Marriott International, Inc. (MAR)

Executive Summary

Marriott International is the largest hotel company in the world by room count, with nearly 1.78 million rooms across roughly 9,800 properties at year-end 2025 and a development pipeline of approximately 610,000 rooms — another 34 percent of the existing system already contracted to come online. The business is the textbook asset-light franchise-and-management model: Marriott owns less than one percent of its global portfolio, collects a 5–7 percent royalty on franchised rooms and a 2–3 percent base management fee plus incentive on managed rooms, and converts roughly 70 to 75 percent of revenue into fee streams that compound with the loyalty ecosystem rather than with any individual hotel cycle. We at T&T Capital Management like the business model very much and respect the franchise.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers