The ratings on Bethesda, Md.-based Marriott International Inc. reflect the company's strong business profile due to its sizable and good-quality system of hotels targeting multiple price points, its leadership position in timeshare, its experienced management team, and its focus on managing and franchising hotels rather than outright ownership. The cyclical nature of the lodging industry and the susceptibility of the travel and leisure industry to global political events temper these factors. In addition, Standard&Poor's Ratings Services' current rating and outlook on the company are based on our confidence that Marriott will balance investment, share repurchase activity, and other spending. Also, we expect the company to sustain leverage as measured by total lease-adjusted debt to adjusted EBITDA at 3.5x
