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 hurt by global political and financial events Off-balance-sheet obligations Standard&Poor's Ratings Services' rating on Marriott International Inc. reflects the company's strong business profile because of its sizable and good-quality system of hotels targeting multiple price points, experienced management team, and focus on managing and franchising hotels rather than on ownership. The cyclical nature of lodging and the susceptibility of the travel and leisure industry to global political
