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    Marriott International Inc (MAR)

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    Business Description

    Marriott International, Inc. (MAR) is a global operator, franchisor, and licensor of hotel, residential, timeshare, and other lodging properties under more than 30 brand names across 139 countries and territories . The company operates under an asset-light business model, primarily managing or franchising hotels rather than owning them, which allows it to focus on management, franchising, and licensing . Marriott's revenue streams include management fees, franchise fees, and cost reimbursement revenue, with a strong emphasis on expanding its brand presence and enhancing customer loyalty through its Marriott Bonvoy loyalty program .

    1. U.S. & Canada - Manages and franchises hotels and lodging properties across the United States and Canada, contributing significantly to the company's revenue.
    2. International - Operates and franchises properties in regions outside the U.S. and Canada, including Europe, Middle East & Africa (EMEA), Greater China, and Asia Pacific excluding China (APEC).
    3. Unallocated Corporate and Other - Includes operations in the Caribbean & Latin America (CALA) and other corporate activities not allocated to specific segments.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Anthony G. (Tony) CapuanoPresident and Chief Executive OfficerFebruary 2023Anthony G. (Tony) Capuano has been serving as the President and Chief Executive Officer of Marriott International since February 2023. He was appointed as CEO in February 2021. Before becoming CEO, Capuano was the Group President of Global Development, Design, and Operations Services from 2020 to 2021. He began his career at Marriott in 1995 .
    Satyajit (Satya) AnandPresident, Europe, Middle East & AfricaOctober 2020Satyajit (Satya) Anand was appointed as President, Europe, Middle East & Africa (EMEA) for Marriott International in October 2020. He is responsible for developing and managing Marriott's portfolio in the region. Mr. Anand began his career with Marriott International in 1988 .
    Benjamin T. (Ty) BrelandExecutive Vice President and Chief Human Resources OfficerOctober 2021Benjamin T. (Ty) Breland is the Executive Vice President and Chief Human Resources Officer at Marriott International. He was appointed to this role effective October 2021. Prior to this appointment, Mr. Breland served as the Global HR Officer for Talent Development & Organizational Capability starting in 2016 .
    Kathleen K. (Leeny) ObergChief Financial Officer and Executive Vice President, DevelopmentFebruary 2023Kathleen K. (Leeny) Oberg was appointed as Executive Vice President and Chief Financial Officer of Marriott International, Inc. in January 2016. She began leading the company's Global Development organization and was appointed Chief Financial Officer and Executive Vice President, Development in February 2023 .
    Drew L. PintoExecutive Vice President and Chief Revenue & Technology OfficerFebruary 2023Drew L. Pinto was appointed as Executive Vice President and Chief Revenue & Technology Officer in February 2023. He is responsible for leading global sales and support channels, revenue management, digital, and information technology strategy for the company. Since joining the company in 2004, Mr. Pinto has held various leadership roles .
    Rena Hozore ReissExecutive Vice President and General CounselDecember 2017Rena Hozore Reiss was appointed as Executive Vice President and General Counsel of Marriott International, Inc. in December 2017. Before this role, she served as Executive Vice President, General Counsel, and Corporate Secretary at Hyatt Hotels. She was an attorney in Marriott's law department from 2000 to 2010 .
    Peggy F. RoeExecutive Vice President and Chief Customer OfficerFebruary 2023Peggy F. Roe was appointed as Executive Vice President and Chief Customer Officer in February 2023. She is responsible for overseeing the development and execution of all aspects of Marriott's global consumer strategy. Since joining Marriott in 2003, Ms. Roe has held various leadership roles focused on growth and innovation .
    William P. (Liam) BrownGroup President, United States and CanadaJanuary 1, 2021William P. (Liam) Brown is the Group President, United States and Canada at Marriott International. He was appointed to this role effective January 1, 2021. Prior to this position, Mr. Brown served as the President and Managing Director of Europe from 2018 to 2019 .
    Felitia O. LeeController and Chief Accounting OfficerAugust 2020Felitia O. Lee was appointed as Marriott's Controller and Chief Accounting Officer and principal accounting officer effective August 2020. She is responsible for the global accounting operations of the company, including oversight of financial reporting and analysis, accounting policy, and general accounting .
    Yibing MaoPresident, Greater ChinaFebruary 2023Yibing Mao was appointed as President, Greater China in February 2023. She is responsible for developing and managing Marriott's portfolio in the region. Ms. Mao joined Marriott in 1996 and held the title of Senior Vice President & Chief Counsel, Asia Pacific from May 2016 until she stepped down in 2020 .
    Rajeev (Raj) MenonPresident, Asia Pacific Excluding ChinaOctober 2019Rajeev (Raj) Menon was appointed as President, Asia Pacific Excluding China (APEC) in October 2019. He is responsible for developing and managing Marriott's portfolio in the region. Mr. Menon joined Marriott International in April 2001 as the General Manager of Renaissance Mumbai Hotel and Convention Center .

    Questions to Ask Management

    1. Given the signs of slowing growth in ancillary spending at outlets and lounges outside of luxury hotels, how does management plan to address this pullback and drive ancillary revenue growth across the broader portfolio?

    2. With the $70 million operating profit guarantee from the Starwood acquisition now fully reserved, are there any other long-term guarantees or liabilities from past acquisitions that could impact future financials?

    3. Despite overall room night growth aligning with GDP growth, are there specific segments where demand has not met expectations this year, and how are you adjusting your strategy for those segments heading into 2025?

    4. As you expand the City Express brand into the competitive midscale market in North America, what challenges do you anticipate, and how will you differentiate your offering to attract both franchisees and guests? ,

    5. You mentioned undertaking an enterprise-wide process to enhance effectiveness and efficiency; can you provide specifics on the expected cost savings and how these changes might affect your operations and corporate structure?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateNovember 9, 2023
    End Date/DurationN/A
    Total additional amount25 million shares
    Remaining authorization amount15.7 million shares
    DetailsPart of capital allocation strategy to return excess capital to shareholders

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    2024960 Current Portion of Long-Term DebtN/A7.0% = (960 / 13,631) * 100
    20251,267 Series P, Series V, Series EE3.8 - 5.8 9.3% = (1,267 / 13,631) * 100
    20261,196 Series R, Series LL3.1 - 5.5 8.8% = (1,196 / 13,631) * 100
    2027989 Series JJ5.0 7.3% = (989 / 13,631) * 100
    20281,437 Series X, Series AA, Series MM4.0 - 5.6 10.5% = (1,437 / 13,631) * 100
    20291,278 Series KK, Series NN4.9 9.4% = (1,278 / 13,631) * 100
    20301,486 Series FF, Series PP4.6 - 4.8 10.9% = (1,486 / 13,631) * 100
    20311,092 Series HH2.9 8.0% = (1,092 / 13,631) * 100
    2032989 Series GG3.5 7.3% = (989 / 13,631) * 100
    2033695 Series II2.8 5.1% = (695 / 13,631) * 100
    20341,257 Series W, Series OO4.5 - 5.3 9.2% = (1,257 / 13,631) * 100
    2035986 Series QQ5.4 7.2% = (986 / 13,631) * 100

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Hilton
    • IHG Hotels & Resorts
    • Hyatt
    • Wyndham Hotels & Resorts
    • Accor
    • Choice Hotels
    • Best Western Hotels & Resorts
    • Airbnb (online platform for short-term rentals)
    • Vrbo (online platform for short-term rentals)
    • Expedia.com (online travel services platform)
    • Priceline.com (online travel services platform)
    • Booking.com (online travel services platform)
    • Travelocity.com (online travel services platform)
    • Orbitz.com (online travel services platform)
    • Ctrip.com (online travel services platform)
    • Google (search engine competing for guests)
    • Bing (search engine competing for guests)
    • Yahoo (search engine competing for guests)
    • Baidu (search engine competing for guests)

    Auditor

    NameStart DateEnd DateReason for Change
    Ernst & Young LLP2002 PresentCurrent auditor