The ratings for Marriott International Inc. reflect its sizable and good quality portfolio of hotels, its ownership of nine well known lodging brands that target multiple price points, its leadership position in timeshare, its experienced management, and its focus on managing and franchising hotels, rather than outright ownership. These factors are offset by its meaningful earnings contribution from incentive management fees which are more sensitive to economic cycles, and its sizable contingent exposure, primarily in the form of loan guarantees. Marriott is a leader in the hospitality industry in brand strength and diversity, as well as management depth, and experience. Its lodging group has expanded to more than 2,600 hotels and about 475,000 rooms globally. The company owns nine different
