Key Partners
- Third-party owners — 7,644 franchised/licensed, 1,966 managed properties (FACT).
- US co-brand cards — JPMorgan Chase and American Express (FACT).
- Bonvoy cards in 11 countries (FACT).
- Marriott Vacations Worldwide pays timeshare royalties (FACT).
- MGM Collection with Marriott Bonvoy — 12 properties, 26,210 rooms (FACT).
- citizenM brand acquired — 37 hotels, ~8,800 rooms (FACT).
Key Activities
- Sign owners — ~163,000 organic rooms signed in 2025 (FACT).
- Open and convert hotels — ~100,000 gross rooms added (FACT).
- Conversions — about one-third of signings and additions (FACT).
- Run Bonvoy, reservations, sales and marketing (FACT).
- Operate 2,017 company-operated properties (FACT).
- Rebuild reservation and loyalty technology (FACT).
Key Resources
- 30+ brands, from Fairfield to The Ritz-Carlton (INFERENCE from 10-K table).
- Marriott Bonvoy — ~271M members, Dec 2025 (FACT).
- Contracts on 1,779,936 rooms (FACT).
- Pipeline — ~610,000 rooms, 4,056 properties (FACT).
- ~414,000 associates, ~148,000 employed by Marriott (FACT).
- ~17% share of US hotel rooms (FACT, company estimate).
Value Propositions
- Brand recognition at every tier (FACT).
- Bonvoy members — ~68% of global room nights (FACT).
- Direct bookings cost owners less than OTAs (FACT).
- ~33,400 rooms converted from rivals in 2025 (FACT).
- Points redeemable for stays, flights and experiences (FACT).
- Owners keep the building; Marriott keeps it full (INFERENCE).
Customer Relationships
- Bonvoy — ~43M members added in 2025 (FACT).
- 295M+ members by Jun 30, 2026 (FACT).
- Co-brand cards earn points on everyday spending (FACT).
- Franchise terms 10-25 years; management 20-30 years (FACT).
- Incentive fees often subject to an owner return (FACT).
- $7,992M loyalty deferred revenue, Dec 2025 (FACT).
Channels
- Marriott.com and the Bonvoy app (FACT).
- Above-property sales for business and groups (FACT).
- Customer care centers (FACT).
- Online travel agencies, a costlier channel (FACT).
- Bonvoy co-brand cards in 11 countries (FACT).
- Development teams sign owners worldwide (FACT).
Customer Segments
- Hotel owners and developers (FACT).
- Leisure and business travelers (FACT).
- Luxury guests — JW Marriott, Ritz-Carlton, St. Regis (FACT).
- Extended stay — Residence Inn, TownePlace Suites (FACT).
- Branded residence buyers via developers (FACT).
- Card issuers buying access to members (INFERENCE).
Cost Structure
- Reimbursed expenses $19,503M (FACT).
- General and administrative $870M, down 8% (FACT).
- Owned, leased and other expense $1,461M (FACT).
- Interest expense $809M; debt $16.2B (FACT).
- Income taxes $793M (FACT).
- Stockholders' deficit $3,771M after buybacks (FACT).
Revenue Streams
- Franchise fees $3,325M, +7% (FACT).
- Base management fees $1,322M (FACT).
- Incentive management fees $791M (FACT).
- Owned, leased and other $1,679M (FACT).
- Cost reimbursement $19,204M passes through (FACT).
- Co-brand fees seen up ~35% in 2026 (FACT, company outlook).