Marriott International is one of the world's leading hoteliers. The company has some 6,000 operated or franchised properties worldwide. Its hotels include such full-service brands as Renaissance Hotels and its flagship Marriott Hotels & Resorts, as well as select-service and extended-stay brands Courtyard and Fairfield Inn. It also owns the Ritz-Carlton luxury chain and resort, and manages about 80 golf courses. The Marriott family, including J. W. Marriott Jr., owns about 30% of Marriott International. The company acquired Starwood Hotels & Resorts Worldwide in 2016.
Marriott International operates through three reportable business segments. Its North American Full-Service is the company's largest segment. It accounts for more than 60% of the company's revenue. The North American Full-Service segment includes Marriott International's Luxury and Premium brands (JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, EDITION, Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Le Méridien, Autograph Collection Hotels, Delta Hotels, Gaylord Hotels, and Tribute Portfolio) located in the US and Canada.
Marriott International's North American Limited-Service segment includes brands such as Courtyard, Residence Inn, Fairfield Inn & Suites, SpringHill Suites, Four Points, TownePlace Suites, Aloft Hotels, AC Hotels by Marriott, Element Hotels, and Moxy Hotels in the US and Canada.
The company's International segment includes all properties located outside the US and Canada.
Following the merger with Starwood, more than 55% of Marriott International's properties are international. The company has operations in more than 120 countries in the Americas, the UK and Ireland, the Middle East and Africa, Asia, Australia, and Continental Europe.
Marriott International reported a little more than $17 billion in revenue for fiscal 2016. That was an increase compared to the $14.4 billion the company reported as revenue for fiscal 2015.
Marriott International's net income decreased in fiscal 2016 compared to the prior fiscal period. The company reported net income of $780 million in fiscal 2016 after netting about $860 million in fiscal 2015.
The company ended fiscal 2016 with $1.5 billion in cash flow from operations. That was a slight increase compared to fiscal 2015.
Marriott International's business model focuses on managing and franchising hotels, rather than owning them. More than 50% of its hotel rooms are operated by franchisees that pay the company fees and royalties, as well as a percentage of their food and beverage revenue.
Mergers and Acquisitions
In 2016 Marriott International acquired Starwood Hotels & Resorts Worldwide in a $13.3 billion deal. The deal gave Marriott International more hotel properties in Asia, Europe, and Latin America. The two companies have combined their respective customer loyalty programs, but most of the hotels in the portfolio will retain their current branding.