Flexible spending model that enables the company to reduce spending during lodging down cycles Owns many well-recognized brands Large and diverse lodging system Primarily utilizes hotel management and franchise business models Experienced management team Significant financial risk from cyclical downturns Demand for lodging hurt by global political and financial events Off-balance-sheet obligations The 'BBB' rating reflects Bethesda, Md.-based lodging company Marriott International Inc.'s strong business risk profile due to its sizable and good-quality system of hotels targeting multiple price points, its experienced management team, and its 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 and financial events temper these factors. The
