Owns 11 well-recognized brands; Large and diverse lodging portfolio; Substantial management and franchise business; Good systems (reservation and yield management, customer loyalty, etc.); Strong presence in the timeshare industry; and Experienced management team. Cyclical industry; Demand may be affected by geopolitical events; Interests of owners and manager (Marriott) may not always be fully aligned; and Off balance sheet obligations. The ratings on Bethesda, Md.-based Marriott International Inc. reflect its sizable and good quality portfolio of hotels, its ownership of 11 well known lodging brands that target multiple price points (although primarily upscale), its leadership position in timeshare, its experienced management, and its focus on managing and franchising hotels, rather than outright ownership. These factors are tempered by the meaningful earnings
