Marriott International, Inc.
Marriott International, Inc. engages in the operation, franchise, and licensing of hotel, residential, timeshare, and other lodging properties in the U.S. & Canada, Europe, Middle East & Africa, Greater China, and Asia Pacific, and internationally. It operates properties under JW Marriott, The Ritz-Carlton, The Luxury Collection, W Hotels, St. Regis, EDITION, Bvlgari, Marriott Hotels, Sheraton, Westin, Autograph Collection, Renaissance Hotels, Le Méridien, Delta Hotels by Marriott, MGM Collection with Marriott Bonvoy, Tribute Portfolio, Gaylord Hotels, Design Hotels, Marriott Executive Apartments, Apartments by Marriott Bonvoy, Courtyard by Marriott, Fairfield by Marriott, Residence Inn by Marriott, SpringHill Suites by Marriott, Four Points by Sheraton, TownePlace Suites by Marriott, Aloft Hotels, AC Hotels by Marriott, Moxy Hotels, Element Hotels, Protea Hotels by Marriott, citizen, City Express by Marriott, and Four Points Flex by Sheraton brand names, as well as operates residences, timeshares, and yachts. The company was founded in 1927 and is headquartered in Bethesda, Maryland.
What does it do?
Marriott is the world's largest hotel company, owning and managing over 9,000 properties across 30+ brands in 141 countries. You've almost certainly encountered their brands — think Sheraton, Westin, W Hotels, or the ultra-luxury Ritz-Carlton. Here's the clever part: Marriott usually doesn't own the actual hotel buildings. Instead, it licenses its brand name and management systems to property owners who do the heavy lifting, while Marriott collects fees. Think of it like a franchise — similar to how McDonald's makes money from franchisees without flipping every burger itself.
Travel demand has roared back stronger than expected since the pandemic, and Marriott sits at the center of that boom as the dominant global lodging brand. Investors are watching closely because Marriott's asset-light model — earning fees rather than owning buildings — means it can grow profits without spending billions on new properties. With international travel still recovering and corporate travel picking back up, the timing feels significant.
How does it make money?
Marriott makes money in three main ways: management fees (paid by hotel owners who want Marriott to run their property), franchise fees (paid by owners who just want to use the Marriott brand name), and incentive fees (a bonus tied to how profitable the hotel becomes). In 2024, Marriott generated $26.2 billion in total revenue, up from $25.1 billion the prior year — about a 4% increase. Because Marriott doesn't own most of the buildings, its costs stay relatively low, which is why $2.6 billion of that revenue became net income (actual profit after all expenses).
Why do investors care?
The growth story here is about two things: adding new hotels and squeezing more revenue out of existing ones. Marriott has a pipeline of over 570,000 rooms under development globally — meaning thousands of new hotels are already signed up to open under their brands in the coming years. On top of that, a metric called RevPAR (Revenue Per Available Room — basically how much money each hotel room earns on average per night) has been trending upward, meaning existing hotels are performing better. For this story to play out, global travel demand needs to stay healthy and Marriott needs to keep convincing hotel owners that flying a Marriott flag is worth the fees.
Deep Dive
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