Morningstar

Morningstar, Inc.

Equity Bottom-Up

We expect Marriott to expand room and revenue share in the hotel industry over the next decade, driven by a favorable next-generation traveler position supported by renovated and newer brands, as well as its industry-leading loyalty program. Additionally, we see the acquisition of Starwood (closed in September 2016) as strengthening Marriott's brand advantage, as Starwood's global luxury portfolio complements Marriott's dominant upper-scale position in North America.We believe Marriott’s…

Marriott’s first quarter offered no reason to materially change our $127 fair value estimate, which incorporates high-single-digit average sales and EBITDA growth over the next five years, or to alter our long-held view that the firm's brand advantage, the source of its narrow moat, is strengthening. We see the shares as fairly valued
Although first-quarter growth in revenue per available room of 1.1% was at the lower end of Marriott's 1%-3% guidance, stronger April group bookings and an…

United States

Marriott International Inc. is a worldwide operator and franchisor of hotels. The Company franchises lodging facilities and vacation timesharing resorts under various brand names. Marriott also provides services to home and condominium owner associations for projects associated with several of its brands.

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