Standard&Poor's Ratings Services' rating on Marriott International Inc. reflects the company's strong business profile because of its sizable and good-quality system of hotels targeting multiple price points, experienced management team, and focus on managing and franchising hotels rather than on ownership. The cyclical nature of lodging and the susceptibility of the travel and leisure industry to global political and financial events temper these factors. The current lodging down cycle resulted in a far greater level of revenue variability in the industry than past downturns, and the emerging industry recovery remains very difficult for Marriott. Nonetheless, the company has a good relative business position, which reflects favorable long-term demographic trends and increasing travel patterns across the world, and a
