Sizable, 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. We expect Marriott will sustain adjusted debt to EBITDA between 3.0x and 3.25x and funds from operations (FFO) to total debt in the low-20% area through 2019; We expect 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 The company's
