization at the subsidiaries and at the parent. 2. HEALTHCARE DEAL: Republican Senator Lamar Alexander said on Tuesday that he and Democratic Senator Patty Murray have reached a bipartisan deal to extend key Obamacare payments to insurers for two years, according to The Hill. President Trump had announced last week he was cutting off the payments, the report noted. The day after, President Donald Trump tweeted: "I am supportive of Lamar as a person & also of the process, but I can never support bailing out ins co's who have made a fortune w/ O'Care." His tweet is an apparent reference to reports regarding the bipartisan deal to extend key Affordable Care Act payments to insurers for two years. Publicly traded healthcare insurance companies include Aetna (AET), Anthem, Centene, Cigna, Health Net (HNT), Humana (HUM), Molina Healthcare, UnitedHealth (UNH) and WellCare (WCG). Publicly traded hospital operators include Community Health (CYH), HCA Healthcare (HCA), LifePoint (LPNT), Tenet (THC) and Universal Health (UHS). 3. TAX REFORM: Late Thursday night and by a vote of 51-49, Senate Republicans passed a fiscal 2018 budget, with every single Democrat voting against it. The budget is not a legally binding document, but serves as an outline of federal spending and revenues, according to ABC News. The measure should add an estimated $1.5T to the deficit over the next 10 years, contains about $5.1T in spending cuts, and is now headed to the House for approval. Further, the budget framework sets up rules that allow for a reconciliation process, under which the bill only needs a simple majority of 51 votes to clear the Senate chamber, and with Democrats not allowed to filibuster on the floor. 4. IMMIGRATION: According to a report by Reuters on Friday, about two dozen major companies are planning to launch The Coalition for the American Dream to urge Congress to pass bipartisan legislation to enable young, illegal immigrants to continue working in the U.S. The move, by companies including Alphabet's Google (GOOG, GOOGL), Microsoft (MSFT), Facebook (FB), Intel (INTC), Uber, IBM (IBM), Marriott International (MAR) and Univision, follows President Trump's decision to let the Deferred Action Childhood Arrivals program expire in March.

    CNC;MOH;CI;ANTM;AET;HNT;HUM;UNH;WCG;CYH;HCA;LPNT;THC;UHS;GOOG;GOOGL;MSFT;FB;INTC;IBM;MAR10/21 09:24 EDT

    Tech companies to push for 'Dreamers' to remain in U.S., Reuters reports


    About two dozen major companies are planning to launch The Coalition for the American Dream to urge Congress to pass bipartisan legislation to enable young, illegal immigrants to continue working in the U.S., Reuters reports, citing documents. The move, by companies including Alphabet's Google (GOOG, GOOGL), Microsoft (MSFT), Facebook (FB), Intel (INTC), Uber, IBM (IBM), Marriott International (MAR) and Univision, come following President Trump's decision to let the Deferred Action Childhood Arrivals program expire in March. [Reference Link]:Link

    GOOG;GOOGL;MSFT;FB;INTC;IBM;MAR10/20 07:24 EDT

    Marriott says Ed Ryan to retire as general counsel


    Marriott International announced that EVP and general counsel Ed Ryan will retire from the position. Ed will continue as general counsel through early December, at which point he'll transition to an advisory role to company president and CEO, Arne Sorenson, through 2018. The company anticipates announcing Ed's successor shortly.

    MAR10/17 12:39 EDT

    Microsoft proposes election of new board members


    Microsoft (MSFT) released its annual proxy statement and announced two nominations to its board of directors. The nominees are Penny Pritzker, founder and chairman of PSP Capital and former U.S. Secretary of Commerce, and Arne Sorenson, president and CEO of Marriott International (MAR). Both are accomplished leaders and will bring significant global experience to Microsoft. They will be presented for election at the company's annual shareholders meeting on Nov. 29.

    MSFT;MAR10/16 16:44 EDT

    Marriott expects to receive about $650M in Avendra sale to Aramark


    Marriott (MAR) announced that the owners of Avendra have reached a binding agreement to sell Avendra to Aramark (ARMK) for $1.35M. After redemption of management participation rights, transaction costs, and repayment of Avendra's outstanding debt, Avendra's founding shareholders, Marriott, Hyatt (H), Accor, ClubCorp (MYCC), and IHG (IHG), expect to receive approximately $1.18B in cash proceeds from the transaction. Marriott expects to receive approximately $650M for its 55% interest in Avendra. Marriott's original investment in Avendra totaled $13M and was recovered from dividends from the business. As part of the purchase agreement, also on behalf of its managed hotel system in the Americas, Marriott will enter into a 5-year procurement service agreement with Aramark. While the transaction will benefit owners and franchisees of its hotels, Marriott expects the transaction will be immaterial to its financial results.

    MAR;ARMK;H;MYCC;IHG10/16 05:35 EDT

    ILG likely to attract higher bid from Marriott Vacations, says SunTrust


    After Bloomberg reported that Marriott Vacations (MAR) had bid about $30 per share for ILG (ILG), SunTrust analyst C. Patrick Scholes believes that Marriott Vacations will offer a higher price. He says that a merger between the companies "could make sense," since both companies have a relationship with Marriott (MAR). The analyst remains upbeat on ILG's prospects as a stand-alone company and keeps a $29 price target and a Buy rating on the shares.

    ILG;VAC;MAR10/4 07:39 EDT

    Notable open interest changes for October 2nd


    Friday's total option volume of 16.8 million contracts resulted in net open interest growth of 2.74 million calls and 3.67 million puts. Apple (AAPL), Micron (MU), Marriott (MAR) and Bank of America (BAC) saw the greatest growth. Top five new positions opened include 50k Altaba Inc (AABA) Jan-18 40 puts, 47k Sprint (S) Nov-17 8 calls, 30k Marriott (MAR) Jan-19 150 calls, 30k Marriott (MAR) Jan-19 155 calls and 30k Marriott (MAR) Jan-19 135 calls.

    AAPL;MU;MAR;BAC10/2 08:55 EDT

    Unusual call flow in option market yesterday


    Notable call activity was cited Friday in Apple (AAPL), Micron (MU), Sprint (S), CSX (CSX), Energy Transfer Equity (ETE), Gap (GPS), Union Pacific (UNP), Marriott (MAR), Fairmount Santrol (FMSA), and GNC Holdings (GNC).

    AAPL;MU;S;CSX;ETE;GPS;UNP;MAR;FMSA;GNC10/2 07:35 EDT

    Marriott CEO says business generates 'a lot of cash,' will continue buybacks


    The Marriott CEO responded to a question on the company's stock valuation in reference to its share repurchase strategy. The CEO is speaking in a CNBC interview.

    MAR9/27 10:46 EDT

    Marriott CEO says tax reform not a big impact now, not a lot of offshore money


    The Marriot CEO is speaking in a CNBC interview.

    MAR9/27 10:41 EDT

    Marriott management to meet with JPMorgan


    Meeting to be held in New York on September 27 hosted by JPMorgan.

    MAR9/21 18:32 EDT

    Call buyer opens a notable new position in Marriott options


    Call buyer opens a notable new position in Marriott options. The stock down 27c to $106.49 and 20K Nov 115 calls bought for $1.30 along with 20K Nov 120 calls for 63c, verses the sale of 610K shares at $106.15. The option action will create the second and third largest open interest in the name behind 24.7K at the Oct 105 call strike. The company is presenting today at a BofA Gaming and Lodging Conference. Earnings expected 11/6 and inside the November expiration.

    MAR9/14 14:50 EDT

    Bofa/Merrill to hold a conference


    2017 Gaming & Lodging Conference is being held in New York on September 14.

    STAY;MAR;CZR9/14 08:26 EDT

    Marriott upgraded to Outperform from Peer Perform at Wolfe Research


    Wolfe Research upgraded Marriott to Outperform with a $109 price target citing the recent pullback in shares.

    MAR8/30 09:32 EDT

    Marriott, Hilton weakness creates buying opportunity, says Bernstein


    Bernstein analyst David Beckel says that the decline in the shares of Marriott (MAR) and Hilton (HLT) has created a "near-term buying opportunity." The analyst says that Marriott's stock fell following its results even though it reported "perfectly respectable earnings," while Hilton declined in sympathy. He says that Marriott is trading below its historical average relative to the S&P and predicts that the lodging sector will "trudge on rather than decelerate further.."

    MAR;HLT8/16 08:47 EDT

    Marriott put volume heavy and directionally bearish


    Bearish flow noted in Marriott with 4,226 puts trading, or 2.0x expected. Most active are Aug-17 99.5 puts and 8/11 weekly 100 puts, with total volume in those strikes near 2,400 contracts. The Put/Call Ratio is 2.67, while ATM IV is up over 1 point on the day. Earnings are expected on November 6th.

    MAR8/10 15:15 EDT

    Unusual call flow in option market yesterday


    Notable call activity was cited Wednesday in Gilead (GILD), Rite Aid (RAD), Comcast (CMCSA), Marriott (MAR), TJX (TJX), Wix.com (WIX), Fortuna Silver Mines (FSM), Guess (GES), and Impax (IPXL).

    GILD;RAD;CMCSA;MAR;TJX;WIX;FSM;GES;IPXL8/10 07:35 EDT

    Bullish option play in Marriott as shares extend losses


    Bullish option play in Marriott as shares extend losses. The stock fell 2.1% on earnings Tuesday and is down another $2.02 to $101.93 midday Wednesday. 2.5K Sep 8th 103 - 106, 1X2, call spreads bought for 15c. The new position is likely "stock repair" and targets a rebound to $106 through 9/8. 52-week high of $110.06 was set early-June.

    MAR8/9 12:20 EDT

    Marriott target raised to $113 after Q2 results at JPMorgan


    JPMorgan analyst Joseph Greff raised his price target for Marriott International shares to $113 from $111 following the company's Q2 results. The analyst continues to see "attractive" 17% annual earnings growth through 2019. He keeps an Overweight rating on Marriott.

    MAR8/8 07:36 EDT

    Marriott should be bought on pullbacks, says Citi


    Citi analyst Smedes Rose says Marriott International's core trends in Q2 were modestly ahead of expectations while its outlook is largely unchanged through the balance of the year. The analyst believes this could drive near-term weakness in shares. Marriott has "numerous levers to outsized earnings growth" going forward and the stock should be bought opportunistically on pullbacks, Rose writes in a post-earnings research note. The analyst keeps a Buy rating on Marriott shares with a $120 price target.

    MAR8/8 06:38 EDT

    Marriott CFO: Sales market good except for Rio


    Marriott (MAR) says it wants to sell 18 hotels, 12 from Starwood (HOT). Says expects North America group pace up "modestly" in 2018.

    MAR;HOT8/7 18:07 EDT

    Marriott sees returning over $2.5B in FY17


    Says increased share return view due to increase in asset sales. Sees $700M asset sale reinvestment by the end of 2018.

    MAR8/7 17:51 EDT

    Marriott sees FY17 incentive fees up mid-single digits

    MAR8/7 17:47 EDT

    Marriott sees Q3, Q4 APAC RevPAR up mid-single digit rate


    Marriott (MAR) says relationship with Alibaba (BABA) will expand customer base in China. Says already has 52 hotels opened or in the pipeline in Shanghai. Says most Chinese consumers travel on their own, not through tours. Sees Q3 and Q4 RevPAR in APAC region to increase at mid-single digit rate. Says Alibaba deal signed 600,000 frequent guests. Sees Q3, Q4 RevPAR in Europe region to increase at a mid-single digit rate. Comments taken from Q2 earnings conference call.

    MAR;BABA8/7 17:40 EDT

    Marriott sees FY17 EPS $4.06-$4.18, consensus $4.04

    MAR8/7 16:56 EDT

    Marriott sees Q3 EPS 96c-99c, consensus $1.01


    Sees Q4 EPS 96c-$1.05.

    MAR8/7 16:56 EDT

Data At A Glance (Annual)


  TTM 2017201620152014
Revenue (Millions) $22,475$17,019$17,072$14,486$13,796
Base Management Fees Revenue (Millions) $1,086$818$806$698$672
Cost of Revenue Expense (Millions) $18,851$14,277$14,446$12,363$11,830
Cost Reimbursements Revenue (Millions) $17,415$13,208$13,546$11,630$11,055
Current Assets (Millions) $2,944$2,944$3,371$1,384$1,921
Current Debt (Millions) $398$398$309$300$324
Current Liabilities (Millions) $5,608$5,608$5,147$3,233$3,060
Deferred Taxes (Millions) -$0-$0-$0-$0-$0
Depreciation, amortization, and other Expense (Millions) $289$218$168$139$148
EBITDA (Millions) $2,620$2,091$1,586$1,561$1,351
Financing Cash Flow (Millions) -$3,204-$2,456$1,589-$1,805-$933
Franchise Fees Revenue (Millions) $1,503$1,207$1,069$853$745
Free Cash Flow (Millions) $1,990$1,632$1,303$1,004$748
General, administrative, and other Expense (Millions) $869$635$704$634$659
Goodwill (Millions) $9,182$9,182$7,598$943$894
Gross Profit (Millions) $927$927$882$530$503
Incentive Management Fees Revenue (Millions) $586$437$425$319$302
Interest Expense (Millions) $291$216$234$167$115
Investing Cash Flow (Millions) $268$190-$2,409$367-$313
Merger-related costs and charges Expense (Millions) $236$100$386----
Net Income (Millions) $1,415$1,171$780$859$753
Net Interest Income (Millions) -$0-$0-$0-$0-$0
Operating Income (Millions) $2,230$1,789$1,368$1,350$1,159
Operating Costs and Expenses: Owned, leased, and other - direct Expense (Millions) $1,436$1,069$900$733$775
Owned, leased and other revenue Revenue (Millions) $1,885$1,349$1,226$986$1,022
Reimbursed costs Expense (Millions) $17,415$13,208$13,546$11,630$11,055
Research & Development (Millions) -$0-$0-$0-$0-$0
Selling, General & Administrative Expense (Millions) $1,355$735$1,112$634$659
Share Count (Millions) 366366381256276
Total Assets (Millions) $24,236$24,236$24,140$6,082$6,865
Total Debt (Millions) $8,669$8,669$8,506$4,107$3,781
Total Equity (Millions) $4,512$4,512$5,357-$3,590-$2,200
Total Liabilities (Millions) $19,724$19,724$18,783$9,672$9,065
North America AC Hotels by Marriott Units 625135171
North America AC Hotels by Marriott Number of Rooms 4,4234,4231,913911220
North America Aloft Units 358277161----
North America Aloft Number of Rooms 14,56514,56512,096----
North America Autograph Collection Hotel Units 275211243204149
North America Autograph Collection Hotels Number of Rooms 16,23616,23614,29913,13510,315
North America Courtyard Units 3,8992,9383,7693,6083,446
North America Courtyard Number of Rooms 138,353138,353135,196129,041124,990
North America Delta Hotel and Resorts Number of Rooms 12,03112,0319,7849,385--
North America Delta Hotels and Resorts Units 167130148110--
North America EDITION Hotel Units 864----
North America EDITION Residence Units 432----
North America EDITION Residences Number of Rooms 252525----
North America Element Units 927239----
North America Element Number of Rooms 3,7613,7612,993----
North America Fairfield Inn & Suites Units 3,4042,5763,2042,9792,832
North America Fairfield Inn & Suites Number of Rooms 80,83180,83176,43269,97065,969
North America Four Points Units 539407260----
North America Four Points Number of Rooms 21,03421,03420,130----
North America Full Service Number of Rooms 338,772338,772331,236----
North America Gaylord Hotel Units 2015202020
North America Gaylord Hotels Number of Rooms 8,1088,1088,0988,0988,098
North America JW Marriott Hotel Units 1007550----
North America JW Marriott Hotels Number of Rooms 14,13414,13414,164----
North America Le Meridien Units 826240----
North America Le Meridien Number of Rooms 5,0065,0064,473----
North America Limited Service Number of Rooms 432,723432,723410,897----
North America Luxury Collection Units 564229----
North America Luxury Collection Number of Rooms 4,1854,1854,157----
North America Luxury Collection Residences Units 11------
North America Luxury Collection Residences Number of Rooms 9191------
North America Marriott Hotels Units 1,3741,0291,4171,4601,416
North America Marriott Hotels Number of Rooms 137,377137,377135,813148,584146,151
North America Moxy Hotels Units 977----
North America Moxy Hotels Number of Rooms -0-0294----
North America Renaissance Hotel Units 342258337323315
North America Renaissance Hotels Number of Rooms 28,77428,77428,03827,35928,591
North America Residence Inn Units 2,9282,2022,8402,7282,590
North America Residence Inn Number of Rooms 90,28290,28289,06584,41281,446
North America Sheraton Units 781585391----
North America Sheraton Number of Rooms 73,64473,64474,350----
North America SpringHill Suites Units 1,4771,1181,4041,3181,250
North America SpringHill Suites Number of Rooms 45,31845,31842,52639,75037,267
North America St. Regis Units 413120----
North America St. Regis Number of Rooms 2,2282,2281,963----
North America St. Regis Residences Units 66------
North America St. Regis Residences Number of Rooms 467467------
North America The Ritz-Carlton Hotel Units 16112180----
North America The Ritz-Carlton Hotels Number of Rooms 12,19312,19311,839----
North America The Ritz-Carlton Residence Units 14010570----
North America The Ritz-Carlton Residences Number of Rooms 4,5934,5934,788----
North America Total Full Service Units 3,6032,7141,766----
North America Total Limited Service Units 14,04010,6196,781----
North America Total Luxury Units 632479306----
North America TownePlace Suites Units 1,2629611,1611,047930
North America TownePlace Suites Number of Rooms 33,25033,25030,25227,12824,491
North America Tribute Portfolio Units 584521----
North America Tribute Portfolio Number of Rooms 4,8684,8684,676----
North America W Hotel Units 1068051----
North America W Residences Units 99------
North America W Residences Number of Rooms 1,0781,078------
North America Westin Units 501376250----
North America Westin Number of Rooms 52,46252,46251,705----
North American JW Marriott Hotel Units 185,164139,42391,339----
North American W Hotels Number of Rooms 8,4598,4598,238----
Total International AC Hotels by Marriott Units 346262169----
Total International AC Hotels by Marriott Number of Rooms 11,66711,66710,845----
Total International Aloft Units 15111669----
Total International Aloft Number of Rooms 8,6548,6547,619----
Total International Autograph Collection Hotels Units 20816191----
Total International Autograph Collection Hotels Number of Rooms 12,71312,71310,640----
Total International Bulgari Hotels & Resorts Units 13106----
Total International Bulgari Hotels & Resorts Number of Rooms 322322202----
Total International Bulgari Residences Units 432----
Total International Bulgari Residences Number of Rooms 555----
Total International Courtyard Units 554417269----
Total International Courtyard Number of Rooms 28,35328,35327,859----
Total International EDITION Hotels Units 863----
Total International EDITION Hotels Number of Rooms 699699699----
Total International Element Units 17146----
Total International Element Number of Rooms 1,2261,226481----
Total International Fairfield Inn & Suites Units 614921----
Total International Fairfield Inn & Suites Number of Rooms 3,0993,0991,974----
Total International Four Points Units 395300191----
Total International Four Points Number of Rooms 21,66421,66420,543----
Total International Full Service Units 3,2252,4301,572----
Total International Full Service Number of Rooms 241,243241,243236,046----
Total International JW Marriott Hotels Units 219164107----
Total International JW Marriott Hotels Number of Rooms 21,04521,04521,163----
Total International Le Meridien Units 348262171----
Total International Le Meridien Number of Rooms 24,22224,22223,825----
Total International Limited Service Units 1,9641,488944----
Total International Limited Service Number of Rooms 87,47387,47380,530----
Total International Luxury Units 1,089826518----
Total International Luxury Collection Units 340257166----
Total International Luxury Collection Number of Rooms 15,56315,56315,127----
Total International Luxury Number of Rooms 69,10369,10365,452----
Total International Marriott Executive Apartments Units 1128456----
Total International Marriott Executive Apartments Number of Rooms 4,1954,1954,195----
Total International Marriott Hotels Units 822621398----
Total International Marriott Hotels Number of Rooms 61,23561,23558,483----
Total International Moxy Hotels Units 35309----
Total International Moxy Hotels Number of Rooms 2,8432,8431,000----
Total International Protea Hotels Units 372275194----
Total International Protea Hotels Number of Rooms 9,0239,0239,352----
Total International Renaissance Hotels Units 316237157----
Total International Renaissance Hotels Number of Rooms 24,37824,37824,088----
Total International Residence Inn Units 332516----
Total International Residence Inn Number of Rooms 944944857----
Total International Sheraton Units 1,006753450----
Total International Sheraton Number of Rooms 83,09683,09684,474----
Total International Sheraton Residences Units 22------
Total International Sheraton Residences Number of Rooms 262262------
Total International St. Regis Units 1209255----
Total International St. Regis Number of Rooms 7,2097,2096,209----
Total International The Ritz-Carlton Hotels Units 218165105----
Total International The Ritz-Carlton Hotels Number of Rooms 15,50015,50015,027----
Total International The Ritz-Carlton Residences Units 342616----
Total International The Ritz-Carlton Residences Number of Rooms 625625416----
Total International The Ritz-Carlton Serviced Apartments Units 20159----
Total International The Ritz-Carlton Serviced Apartments Number of Rooms 697697697----
Total International Tribute Portfolio Units 403114----
Total International Tribute Portfolio Number of Rooms 1,3561,356797----
Total International W Hotels Units 1007549----
Total International W Hotels Number of Rooms 6,3266,3265,907----
Total International Westin Units 370278182----
Total International Westin Number of Rooms 29,52229,52229,544----
Total International Westin Residences Units 11------
Total International Westin Residences Number of Rooms 264264------
Total Worldwide Bulgari Hotels & Resorts Number of Rooms 322322202----
Total Worldwide Gaylord Hotels Units 201510----
Worldwide Autograph Collection Hotels Units 483372216----
Worldwide Autograph Collection Hotels Number of Rooms 28,94928,94924,939----
Worldwide Bulgari Hotels & Resorts Units 13106----
Worldwide Bulgari Residences Units 432----
Worldwide Bulgari Residences Number of Rooms 555----
Worldwide Delta Hotel and Resorts Number of Rooms 12,03112,0319,784----
Worldwide Delta Hotels and Resorts Units 16713074----
Worldwide EDITION Hotels Units 16127----
Worldwide EDITION Hotels Number of Rooms 1,2661,2661,266----
Worldwide EDITION Residences Units 432----
Worldwide EDITION Residences Number of Rooms 252525----
Worldwide Full Service Units 6,8285,1443,338----
Worldwide Full Service Number of Rooms 580,015580,015567,282----
Worldwide Gaylord Hotels Number of Rooms 8,1088,1088,098----
Worldwide JW Marriott Hotels Units 319239157----
Worldwide JW Marriott Hotels Number of Rooms 35,17935,17935,327----
Worldwide Le Meridien Units 430324211----
Worldwide Le Meridien Number of Rooms 29,22829,22828,298----
Worldwide Luxury Units 1,7211,305824----
Worldwide Luxury Collection Units 396299195----
Worldwide Luxury Collection Number of Rooms 19,74819,74819,284----
Worldwide Luxury Collection Residences Units 22------
Worldwide Luxury Collection Residences Number of Rooms 155155------
Worldwide Luxury Number of Rooms 117,123117,123111,193----
Worldwide Marriott Executive Apartments Units 1128456----
Worldwide Marriott Executive Apartments Number of Rooms 4,1954,1954,195----
Worldwide Marriott Hotels Units 2,1961,6501,085----
Worldwide Marriott Hotels Number of Rooms 198,612198,612194,296----
Worldwide Renaissance Hotels Units 658495325----
Worldwide Renaissance Hotels Number of Rooms 53,15253,15252,126----
WorldWide Sheraton Units 1,7871,338894----
Worldwide Sheraton Number of Rooms 156,740156,740158,824----
Worldwide Sheraton Residences Units 22------
Worldwide Sheraton Residences Number of Rooms 262262------
Worldwide St. Regis Units 16112375----
Worldwide St. Regis Number of Rooms 9,4379,4378,172----
Worldwide St. Regis Residences Units 1212------
Worldwide St. Regis Residences Number of Rooms 983983------
Worldwide The Ritz-Carlton Hotels Units 379286185----
Worldwide The Ritz-Carlton Hotels Number of Rooms 27,69327,69326,866----
Worldwide The Ritz-Carlton Residences Units 17413186----
Worldwide The Ritz-Carlton Residences Number of Rooms 5,2185,2185,204----
Worldwide The Ritz-Carlton Serviced Apartments Units 20159----
Worldwide The Ritz-Carlton Serviced Apartments Number of Rooms 697697697----
Worldwide Tribute Portfolio Units 987635----
Worldwide Tribute Portfolio Number of Rooms 6,2246,2245,473----
Worldwide W Hotels Units 206155100----
Worldwide W Hotels Number of Rooms 14,78514,78514,145----
Worldwide W Residences Units 1515------
Worldwide W Residences Number of Rooms 1,6101,610------
Worldwide Westin Units 871654432----
Worldwide Westin Number of Rooms 81,98481,98481,249----
Worldwide Westin Residences Units 44------
Worldwide Westin Residences Number of Rooms 530530------