Sizable, good-quality system of hotels targeting multiple price points An experienced management team A focus on managing and franchising hotels rather than on ownership Favorable long-term demographic trends and increasing travel patterns across the world A geographically diversified portfolio of quality brands. The cyclical nature of lodging The susceptibility of the travel and leisure industry to global political and financial events We expect Marriott to sustain debt leverage metrics in line with our current rating Marriott has a history of, and is expected to continue, spending significant sums on investments in its hotel portfolio We anticipate that the company will make large investments, including share repurchases that utilize excess debt capacity, during periods of RevPAR growth Marriott has the ability
