Sizeable, good-quality system of hotels targeting multiple price points; A focus on managing and franchising hotels rather than on ownership, which tends to result in lower cash flow volatility over time; A geographically diversified portfolio of quality brands; The cyclical nature of the lodging industry; and The susceptibility of the travel and leisure industry to global political and financial events. Our expectation that Marriott will sustain adjusted debt to EBITDA between 3x and 3.25x and funds from operations (FFO) to total debt between 20% and 25% through 2018; Our expectation that the company will invest to support its hotel portfolio and make large share repurchases that use excess debt capacity during periods of revenue per available room (RevPAR) growth; and
