Owns many well recognized brands; Large and diverse lodging system; Primarily utilizes hotel management and franchise business models; 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 reflect its strong business profile as exhibited by its sizable and good quality system of hotels, its ownership of 10 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
