mar-20210218
falseMARRIOTT INTERNATIONAL INC /MD/000104828600010482862021-02-182021-02-1800010482862020-11-062020-11-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________ 
FORM 8-K
_______________________________________  
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 18, 2021
 _______________________________________ 
MARRIOTT INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
 _______________________________________ 
Delaware 1-1388152-2055918
(State or other jurisdiction
of incorporation)
 (Commission
File Number)
(IRS Employer
Identification No.)
10400 Fernwood Road,Bethesda,Maryland20817
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (301380-3000
 _______________________________________ 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Class A Common Stock, $0.01 par valueMAR
Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.





Item 2.02.Results of Operations and Financial Condition.
Financial Results for the Quarter and Year Ended December 31, 2020
Marriott International, Inc. (Marriott) issued a press release reporting financial results for the quarter and year ended December 31, 2020.
A copy of Marriott’s press release is attached as Exhibit 99 and incorporated by reference.

Item 9.01.Financial Statements and Exhibits.

(d) Exhibits. The following exhibits are furnished with this report:
99
104The cover page to this Current Report on Form 8-K, formatted in inline XBRL.

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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
   MARRIOTT INTERNATIONAL, INC.
Date: February 18, 2021   By:  /s/ Felitia Lee
    Felitia Lee
    Controller and Chief Accounting Officer

3
Document
Exhibit 99

https://cdn.kscope.io/7d81c4554335807c0f7cea4e7edb38bc-marq22020pr_image1a1.jpg    https://cdn.kscope.io/7d81c4554335807c0f7cea4e7edb38bc-marq22020pr_image2a1.jpg
NEWS

MARRIOTT INTERNATIONAL REPORTS FOURTH QUARTER 2020 RESULTS

Fourth quarter 2020 comparable systemwide constant dollar RevPAR declined 64.1 percent worldwide, 64.6 percent in the U.S. & Canada, and 62.7 percent in international markets, compared to the 2019 fourth quarter;

Fourth quarter reported diluted loss per share totaled $0.50, compared to reported diluted EPS of $0.85 in the year-ago quarter. Fourth quarter adjusted diluted EPS totaled $0.12, compared to fourth quarter 2019 adjusted diluted EPS of $1.51;

Fourth quarter reported net loss totaled $164 million, compared to reported net income of $279 million in the year-ago quarter. Fourth quarter adjusted net income totaled $39 million, compared to fourth quarter 2019 adjusted net income of $498 million;

Adjusted EBITDA totaled $317 million in the 2020 fourth quarter, compared to fourth quarter 2019 adjusted EBITDA of $901 million;

The company added nearly 63,000 rooms globally during 2020, including more than 28,000 rooms in international markets and a total of roughly 8,100 conversion rooms. Net rooms grew 3.1 percent from year-end 2019;

At year end, Marriott’s worldwide development pipeline totaled nearly 2,900 properties and more than 498,000 rooms, including roughly 20,000 rooms approved, but not yet subject to signed contracts. Over 229,000 rooms in the pipeline were under construction as of the end of 2020;

As of year-end 2020, the company’s net liquidity totaled approximately $4.4 billion, representing roughly $0.8 billion in available cash balances and $3.6 billion of unused borrowing capacity under its revolving credit facility.


BETHESDA, MD – February 18, 2021 - Marriott International, Inc. (NASDAQ: MAR) today reported fourth quarter 2020 results, which were materially impacted by the COVID-19 global pandemic and efforts to contain it (COVID-19).

Leeny Oberg, Executive Vice President and Chief Financial Officer, said, “We are all deeply saddened by Arne Sorenson’s unexpected passing. We are grateful to have been able to work with such an inspiring and talented leader and will always treasure our memories of working with him. Our leadership team is committed to honoring him by building on his incredible legacy as we move the company forward.”

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Stephanie Linnartz, Group President, Consumer Operations, Technology and Emerging Businesses, and Tony Capuano, Group President, Global Development, Design and Operations Services, who together are sharing responsibility for overseeing the company’s day-to-day operations until Marriott’s Board of Directors appoints a new President and Chief Executive Officer, commented on the company’s quarterly results.

Ms. Linnartz said, “With the global pandemic, 2020 was the most challenging year in our 93-year history. In April, we experienced the sharpest worldwide RevPAR[1] decline on record, down 90 percent year over year with just 12 percent occupancy. Demand around the world improved from this trough at varying rates, with China leading the way. RevPAR in mainland China saw a meaningful rebound through the year and was down less than 10 percent year over year in December.

“While China has shown that demand can be quite resilient when the virus is perceived to be contained, we have also seen that progress can be slowed by significant spikes in virus cases, such as we saw in the U.S and Europe towards the end of 2020. Global occupancy remained at 35 percent in the fourth quarter, in line with the third quarter, and still substantially above the trough in April. While no one can know how long this pandemic will last, we are seeing some small, early signs that the acceleration of vaccine rollouts around the world will help drive a significant rebound in travel and lodging demand.”

Mr. Capuano said, “We are gratified that we continue to see strong demand for our industry leading brands from owners and franchisees despite the unprecedented challenges resulting from the pandemic. Our pipeline grew during the quarter to more than 498,000 rooms as of the end of 2020, with 46 percent of those rooms under construction. We are seeing strong interest in conversions, as demonstrated by our recent announcement of the planned conversion of 19 all-inclusive hotels with nearly 7,000 rooms to our system in the Caribbean and Latin America region during 2021. Looking ahead, we expect gross rooms growth could accelerate to approximately 6 percent in 2021.

“In the face of the unprecedented environment resulting from the pandemic, our associates and leadership team rose to the challenge. We worked closely with our owners and franchisees to help them weather the crisis by implementing cost savings, both temporary and permanent. And operationally we implemented heightened cleanliness standards across our portfolio to enhance the safety and wellbeing of our associates and guests, while also introducing additional protocols to help enable meeting and group business to safely take place.”

Ms. Oberg added, “In 2020, we moved swiftly to right-size our business in response to the precipitous decline in revenue by reducing costs, strengthening our balance sheet, and lowering capital spending. While the current environment remains challenging, we believe our financial condition is strong and we look ahead to the rest of 2021 with optimism.”
1 All occupancy and RevPAR statistics are comparable systemwide constant dollar and include hotels that have been temporarily closed due to COVID-19. Unless otherwise stated, all changes refer to year-over-year changes for the comparable period.
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Fourth Quarter 2020 Results
Marriott’s reported operating loss totaled $128 million in the 2020 fourth quarter, compared to 2019 fourth quarter reported operating income of $274 million. Reported net loss totaled $164 million in the 2020 fourth quarter, compared to 2019 fourth quarter reported net income of $279 million. Reported diluted loss per share totaled $0.50 in the quarter, compared to reported diluted earnings per share (EPS) of $0.85 in the year-ago quarter.

Adjusted operating income in the 2020 fourth quarter totaled $148 million, compared to 2019 fourth quarter adjusted operating income of $717 million. Adjusted operating income in the 2020 fourth quarter and the 2019 fourth quarter excluded impairment charges of $44 million and $114 million, respectively.

Fourth quarter 2020 adjusted net income totaled $39 million, compared to 2019 fourth quarter adjusted net income of $498 million. Adjusted diluted EPS in the 2020 fourth quarter totaled $0.12, compared to adjusted diluted EPS of $1.51 in the year-ago quarter. These 2020 fourth quarter adjusted results excluded $74 million ($0.23 per share) of income tax benefits due to the closure of prior years’ audits. The adjusted 2020 results also excluded impairment charges of $88 million after-tax ($0.27 per share) and loss on asset sales of $4 million after-tax ($0.01 per share).

Adjusted results also excluded restructuring and merger-related charges, cost reimbursement revenue, and reimbursed expenses. See pages A-3, A-4 and A-13 for the calculation of adjusted results and the manner in which the adjusted measures are determined in this press release.

Restructuring and merger-related charges totaled $262 million in the fourth quarter. Charges in the fourth quarter of 2020 largely reflect a $243 million increase to the liability for the Sheraton Grand Chicago put option.

Base management and franchise fees totaled $379 million in the 2020 fourth quarter, compared to base management and franchise fees of $799 million in the year-ago quarter. The year-over-year decline in these fees is primarily attributable to RevPAR declines related to COVID-19. Other non-RevPAR related franchise fees in the 2020 fourth quarter of $133 million declined $24 million, or 15 percent, from the year-ago quarter, largely due to lower credit card branding fees.

Incentive management fees totaled $44 million in the 2020 fourth quarter, compared to incentive management fees of $175 million in the year-ago quarter. The year-over-year decline in these fees is primarily attributable to lower net house profits at many hotels related to COVID-19. More than 60 percent of the incentive management fees recognized in the quarter were earned at hotels in the Asia Pacific region, of which three-quarters were earned in Greater China.
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Contract investment amortization for the 2020 fourth quarter totaled $38 million, compared to $17 million in the year-ago quarter. The year-over-year change largely reflects impairments of investments in management and franchise contracts.

Owned, leased, and other revenue, net of direct expenses, totaled a $27 million loss in the 2020 fourth quarter, compared to $92 million of profit in the year-ago quarter as a result of RevPAR declines related to COVID-19.

Depreciation, amortization, and other expenses for the 2020 fourth quarter totaled $71 million, compared to $179 million in the year-ago quarter. The year-over-year change largely reflects $114 million of impairment charges recorded in the 2019 fourth quarter, partially offset by an $11 million impairment charge associated with a leased hotel in the U.S. recorded in the 2020 fourth quarter.

General, administrative, and other expenses for the 2020 fourth quarter totaled $183 million, compared to $267 million in the year-ago quarter. The lower expenses in the 2020 fourth quarter largely reflect the company’s COVID-19-related cost reduction efforts.

Gains and other income, net, totaled $6 million, compared to $138 million in the year-ago quarter. Gains and other income, net, in the 2019 fourth quarter primarily reflected $134 million of gains associated with the sales of two hotels in the U.S. and Canada.

Interest expense, net, totaled $105 million in the fourth quarter compared to $89 million in the year-ago quarter. The increase is largely due to higher interest expense associated with new debt issuances.

Equity in losses for the fourth quarter totaled $87 million, largely reflecting impairment charges and the decline in results at joint venture properties due to COVID-19.

In the 2020 fourth quarter, the benefit for income taxes totaled $150 million, compared to the provision for income taxes of $47 million in the 2019 fourth quarter. The 2020 fourth quarter benefit included $100 million related to the closure of pre-acquisition Starwood audits. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $317 million in the 2020 fourth quarter, compared to fourth quarter 2019 adjusted EBITDA of $901 million. See page A-12 for the adjusted EBITDA calculation.

Selected Performance Information
The company added 109 new properties (17,780 rooms) to its worldwide lodging portfolio during the 2020 fourth quarter, including roughly 2,600 rooms converted from competitor brands and approximately 9,000 rooms in international markets. Forty-six properties (8,011 rooms) exited the system during the quarter. At year end, Marriott’s global lodging system totaled more than 7,600 properties and timeshare resorts, with over 1,423,000 rooms.
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At year end, the company’s worldwide development pipeline totaled 2,881 properties with more than 498,000 rooms, including 1,187 properties with over 229,000 rooms under construction and 119 properties with roughly 20,000 rooms approved for development, but not yet subject to signed contracts.

In the 2020 fourth quarter, worldwide RevPAR declined 64.1 percent (a 63.9 percent decline using actual dollars). RevPAR in the U.S. & Canada declined 64.6 percent (a 64.6 percent decline using actual dollars), and RevPAR in international markets declined 62.7 percent (a 62.2 percent decline using actual dollars).

Balance Sheet and Liquidity
At year-end 2020, Marriott’s net debt was $9.5 billion, representing total debt of $10.4 billion less cash and cash equivalents of $0.9 billion. At year-end 2019, the company’s net debt was $10.7 billion, representing total debt of $10.9 billion less cash and cash equivalents of $0.2 billion.

The company’s net liquidity was approximately $4.4 billion at year end, representing roughly $0.8 billion in available cash balances and $3.6 billion of unused borrowing capacity under its revolving credit facility. During the fourth quarter, the company reduced its debt by more than $600 million.

The company halted share repurchases in February of 2020 and suspended its quarterly dividend beginning in the second quarter of 2020.

COVID-19
Due to the numerous uncertainties associated with COVID-19, Marriott cannot presently estimate the impact of this unprecedented situation on its future results, which is highly dependent on the severity and duration of the pandemic and its impacts, but expects that COVID-19 will continue to be material to the company’s results.

The company expects to provide additional information about the current impact of COVID-19 on its business on its call later this morning.

Marriott International, Inc. (NASDAQ: MAR) will conduct its quarterly earnings review for the investment community and news media on Thursday, February 18, 2021 at 8:30 a.m. Eastern Time (ET). The conference call will be webcast simultaneously via Marriott’s investor relations website at http://www.marriott.com/investor, click on “Events & Presentations” and click on the quarterly conference call link. A replay will be available at that same website until February 17, 2022.

The telephone dial-in number for the conference call is 706-679-3455 and the conference ID is 2083356. A telephone replay of the conference call will be available from 2:00 p.m. ET, Thursday, February 18,
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2021 until 8:00 p.m. ET, Thursday, February 25, 2021. To access the replay, call 404-537-3406. The conference ID for the recording is 2083356.

Note on forward-looking statements: All statements in this press release and the accompanying schedules are made as of February 18, 2021. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise. This press release and the accompanying schedules contain "forward-looking statements" within the meaning of federal securities laws, including statements related to the possible effects on our business of the COVID-19 pandemic and efforts to contain it (COVID-19); travel and lodging demand; future performance of the company's hotels; cost savings; demand for our brands; our development pipeline, rooms growth and conversions; leadership changes; and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including those we identify below and other risk factors that we identify in our Securities and Exchange Commission filings, including our most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K. Risks that could affect forward-looking statements in this press release include the duration and scope of COVID-19, including the availability and distribution of effective vaccines or treatments; its short and longer-term impact on the demand for travel, transient and group business, and levels of consumer confidence; actions governments, businesses and individuals have taken or may take in response to the pandemic, including limiting or banning travel and/or in-person gatherings or imposing occupancy or other restrictions on lodging or other facilities; the impact of the pandemic and actions taken in response to the pandemic on global and regional economies, travel, and economic activity, including the duration and magnitude of its impact on unemployment rates and consumer discretionary spending; the ability of our owners and franchisees to successfully navigate the impacts of COVID-19; the pace of recovery when the pandemic subsides or effective treatments or vaccines become widely available; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the effects of steps we and our property owners and franchisees have taken and may continue to take to reduce operating costs and/or enhance certain health and cleanliness protocols at our hotels; the impacts of our employee furloughs and reduced work week schedules, our voluntary transition program and our other restructuring activities; competitive conditions in the lodging industry; relationships with customers and property owners; the availability of capital to finance hotel growth and refurbishment; the extent to which we experience adverse effects from data security incidents; and changes in tax laws in countries in which we earn significant income. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release.

Marriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of more than 7,600 properties under 30 leading brands spanning 133 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company offers Marriott Bonvoy™, its highly-awarded travel program. For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on Twitter and Instagram.

Marriott may post updates about COVID-19 and other matters on its investor relations website at www.marriott.com/investor or Marriott's news center website at www.marriottnewscenter.com. Marriott encourages investors, the media, and others interested in the company to review and subscribe to the information Marriott posts on these websites, which may be material. The contents of these websites are not incorporated by reference into this press release or any report or document Marriott files with the SEC, and any references to the websites are intended to be inactive textual references only.
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CONTACT:
Connie Kim
Corporate Relations
(301) 380-4028
connie.kim@marriott.com
Jackie Burka McConagha
Investor Relations
(301) 380-5126
jackie.burka@marriott.com
Betsy Dahm
Investor Relations
(301) 380-3372
betsy.dahm@marriott.com

IRPR#1

Tables follow
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MARRIOTT INTERNATIONAL, INC.
PRESS RELEASE SCHEDULES
TABLE OF CONTENTS
QUARTER 4, 2020
Consolidated Statements of Income - As Reported
Non-GAAP Financial Measures - Fourth Quarter and Full Year 2020 and 2019
Non-GAAP Financial Measures - 2020 Quarterly
Total Lodging Products
Key Lodging Statistics
Adjusted EBITDA
Explanation of Non-GAAP Financial and Performance Measures




MARRIOTT INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED
FOURTH QUARTER 2020 AND 2019
(in millions except per share amounts, unaudited)
As ReportedAs ReportedPercent
Three Months EndedThree Months EndedBetter/(Worse)
December 31, 2020December 31, 2019Reported 2020 vs. 2019
REVENUES
Base management fees$102 $298 (66)
Franchise fees 1
277 501 (45)
Incentive management fees44 175 (75)
   Gross Fee Revenues423 974 (57)
Contract investment amortization 2
(38)(17)(124)
   Net Fee Revenues385 957 (60)
Owned, leased, and other revenue 3
123 426 (71)
Cost reimbursement revenue 4
1,664 3,988 (58)
   Total Revenues2,172 5,371 (60)
OPERATING COSTS AND EXPENSES
Owned, leased, and other - direct 5
150 334 55 
Depreciation, amortization, and other 6
71 179 60 
General, administrative, and other 7
183 267 31 
Restructuring and merger-related charges (recoveries)262 (53)(594)
Reimbursed expenses 4
1,634 4,370 63 
   Total Expenses2,300 5,097 55 
OPERATING (LOSS) INCOME(128)274 (147)
Gains and other income, net 8
138 (96)
Interest expense(112)(95)(18)
Interest income 17 
Equity in (losses) earnings 9
(87)(3,000)
(LOSS) INCOME BEFORE INCOME TAXES(314)326 (196)
Benefit (provision) for income taxes150 (47)419 
NET (LOSS) INCOME$(164)$279 (159)
(LOSS) EARNINGS PER SHARE
   (Loss) Earnings per share - basic$(0.50)$0.85 (159)
   (Loss) Earnings per share - diluted$(0.50)$0.85 (159)
Basic Shares326.2 327.7 
Diluted Shares10
326.2 330.4 

1Franchise fees include fees from our franchise agreements, application and relicensing fees, licensing fees from our timeshare, credit card programs, and residential branding fees.
2Contract investment amortization includes amortization of capitalized costs to obtain contracts with our owner and franchisee customers, and any related impairments, accelerations, or write-offs.
3Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, and other revenue.
4Cost reimbursement revenue includes reimbursements from properties for property-level and centralized programs and services that we operate for the benefit of our hotel owners. Reimbursed expenses include costs incurred by Marriott for certain property-level operating expenses and centralized programs and services.
5Owned, leased, and other - direct expenses include operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses.
6Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of capitalized costs incurred to acquire management, franchise, and license agreements, and any related impairments, accelerations, or write-offs.
7General, administrative, and other expenses include our corporate and business segments overhead costs and general expenses.
8Gains and other income, net includes gains and losses on the sale of real estate, the sale of joint venture interests and other investments, and adjustments from other equity investments.
9Equity in (losses) earnings include our equity in earnings or losses of unconsolidated equity method investments.
10Basic and fully diluted weighted average shares outstanding used to calculate (loss) earnings per share for the period in which we had a loss are the same because inclusion of additional equivalents would be anti-dilutive.

A-1


MARRIOTT INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED
FOURTH QUARTER YEAR-TO-DATE 2020 AND 2019
(in millions except per share amounts, unaudited)
As ReportedAs ReportedPercent
Twelve Months EndedTwelve Months EndedBetter/(Worse)
December 31, 2020December 31, 2019Reported 2020 vs. 2019
REVENUES
Base management fees$443 $1,180 (62)
Franchise fees 1
1,153 2,006 (43)
Incentive management fees87 637 (86)
   Gross Fee Revenues1,683 3,823 (56)
Contract investment amortization 2
(132)(62)(113)
   Net Fee Revenues1,551 3,761 (59)
Owned, leased, and other revenue 3
568 1,612 (65)
Cost reimbursement revenue 4
8,452 15,599 (46)
   Total Revenues10,571 20,972 (50)
OPERATING COSTS AND EXPENSES
Owned, leased, and other - direct 5
677 1,316 49 
Depreciation, amortization, and other 6
346 341 (1)
General, administrative, and other 7
762 938 19 
Restructuring and merger-related charges267 138 (93)
Reimbursed expenses 4
8,435 16,439 49 
   Total Expenses10,487 19,172 45 
OPERATING INCOME84 1,800 (95)
Gains and other income, net 8
154 (94)
Interest expense(445)(394)(13)
Interest income 27 26 
Equity in (losses) earnings 9
(141)13 (1,185)
(LOSS) INCOME BEFORE INCOME TAXES(466)1,599 (129)
Benefit (provision) for income taxes199 (326)161 
NET (LOSS) INCOME$(267)$1,273 (121)
(LOSS) EARNINGS PER SHARE
   (Loss) Earnings per share - basic$(0.82)$3.83 (121)
   (Loss) Earnings per share - diluted$(0.82)$3.80 (122)
Basic Shares325.8 332.7 
Diluted Shares10
325.8 335.5 

1Franchise fees include fees from our franchise agreements, application and relicensing fees, licensing fees from our timeshare, credit card programs, and residential branding fees.
2Contract investment amortization includes amortization of capitalized costs to obtain contracts with our owner and franchisee customers, and any related impairments, accelerations, or write-offs.
3Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, and other revenue.
4Cost reimbursement revenue includes reimbursements from properties for property-level and centralized programs and services that we operate for the benefit of our hotel owners. Reimbursed expenses include costs incurred by Marriott for certain property-level operating expenses and centralized programs and services.
5Owned, leased, and other - direct expenses include operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses.
6Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of capitalized costs incurred to acquire management, franchise, and license agreements, and any related impairments, accelerations, or write-offs.
7General, administrative, and other expenses include our corporate and business segments overhead costs and general expenses.
8Gains and other income, net includes gains and losses on the sale of real estate, the sale of joint venture interests and other investments, and adjustments from other equity investments.
9Equity in (losses) earnings include our equity in earnings or losses of unconsolidated equity method investments.
10Basic and fully diluted weighted average shares outstanding used to calculate (loss) earnings per share for the period in which we had a loss are the same because inclusion of additional equivalents would be anti-dilutive.
A-2


MARRIOTT INTERNATIONAL, INC.
NON-GAAP FINANCIAL MEASURES - FOURTH QUARTER AND FULL YEAR 2020 AND 2019
($ in millions except per share amounts)


The following table presents our reconciliations of Adjusted operating income, Adjusted operating income margin, Adjusted net income, and Adjusted diluted earnings per share, to the most directly comparable GAAP measure. Adjusted total revenues is used in the determination of Adjusted operating income margin.

Three Months EndedTwelve Months Ended
December 31, 2020December 31, 2019Percent Better/(Worse)December 31, 2020December 31, 2019Percent Better/(Worse)
Total revenues, as reported$2,172 $5,371 $10,571 $20,972 
Less: Cost reimbursement revenue(1,664)(3,988)(8,452)(15,599)
Add: Impairments 1
22 — 62 — 
Adjusted total revenues**530 1,383 2,181 5,373 
Operating (loss) income, as reported(128)274 84 1,800 
Less: Cost reimbursement revenue(1,664)(3,988)(8,452)(15,599)
Add: Reimbursed expenses1,634 4,370 8,435 16,439 
Add (Less): Restructuring and merger-related charges (recoveries)262 (53)267 138 
Add: Impairments 2
44 114 201 114 
Adjusted operating income **148 717 -79 %535 2,892 -82 %
Operating (loss) income margin-6 %5 %1 %9 %
Adjusted operating income margin **28 %52 %25 %54 %
Net (loss) income, as reported(164)279 (267)1,273 
Less: Cost reimbursement revenue(1,664)(3,988)(8,452)(15,599)
Add: Reimbursed expenses1,634 4,370 8,435 16,439 
Add (Less): Restructuring and merger-related charges (recoveries)262 (53)267 138 
Add: Impairments 3
113 114 278 114 
Add (Less): Loss (gain) on asset dispositions 4
(134)(143)
Income tax effect of above adjustments(74)(90)(134)(236)
Less: Income tax benefit due to audit closures(74)— (74)— 
Adjusted net income **$39 $498 -92 %$59 $1,986 -97 %
Diluted (loss) earnings per share, as reported$(0.50)$0.85 $(0.82)$3.80 
Adjusted diluted earnings per share**$0.12 $1.51 -92 %$0.18 $5.92 -97 %

**Denotes non-GAAP financial measures. Please see pages A-13 and A-14 for information about our reasons for providing these alternative financial measures and the limitations on their use.

1Includes impairment charges reported in Contract investment amortization of $22 million and $62 million in the 2020 fourth quarter and 2020 full year, respectively.

2Includes impairment charges reported in Contract investment amortization of $22 million and $62 million; and Depreciation, amortization, and other of $22 million and $139 million in the 2020 fourth quarter and 2020 full year, respectively. Includes impairment charges reported in Depreciation, amortization, and other of $114 million in both the 2019 fourth quarter and 2019 full year.

3Includes impairment charges reported in Contract investment amortization of $22 million and $62 million; Depreciation, amortization, and other of $22 million and $139 million; Equity in earnings (losses) of $69 million and $77 million in the 2020 fourth quarter and 2020 full year, respectively. Includes impairment charges reported in Depreciation, amortization, and other of $114 million in both the 2019 fourth quarter and 2019 full year.

4Loss (gain) on asset dispositions reported in Gains and other income, net.

A-3


MARRIOTT INTERNATIONAL, INC.
NON-GAAP FINANCIAL MEASURES - 2020 QUARTERLY
($ in millions except per share amounts)


The following table presents our reconciliations of Adjusted operating income (loss), Adjusted operating income (loss) margin, Adjusted net income (loss), and Adjusted diluted earnings (loss) per share, to the most directly comparable GAAP measure. Adjusted total revenues is used in the determination of Adjusted operating income (loss) margin.

Fiscal Year 2020
First QuarterSecond QuarterThird QuarterFourth QuarterTotal
Total revenues, as reported$4,681 $1,464 $2,254 $2,172 $10,571 
Less: Cost reimbursement revenue(3,797)(1,202)(1,789)(1,664)(8,452)
Add: Impairments 1
30 22 62 
Adjusted total revenues**891 265 495 530 2,181 
Operating income (loss), as reported114 (154)252 (128)84 
Less: Cost reimbursement revenue(3,797)(1,202)(1,789)(1,664)(8,452)
Add: Reimbursed expenses3,877 1,241 1,683 1,634 8,435 
(Less) Add: Restructuring and merger-related (recoveries) charges(2)262 267 
Add: Impairments 2
101 24 32 44 201 
Adjusted operating income (loss) **293 (85)179 148 535 
Operating income (loss) margin2 %-11 %11 %-6 %1 %
Adjusted operating income (loss) margin **33 %-32 %36 %28 %25 %
Net income (loss), as reported31 (234)100 (164)(267)
Less: Cost reimbursement revenue(3,797)(1,202)(1,789)(1,664)(8,452)
Add: Reimbursed expenses3,877 1,241 1,683 1,634 8,435 
(Less) Add: Restructuring and merger-related (recoveries) charges(2)262 267 
Add: Impairments 3
101 32 32 113 278 
Add: Loss on asset dispositions 4
— — — 
Income tax effect of above adjustments(50)(27)17 (74)(134)
Less: Income tax benefit due to audit closures— — — (74)(74)
Adjusted net income (loss) **$160 $(184)$44 $39 $59 
Diluted earnings (loss) per share, as reported$0.09 $(0.72)$0.31 $(0.50)$(0.82)
Adjusted diluted earnings (loss) per share**$0.49 $(0.57)$0.13 $0.12 $0.18 

**Denotes non-GAAP financial measures. Please see pages A-13 and A-14 for information about our reasons for providing these alternative financial measures and the limitations on their use.

1Includes impairment charges reported in Contract investment amortization of $7 million, $3 million, $30 million, $22 million and $62 million in the first quarter, second quarter, third quarter, fourth quarter and full year, respectively.

2Includes impairment charges reported in Contract investment amortization of $7 million, $3 million, $30 million, $22 million and $62 million; and Depreciation, amortization, and other of $94 million, $21 million, $2 million, $22 million and $139 million in the first quarter, second quarter, third quarter, fourth quarter and full year, respectively.

3Includes impairment charges reported in Contract investment amortization of $7 million, $3 million, $30 million, $22 million and $62 million; Depreciation, amortization, and other of $94 million, $21 million, $2 million, $22 million and $139 million; and Equity in earnings (losses) of $0 million, $8 million, $0 million, $69 million and $77 million in the first quarter, second quarter, third quarter, fourth quarter and full year, respectively.

4Loss on asset dispositions reported in Gains and other income, net.

A-4


MARRIOTT INTERNATIONAL, INC.
TOTAL LODGING PRODUCTS
As of December 31, 2020

US & CanadaTotal InternationalTotal Worldwide
UnitsRoomsUnitsRoomsUnitsRooms
Managed733 234,576 1,266 326,159 1,999 560,735 
Marriott Hotels115 62,212 178 51,890 293 114,102 
Marriott Hotels Serviced Apartments— — 154 154 
Sheraton 28 23,609 189 63,573 217 87,182 
Courtyard220 34,988 105 22,812 325 57,800 
Westin41 22,349 72 21,924 113 44,273 
JW Marriott21 12,711 61 22,581 82 35,292 
Renaissance24 10,607 59 18,402 83 29,009 
The Ritz-Carlton38 11,404 63 16,175 101 27,579 
The Ritz-Carlton Serviced Apartments— — 713 713 
Le Méridien160 71 20,314 73 20,474 
Four Points134 80 21,892 81 22,026 
Residence Inn108 16,344 701 114 17,045 
W Hotels22 6,403 32 8,445 54 14,848 
W Hotels Serviced Apartments— — 160 160 
The Luxury Collection2,296 50 9,084 56 11,380 
Gaylord Hotels9,918 — — 9,918 
St. Regis10 1,968 34 7,819 44 9,787 
Aloft330 39 8,957 40 9,287 
St. Regis Serviced Apartments— — 70 70 
AC Hotels by Marriott901 67 8,180 72 9,081 
Delta Hotels25 6,770 360 26 7,130 
Fairfield by Marriott1,539 42 6,074 49 7,613 
SpringHill Suites30 4,896 — — 30 4,896 
Marriott Executive Apartments— — 33 4,812 33 4,812 
Autograph Collection2,335 14 2,200 22 4,535 
Protea Hotels— — 32 3,911 32 3,911 
EDITION1,209 1,488 11 2,697 
TownePlace Suites10 1,313 — — 10 1,313 
Element180 1,690 1,870 
Moxy— — 887 887 
Tribute Portfolio— — 453 453 
Bulgari— — 438 438 
 Franchised 4,716 676,773 676 137,726 5,392 814,499 
Courtyard819 109,111 91 16,700 910 125,811 
Fairfield by Marriott1,054 98,362 29 5,089 1,083 103,451 
Residence Inn745 88,737 13 1,566 758 90,303 
Marriott Hotels223 70,452 60 17,745 283 88,197 
Sheraton155 46,636 66 18,808 221 65,444 
SpringHill Suites458 52,694 — — 458 52,694 
TownePlace Suites436 44,007 — — 436 44,007 
Westin88 29,283 23 7,171 111 36,454 
Autograph Collection115 23,114 65 12,199 180 35,313 
Four Points157 23,702 57 9,215 214 32,917 
Renaissance62 17,956 28 7,691 90 25,647 
Aloft133 19,289 19 3,074 152 22,363 
AC Hotels by Marriott68 11,436 36 6,412 104 17,848 
Moxy21 4,149 48 9,499 69 13,648 
Delta Hotels52 11,456 1,706 59 13,162 
The Luxury Collection11 2,794 48 8,863 59 11,657 
Le Méridien20 4,588 16 4,225 36 8,813 
JW Marriott13 5,947 1,624 19 7,571 
Element54 7,207 293 56 7,500 
Tribute Portfolio26 4,571 17 1,947 43 6,518 
Protea Hotels— — 36 2,949 36 2,949 
Design Hotels853 799 12 1,652 
The Ritz-Carlton429 — — 429 
Bulgari— — 85 85 
Marriott Executive Apartments— — 66 66 
A-5


MARRIOTT INTERNATIONAL, INC.
TOTAL LODGING PRODUCTS
As of December 31, 2020
US & CanadaTotal InternationalTotal Worldwide
UnitsRoomsUnitsRoomsUnitsRooms
Owned/Leased26 6,483 40 9,417 66 15,900 
Courtyard19 2,814 894 23 3,708 
Marriott Hotels1,308 2,064 3,372 
Sheraton— — 1,830 1,830 
W Hotels779 665 1,444 
Protea Hotels— — 991 991 
Westin1,073 — — 1,073 
Renaissance317 505 822 
Autograph Collection 1
— — 705 705 
The Ritz-Carlton— — 550 550 
JW Marriott— — 496 496 
The Luxury Collection 2
— — 417 417 
Residence Inn192 140 332 
St. Regis— — 160 160 
 Residences 59 6,258 35 2,897 94 9,155 
The Ritz-Carlton Residences 35 4,064 11 938 46 5,002 
W Residences 10 1,089 359 14 1,448 
St. Regis Residences 703 598 15 1,301 
Bulgari Residences— — 514 514 
Westin Residences 266 — — 266 
The Luxury Collection Residences91 115 206 
Marriott Hotels Residences— — 246 246 
Autograph Collection Residences— — 62 62 
Sheraton Residences— — 50 50 
EDITION Residences 45 — — 45 
Le Méridien Residences— — 15 15 
Timeshare*72 18,905 19 3,850 91 22,755 
Grand Total5,606 942,995 2,036 480,049 7,642 1,423,044 

* Timeshare property and room counts are included on this table in their geographical locations.  For external reporting purposes, these counts are captured in the Corporate segment.
1Includes five properties acquired when we purchased Elegant Hotels Group in December 2019 which we currently intend to re-brand under the Autograph Collection brand following the completion of planned renovations.
2Includes two properties acquired when we purchased Elegant Hotels Group in December 2019 which we currently intend to re-brand under The Luxury Collection brand following the completion of planned renovations.

A-6


MARRIOTT INTERNATIONAL, INC.
TOTAL LODGING PRODUCTS
As of December 31, 2020
US & CanadaTotal InternationalTotal Worldwide
Total SystemwideUnitsRoomsUnitsRoomsUnitsRooms
Luxury184 51,932 354 82,357 538 134,289 
JW Marriott34 18,658 68 24,701 102 43,359 
The Ritz-Carlton39 11,833 65 16,725 104 28,558 
The Ritz-Carlton Residences35 4,064 11 938 46 5,002 
The Ritz-Carlton Serviced Apartments— — 713 713 
The Luxury Collection 1
17 5,090 102 18,364 119 23,454 
The Luxury Collection Residences91 115 206 
W Hotels24 7,182 34 9,110 58 16,292 
W Residences10 1,089 359 14 1,448 
W Hotels Serviced Apartments— — 160 160 
St. Regis10 1,968 35 7,979 45 9,947 
St. Regis Residences703 598 15 1,301 
St. Regis Serviced Apartments— — 70 70 
EDITION1,209 1,488 11 2,697 
EDITION Residences45 — — 45 
Bulgari— — 523 523 
Bulgari Residences— — 514 514 
Full-Service1,002 349,833 937 261,916 1,939 611,749 
Marriott Hotels340 133,972 244 71,699 584 205,671 
Marriott Hotels Residences— — 246 246 
Marriott Hotels Serviced Apartments— — 154 154 
Sheraton183 70,245 259 84,211 442 154,456 
Sheraton Residences— — 50 50 
Westin130 52,705 95 29,095 225 81,800 
Westin Residences266 — — 266 
Renaissance87 28,880 89 26,598 176 55,478 
Autograph Collection 2
123 25,449 86 15,104 209 40,553 
Autograph Collection Residences— — 62 62 
Le Méridien22 4,748 87 24,539 109 29,287 
Le Méridien Residences— — 15 15 
Delta Hotels77 18,226 2,066 85 20,292 
Gaylord Hotels9,918 — — 9,918 
Tribute Portfolio26 4,571 22 2,400 48 6,971 
Marriott Executive Apartments— — 34 4,878 34 4,878 
Design Hotels853 799 12 1,652 
Limited-Service4,348 522,325 726 131,926 5,074 654,251 
Courtyard1,058 146,913 200 40,406 1,258 187,319 
Fairfield by Marriott1,061 99,901 71 11,163 1,132 111,064 
Residence Inn854 105,273 20 2,407 874 107,680 
SpringHill Suites488 57,590 — — 488 57,590 
Four Points158 23,836 137 31,107 295 54,943 
TownePlace Suites446 45,320 — — 446 45,320 
Aloft134 19,619 58 12,031 192 31,650 
AC Hotels by Marriott73 12,337 103 14,592 176 26,929 
Moxy21 4,149 53 10,386 74 14,535 
Element55 7,387 10 1,983 65 9,370 
Protea Hotels— — 74 7,851 74 7,851 
Timeshare*72 18,905 19 3,850 91 22,755 
Grand Total5,606 942,995 2,036 480,049 7,642 1,423,044 
* Timeshare property and room counts are included on this table in their geographical locations.  For external reporting purposes, these counts are captured in the Corporate segment.
1Includes two properties acquired when we purchased Elegant Hotels Group in December 2019 which we currently intend to re-brand under The Luxury Collection brand following the completion of planned renovations.
2Includes five properties acquired when we purchased Elegant Hotels Group in December 2019 which we currently intend to re-brand under the Autograph Collection brand following the completion of planned renovations.

A-7


MARRIOTT INTERNATIONAL, INC.
KEY LODGING STATISTICS
In Constant $

Comparable Company-Operated US & Canada Properties
Three Months Ended December 31, 2020 and December 31, 2019
REVPAROccupancyAverage Daily Rate
Brand2020vs. 20192020vs. 20192020vs. 2019
JW Marriott$52.85 -74.7 %21.2 %-54.0 %pts.$249.73 -10.0 %
The Ritz-Carlton$119.92 -61.6 %29.0 %-43.5 %pts.$413.27 -3.9 %
W Hotels$47.52 -78.1 %23.6 %-52.0 %pts.$201.02 -30.0 %
Composite US & Canada Luxury 1
$85.79 -68.4 %25.1 %-49.7 %pts.$342.01 -5.8 %
Marriott Hotels$24.28 -83.1 %18.6 %-54.4 %pts.$130.44 -33.9 %
Sheraton$23.41 -85.5 %16.1 %-59.2 %pts.$145.49 -32.4 %
Westin$32.23 -80.5 %22.5 %-53.1 %pts.$143.53 -34.4 %
Composite US & Canada Premium 2
$26.53 -82.2 %18.6 %-55.1 %pts.$142.73 -29.3 %
US & Canada Full-Service 3
$38.27 -77.9 %19.9 %-54.1 %pts.$192.53 -17.8 %
Courtyard$27.87 -70.2 %31.2 %-36.4 %pts.$89.43 -35.5 %
Residence Inn$58.26 -50.7 %49.0 %-26.4 %pts.$118.99 -24.0 %
Composite US & Canada Limited-Service 4
$35.79 -64.8 %35.6 %-35.0 %pts.$100.42 -30.3 %
US & Canada - All 5
$37.47 -75.0 %24.9 %-47.9 %pts.$150.24 -27.1 %

Comparable Systemwide US & Canada Properties
Three Months Ended December 31, 2020 and December 31, 2019
REVPAROccupancyAverage Daily Rate
Brand2020vs. 20192020vs. 20192020vs. 2019
JW Marriott$50.74 -74.0 %23.0 %-50.2 %pts.$220.30 -17.3 %
The Ritz-Carlton$115.85 -62.6 %28.2 %-44.4 %pts.$410.74 -3.7 %
W Hotels$47.52 -78.1 %23.6 %-52.0 %pts.$201.02 -30.0 %
Composite US & Canada Luxury 1
$77.53 -69.3 %25.1 %-49.2 %pts.$309.24 -9.3 %
Marriott Hotels$27.60 -77.2 %22.4 %-46.7 %pts.$123.23 -29.5 %
Sheraton$24.47 -77.9 %22.5 %-46.6 %pts.$108.57 -32.3 %
Westin$33.05 -77.1 %24.0 %-48.9 %pts.$137.61 -30.5 %
Composite US & Canada Premium 2
$30.92 -75.7 %23.3 %-47.0 %pts.$132.98 -26.6 %
US & Canada Full-Service 3
$36.10 -74.4 %23.5 %-47.3 %pts.$153.91 -23.0 %
Courtyard$34.31 -63.3 %35.9 %-32.0 %pts.$95.62 -30.5 %
Residence Inn$61.11 -43.7 %55.0 %-19.8 %pts.$111.10 -23.5 %
Fairfield by Marriott$36.22 -51.5 %41.7 %-24.7 %pts.$86.76 -22.8 %
Composite US & Canada Limited-Service 4
$41.96 -54.3 %43.1 %-26.6 %pts.$97.30 -26.1 %
US & Canada - All 5
$39.58 -64.6 %35.1 %-35.0 %pts.$112.64 -29.4 %
1Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION.
2Includes Marriott Hotels, Sheraton, Westin, Renaissance, Autograph Collection, Delta Hotels, Gaylord Hotels, and Le Méridien. Systemwide also includes Tribute Portfolio.
3Includes Composite US & Canada Luxury and Composite US & Canada Premium.
4Includes Courtyard, Residence Inn, Fairfield by Marriott, SpringHill Suites, TownePlace Suites, Four Points, Aloft, Element, and AC Hotels by Marriott. Systemwide also includes Moxy.
5Includes US & Canada Full-Service and Composite US & Canada Limited-Service.
A-8


MARRIOTT INTERNATIONAL, INC.
KEY LODGING STATISTICS
In Constant $
Comparable Company-Operated International Properties
Three Months Ended December 31, 2020 and December 31, 2019
REVPAROccupancyAverage Daily Rate
Region2020vs. 2019 2020vs. 2019 2020vs. 2019
Greater China$71.41 -19.6 %63.0 %-8.1 %pts.$113.42 -9.2 %
Rest of Asia Pacific$42.74 -66.5 %33.2 %-43.7 %pts.$128.71 -22.4 %
Asia Pacific$58.29 -45.3 %49.3 %-24.4 %pts.$118.13 -18.2 %
Caribbean & Latin America$44.76 -66.4 %28.4 %-35.8 %pts.$157.44 -24.0 %
Europe$19.91 -86.1 %14.5 %-58.5 %pts.$137.50 -29.9 %
Middle East & Africa$50.61 -56.1 %36.8 %-36.1 %pts.$137.58 -13.0 %
International - All 1
$47.69 -59.6 %38.1 %-34.6 %pts.$125.15 -22.8 %
Worldwide 2
$42.95 -67.7 %32.0 %-40.8 %pts.$134.21 -26.5 %

Comparable Systemwide International Properties
Three Months Ended December 31, 2020 and December 31, 2019
REVPAROccupancyAverage Daily Rate
Region2020vs. 2019 2020vs. 2019 2020vs. 2019
Greater China$69.46 -21.6 %61.7 %-8.9 %pts.$112.52 -10.4 %
Rest of Asia Pacific$47.20 -62.9 %35.1 %-41.1 %pts.$134.44 -19.4 %
Asia Pacific$58.04 -46.4 %48.1 %-25.4 %pts.$120.74 -18.1 %
Caribbean & Latin America$29.78 -70.8 %24.4 %-35.9 %pts.$122.28 -27.9 %
Europe$18.72 -85.0 %15.3 %-56.6 %pts.$122.38 -29.5 %
Middle East & Africa$47.91 -56.3 %36.4 %-35.8 %pts.$131.74 -13.4 %
International - All 1
$41.95 -62.7 %34.2 %-37.1 %pts.$122.68 -22.3 %
Worldwide 2
$40.28 -64.1 %34.9 %-35.6 %pts.$115.55 -27.4 %

1Includes Asia Pacific, Caribbean & Latin America, Europe, and Middle East & Africa.
2Includes US & Canada - All and International - All.
A-9


MARRIOTT INTERNATIONAL, INC.
KEY LODGING STATISTICS
In Constant $
Comparable Company-Operated US & Canada Properties
Twelve Months Ended December 31, 2020 and December 31, 2019
REVPAROccupancyAverage Daily Rate
Brand2020vs. 20192020vs. 20192020vs. 2019
JW Marriott$72.34 -66.7 %26.7 %-51.7 %pts.$270.68 -2.2 %
The Ritz-Carlton$130.60 -57.8 %31.0 %-43.2 %pts.$421.81 1.0 %
W Hotels$61.39 -71.0 %26.4 %-49.8 %pts.$232.58 -16.3 %
Composite US & Canada Luxury 1
$100.24 -62.8 %28.3 %-48.1 %pts.$353.74 0.2 %
Marriott Hotels$42.75 -72.1 %24.8 %-51.6 %pts.$172.19 -14.0 %
Sheraton$39.58 -75.2 %23.1 %-54.5 %pts.$171.35 -16.7 %
Westin$47.40 -71.9 %26.4 %-51.0 %pts.$179.43 -17.6 %
Composite US & Canada Premium 2
$42.79 -72.2 %24.5 %-52.0 %pts.$174.49 -13.3 %
US & Canada Full-Service 3
$54.15 -69.4 %25.3 %-51.2 %pts.$214.24 -7.3 %
Courtyard$35.37 -65.2 %31.0 %-40.4 %pts.$114.12 -20.0 %
Residence Inn$64.90 -49.0 %47.8 %-31.2 %pts.$135.80 -15.8 %
Composite US & Canada Limited-Service 4
$43.49 -60.3 %35.6 %-38.6 %pts.$122.26 -17.3 %
US & Canada - All 5
$50.73 -67.3 %28.6 %-47.2 %pts.$177.48 -13.4 %
Comparable Systemwide US & Canada Properties
Twelve Months Ended December 31, 2020 and December 31, 2019
REVPAROccupancyAverage Daily Rate
Brand2020vs. 20192020vs. 20192020vs. 2019
JW Marriott$69.92 -65.8 %27.1 %-49.8 %pts.$257.79 -3.1 %
The Ritz-Carlton$126.72 -58.8 %30.3 %-44.0 %pts.$417.81 1.0 %
W Hotels$61.39 -71.0 %26.4 %-49.8 %pts.$232.58 -16.3 %
Composite US & Canada Luxury 1
$92.40 -63.5 %28.2 %-47.9 %pts.$327.83 -1.3 %
Marriott Hotels$42.11 -67.7 %27.5 %-45.5 %pts.$153.17 -14.3 %
Sheraton$36.08 -68.8 %28.0 %-44.4 %pts.$128.83 -19.3 %
Westin$47.64 -68.3 %28.5 %-46.9 %pts.$167.35 -16.0 %
Composite US & Canada Premium 2
$43.89 -67.2 %28.1 %-45.4 %pts.$156.38 -14.2 %
US & Canada Full-Service 3
$49.28 -66.5 %28.1 %-45.7 %pts.$175.49 -12.0 %
Courtyard$41.05 -59.5 %36.5 %-35.4 %pts.$112.51 -20.2 %
Residence Inn$66.92 -42.9 %54.7 %-23.8 %pts.$122.33 -18.1 %
Fairfield by Marriott$40.15 -50.9 %41.9 %-28.9 %pts.$95.78 -17.2 %
Composite US & Canada Limited-Service 4
$47.60 -52.1 %43.4 %-30.2 %pts.$109.80 -18.7 %
US & Canada - All 5
$48.28 -59.4 %37.2 %-36.5 %pts.$129.96 -19.4 %

1Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION.
2Includes Marriott Hotels, Sheraton, Westin, Renaissance, Autograph Collection, Delta Hotels, Gaylord Hotels, and Le Méridien. Systemwide also includes Tribute Portfolio.
3Includes Composite US & Canada Luxury and Composite US & Canada Premium.
4Includes Courtyard, Residence Inn, Fairfield by Marriott, SpringHill Suites, TownePlace Suites, Four Points, Aloft, Element, and AC Hotels by Marriott. Systemwide also includes Moxy.
5Includes US & Canada Full-Service and Composite US & Canada Limited-Service.
A-10



MARRIOTT INTERNATIONAL, INC.
KEY LODGING STATISTICS
In Constant $