The rating reflects Marriott's strong business profile because of its sizable and good-quality system of hotels targeting multiple price points, its experienced management team, and its focus on managing and franchising hotels rather than on ownership. The significant current down cycle, the cyclical nature of lodging in general, and the susceptibility of the travel and leisure industry to global political and financial events temper these factors. The current lodging down cycle is proving to be highly variable and very challenging for Marriott. Nonetheless, the company has a good relative business position that reflects favorable long-term demographic trends and increasing travel patterns across the world, and a geographically diversified portfolio of quality brands. Marriott's comparable worldwide system wide revenue per available
