The 'BBB' rating reflects Bethesda, Md.-based lodging company Marriott International Inc.'s strong business risk profile due to 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 cyclical nature of lodging and the susceptibility of the travel and leisure industry to global political and financial events temper these factors. The recent lodging down-cycle resulted in a far greater level of revenue variability in the industry than past downturns and was a difficult one 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 geographically diversified portfolio
