Flexible spending model and the expectation that Marriott will closely manage spending and reduce debt by a meaningful amount during this difficult lodging cycle Owns many well recognized brands Large and diverse lodging system Primarily utilizes hotel management and franchise business models Experienced management team Significant current cyclical downturn Demand for lodging negatively affected by global political and financial events Off-balance-sheet obligations The 'BBB' rating reflects Marriott International Inc.'s strong business profile due to its sizable and good-quality system of hotels targeting multiple price points, its leadership position in timeshare, its experienced management team, and its focus on managing and franchising hotels rather than outright ownership. Tempering these factors are the significant current down cycle and the cyclical nature of
