The ratings reflect Marriott International Inc.'s above-average business profile and moderate financial policy. Marriott is a leader in the hospitality industry in brand strength and diversity, as well as management depth, continuity, and experience. Its lodging group (98% of 2000 EBITDA) has expanded to more than 2,200 hotels and over 410,000 rooms globally. In addition to geographic diversity, the company has nine different lodging brands it can offer to prospective owners and franchisees in various markets. The company derives most of its cash flow from management and franchise contracts. This strategy offers greater stability than hotel ownership in a cyclical downturn, and requires less capital investment. On the operating side, the company consistently commands revenue per available room (RevPAR) levels
