The ratings on Bethesda, Md.-based Marriott International Inc. reflect its sizable and good quality portfolio of hotels, its ownership of 11 well known lodging brands that target multiple price points (although primarily upscale), its leadership position in timeshare, its experienced management, and its focus on managing and franchising hotels, rather than outright ownership. These factors are tempered by the 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 through brand strength and diversity, as well as management depth, and experience. Its lodging group has expanded to more than 2,700 hotels and more than 490,000 rooms
