Marriott International signs in at the top of the lodging industry. The company is one of the world's leading hoteliers with some 4,300 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 45 golf courses. The Marriott family, including J. W. Marriott Jr., owns about 30% of Marriott International.
While the bulk of its hotels are located in the US, about 15% of its properties are international. Marriott has operations in more than 80 countries in the Americas, the UK and Ireland, the Middle East and Africa, Asia, Australia, and Continental Europe.
The company reported $13.8 billion in revenue for fiscal 2014. That was an increase of 8% compared to the prior fiscal period. Marriott's net income was $753 million in fiscal 2014, which was an increase of $127 million compared to fiscal 2013.
The company's cash from operations increased by $84 million in fiscal 2014 compared to the prior fiscal year and Marriott ended the year with a comfortable $1.2 in cash on hand.
Marriott'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 2015 Marriott agreed to acquire Starwood Hotels & Resorts Worldwide in a deal worth $12.2 billion. The merger will create the world's biggest hotel company with more than 5,500 hotels and about 1.1 million rooms in some 100 countries worldwide. The deal, which is expected to close in mid-2016, will also give Marriott more hotel properties in Asia, Europe, and Latin America.