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Marriott International Inc Class A - Stock Quote MAR

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Morningstar's Marriott International Inc Class A Stock Analysis

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Marriott Seeing a Broadening of Travel Demand From Leisure to Business and International Trips

Dan Wasiolek Senior Equity Analyst

Analyst Note

| Dan Wasiolek |

We plan to increase our $159 fair value estimate for narrow-moat Marriott by a low-single-digit percentage after its first quarter showcased a new pandemic recovery high in demand, as travel broadened from leisure excursions to business and international trips, echoing recent reports from peers. First-quarter revenue per available room, or revPAR, recovered to 91% of 2019 levels (83% for Hilton), up nicely from 81% last quarter (83%), with robust demand trends continuing in April. Globally, Marriott expects leisure to remain strong, with business and cross-border improving throughout the rest of this year. To this point, U.S. and Canada business room nights returned to 85%-90% of 2019 levels in the quarter, up from about 70% in the prior three months, with group size and length of stay above prepandemic marks. Further, Marriott saw notable demand improvement in international markets except China, which remains hindered by COVID-19 restrictions. Europe demand has not been impacted by the humanitarian crisis in Ukraine, with an acceleration in spring and summer demand bookings. As a result, we expect to increase our 2022 revPAR toward a mid-90% rebound rate versus about 90%.

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Marriott International Inc Class A's Company Profile

Business Description

Marriott operates nearly 1.5 million rooms across roughly 30 brands. At the end of 2021, luxury represented 10% of total rooms, while full service, limited service, and time-shares were 43%, 46%, and 2% of all units, respectively. Marriott, Courtyard, and Sheraton are the largest brands, while Autograph, Tribute, Moxy, Aloft, and Element are newer lifestyle brands. Managed and franchised represent 97% of total rooms. North America makes up two thirds of total rooms. Managed, franchise, and incentive fees represent the vast majority of revenue and profitability for the company.

10400 Fernwood Road
Bethesda, MD, 20817
T +1 301 380-3000
Sector Consumer Cyclical
Industry Lodging
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 120,000

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