ý
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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52-2055918
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(State or other jurisdiction of
incorporation or organization)
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(IRS Employer
Identification No.)
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10400 Fernwood Road, Bethesda, Maryland
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20817
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(Address of Principal Executive Offices)
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(Zip Code)
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Title of Each Class
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Name of Each Exchange on Which Registered
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Class A Common Stock, $0.01 par value
(253,481,935 shares outstanding as of February 5, 2016)
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Nasdaq Global Select Market
Chicago Stock Exchange
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Large accelerated filer
x
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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(Do not check if a smaller reporting company)
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Page No.
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• The Ritz-Carlton
®
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• Gaylord Hotels
®
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• Bulgari
®
Hotels & Resorts
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• AC Hotels by Marriott
®
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• EDITION
®
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• Courtyard by Marriott
®
(“Courtyard
®
”)
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• JW Marriott
®
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• Residence Inn by Marriott
®
(“Residence Inn
®
”)
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• Autograph Collection
®
Hotels
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• SpringHill Suites by Marriott
®
(“SpringHill Suites
®
”)
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• Renaissance
®
Hotels
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• Fairfield Inn & Suites by Marriott
®
(“Fairfield Inn & Suites
®
”)
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• Marriott Hotels
®
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• TownePlace Suites by Marriott
®
(“TownePlace Suites
®
”)
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• Delta Hotels and Resorts
®
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• Protea Hotels
®
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• Marriott Executive Apartments
®
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• Moxy Hotels
®
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• Marriott Vacation Club
®
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North America
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Europe
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Middle East & Africa
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Asia Pacific
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Caribbean & Latin America
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Total
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||
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U.S.
|
Canada
|
|
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||||||
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Properties
|
39
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|
1
|
|
12
|
|
10
|
|
27
|
|
7
|
|
96
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Rooms
|
11,572
|
|
267
|
|
2,929
|
|
3,166
|
|
7,231
|
|
1,966
|
|
27,131
|
|
Countries and Territories
|
1
|
|
1
|
|
10
|
|
6
|
|
8
|
|
6
|
|
32
|
|
|
Properties
|
—
|
|
—
|
|
2
|
|
—
|
|
1
|
|
—
|
|
3
|
Rooms
|
—
|
|
—
|
|
143
|
|
—
|
|
59
|
|
—
|
|
202
|
|
Countries and Territories
|
—
|
|
—
|
|
2
|
|
—
|
|
1
|
|
—
|
|
3
|
|
|
Properties
|
2
|
|
—
|
|
2
|
|
—
|
|
—
|
|
—
|
|
4
|
Rooms
|
568
|
|
—
|
|
251
|
|
—
|
|
—
|
|
—
|
|
819
|
|
Countries and Territories
|
1
|
|
—
|
|
2
|
|
—
|
|
—
|
|
—
|
|
3
|
|
|
Properties
|
24
|
|
1
|
|
6
|
|
4
|
|
29
|
|
13
|
|
77
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Rooms
|
13,938
|
|
221
|
|
2,065
|
|
2,708
|
|
11,764
|
|
3,346
|
|
34,042
|
|
Countries and Territories
|
1
|
|
1
|
|
6
|
|
3
|
|
7
|
|
9
|
|
27
|
|
|
Properties
|
53
|
|
2
|
|
30
|
|
1
|
|
3
|
|
6
|
|
95
|
Rooms
|
12,675
|
|
460
|
|
4,344
|
|
446
|
|
785
|
|
4,098
|
|
22,808
|
|
Countries and Territories
|
1
|
|
1
|
|
13
|
|
1
|
|
3
|
|
6
|
|
25
|
|
|
Properties
|
80
|
|
2
|
|
36
|
|
3
|
|
31
|
|
8
|
|
160
|
Rooms
|
26,798
|
|
561
|
|
8,632
|
|
921
|
|
12,116
|
|
2,565
|
|
51,593
|
|
Countries and Territories
|
1
|
|
1
|
|
16
|
|
2
|
|
7
|
|
8
|
|
35
|
|
|
Properties
|
327
|
|
15
|
|
94
|
|
18
|
|
45
|
|
27
|
|
526
|
Rooms
|
129,070
|
|
5,355
|
|
23,071
|
|
6,206
|
|
15,804
|
|
7,771
|
|
187,277
|
|
Countries and Territories
|
1
|
|
1
|
|
19
|
|
8
|
|
9
|
|
16
|
|
54
|
|
|
Properties
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—
|
|
36
|
|
—
|
|
—
|
|
—
|
|
—
|
|
36
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Rooms
|
—
|
|
9,385
|
|
—
|
|
—
|
|
—
|
|
—
|
|
9,385
|
|
Countries and Territories
|
—
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
|
Properties
|
—
|
|
—
|
|
5
|
|
6
|
|
15
|
|
2
|
|
28
|
Rooms
|
—
|
|
—
|
|
408
|
|
759
|
|
2,774
|
|
240
|
|
4,181
|
|
Countries and Territories
|
—
|
|
—
|
|
5
|
|
4
|
|
5
|
|
2
|
|
16
|
|
|
Properties
|
5
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5
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Rooms
|
8,098
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
8,098
|
|
Countries and Territories
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
|
Properties
|
5
|
|
—
|
|
78
|
|
—
|
|
—
|
|
—
|
|
83
|
Rooms
|
911
|
|
—
|
|
9,551
|
|
—
|
|
—
|
|
—
|
|
10,462
|
|
Countries and Territories
|
1
|
|
—
|
|
6
|
|
—
|
|
—
|
|
—
|
|
7
|
|
|
Properties
|
891
|
|
25
|
|
49
|
|
5
|
|
37
|
|
30
|
|
1,037
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Rooms
|
124,630
|
|
4,411
|
|
9,220
|
|
1,041
|
|
9,243
|
|
4,872
|
|
153,417
|
|
Countries and Territories
|
1
|
|
1
|
|
18
|
|
3
|
|
8
|
|
15
|
|
46
|
|
|
Properties
|
669
|
|
21
|
|
3
|
|
3
|
|
—
|
|
1
|
|
697
|
Rooms
|
81,387
|
|
3,025
|
|
307
|
|
301
|
|
—
|
|
109
|
|
85,129
|
|
Countries and Territories
|
1
|
|
1
|
|
3
|
|
3
|
|
—
|
|
1
|
|
9
|
|
|
Properties
|
334
|
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
336
|
Rooms
|
39,451
|
|
299
|
|
—
|
|
—
|
|
—
|
|
—
|
|
39,750
|
|
Countries and Territories
|
1
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2
|
|
|
North America
|
|
Europe
|
|
Middle East & Africa
|
|
Asia Pacific
|
|
Caribbean & Latin America
|
|
Total
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||
|
|
U.S.
|
Canada
|
|
|
|
|
|
||||||
|
Properties
|
743
|
|
18
|
|
—
|
|
—
|
|
2
|
|
5
|
|
768
|
Rooms
|
67,946
|
|
2,024
|
|
—
|
|
—
|
|
314
|
|
788
|
|
71,072
|
|
Countries and Territories
|
1
|
|
1
|
|
—
|
|
—
|
|
1
|
|
1
|
|
4
|
|
|
Properties
|
263
|
|
7
|
|
—
|
|
—
|
|
—
|
|
—
|
|
270
|
Rooms
|
26,272
|
|
856
|
|
—
|
|
—
|
|
—
|
|
—
|
|
27,128
|
|
Countries and Territories
|
1
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2
|
|
|
Properties
|
—
|
|
—
|
|
—
|
|
102
|
|
—
|
|
—
|
|
102
|
Rooms
|
—
|
|
—
|
|
—
|
|
9,609
|
|
—
|
|
—
|
|
9,609
|
|
Countries and Territories
|
—
|
|
—
|
|
—
|
|
8
|
|
—
|
|
—
|
|
8
|
|
|
Properties
|
—
|
|
—
|
|
1
|
|
—
|
|
—
|
|
—
|
|
1
|
Rooms
|
—
|
|
—
|
|
162
|
|
—
|
|
—
|
|
—
|
|
162
|
|
Countries and Territories
|
—
|
|
—
|
|
1
|
|
—
|
|
—
|
|
—
|
|
1
|
|
Residences
(1)
|
Properties
|
31
|
|
2
|
|
2
|
|
—
|
|
2
|
|
5
|
|
42
|
Rooms
|
3,623
|
|
214
|
|
106
|
|
—
|
|
63
|
|
252
|
|
4,258
|
|
Countries and Territories
|
1
|
|
1
|
|
2
|
|
—
|
|
2
|
|
2
|
|
8
|
|
Timeshare
(2)
|
Properties
|
45
|
|
—
|
|
5
|
|
—
|
|
3
|
|
5
|
|
58
|
Rooms
|
10,540
|
|
—
|
|
919
|
|
—
|
|
332
|
|
1,016
|
|
12,807
|
|
Countries and Territories
|
1
|
|
—
|
|
3
|
|
—
|
|
1
|
|
3
|
|
8
|
|
|
Total Properties
|
3,511
|
|
132
|
|
325
|
|
152
|
|
195
|
|
109
|
|
4,424
|
|
Total Rooms
|
557,479
|
|
27,078
|
|
62,108
|
|
25,157
|
|
60,485
|
|
27,023
|
|
759,330
|
(1)
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Figures include home and condominium products for which we manage the related owners’ association.
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(2)
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Timeshare properties are licensed by MVW under the Marriott Vacation Club, The Ritz-Carlton Destination Club, The Ritz-Carlton Residences, and Grand Residences by Marriott brand names.
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•
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being required to pay a termination fee under certain circumstances as provided in the Merger Agreement;
|
•
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having to pay certain costs relating to the Starwood Combination, such as legal, accounting, financial advisor and other fees and expenses;
|
•
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our stock price could decline to the extent that the current market prices reflect a market assumption that the Starwood Combination will be completed; and
|
•
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having had our management focus on the Starwood Combination instead of on pursuing other opportunities that could have been beneficial to us.
|
•
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the approval by the holders of a majority of all outstanding shares of Starwood common stock of the transactions;
|
•
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the approval by the holders of a majority of the votes cast at the special meeting of Marriott shareholders in favor of the proposal to issue shares of Marriott common stock to Starwood shareholders;
|
•
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the absence of any judgment, order, law or other legal restraint by a court or other governmental entity of competent jurisdiction that prevents the consummation of the Starwood Combination;
|
•
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the approval for listing by NASDAQ of the shares of Marriott common stock issuable in the Starwood Combination; and
|
•
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the spin-off of Starwood’s Vistana vacation ownership business (“Vistana”), or, if the spin-off of Vistana and Vistana’s subsequent merger with a wholly owned subsidiary of Interval Leisure Group, Inc. is not consummated, the completion of another spin-off, split-off or analogous distribution of Vistana or the sale of Vistana by Starwood.
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Item 2.
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Properties.
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Item 3.
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Legal Proceedings.
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Item 4.
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Mine Safety Disclosures.
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Item 5.
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Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities.
|
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Stock Price
|
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Dividends
Declared per
Share
|
||||||||
|
|
High
|
|
Low
|
|
|||||||
2015
|
First Quarter
|
$
|
85.00
|
|
|
$
|
72.77
|
|
|
$
|
0.2000
|
|
|
Second Quarter
|
84.33
|
|
|
73.77
|
|
|
0.2500
|
|
|||
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Third Quarter
|
78.76
|
|
|
63.95
|
|
|
0.2500
|
|
|||
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Fourth Quarter
|
79.88
|
|
|
64.64
|
|
|
0.2500
|
|
|
|
Stock Price
|
|
Dividends
Declared per
Share
|
||||||||
|
|
High
|
|
Low
|
|
|||||||
2014
|
First Quarter
|
$
|
56.20
|
|
|
$
|
47.21
|
|
|
$
|
0.1700
|
|
|
Second Quarter
|
64.31
|
|
|
55.00
|
|
|
0.2000
|
|
|||
|
Third Quarter
|
73.28
|
|
|
63.37
|
|
|
0.2000
|
|
|||
|
Fourth Quarter
|
79.25
|
|
|
59.61
|
|
|
0.2000
|
|
(1)
|
On February 12, 2015, we announced that our Board of Directors had increased the authorization to repurchase our common stock by 25 million shares as part of an ongoing share repurchase program. At year-end
2015
,
14.4 million
shares remained available for repurchase under previous authorizations.
In addition, on
February 11, 2016
, we announced that our Board of Directors further increased our common stock repurchase authorization by
25 million
shares. We repurchase shares in the open market and in privately negotiated transactions.
|
|
Fiscal Year
(1)
|
||||||||||||||||||||||||||||||||||||||
($ in millions, except per share data)
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
||||||||||||||||||||
Income Statement Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Revenues
(2)
|
$
|
14,486
|
|
|
$
|
13,796
|
|
|
$
|
12,784
|
|
|
$
|
11,814
|
|
|
$
|
12,317
|
|
|
$
|
11,691
|
|
|
$
|
10,908
|
|
|
$
|
12,879
|
|
|
$
|
12,990
|
|
|
$
|
11,995
|
|
Operating income (loss)
(2)
|
$
|
1,350
|
|
|
$
|
1,159
|
|
|
$
|
988
|
|
|
$
|
940
|
|
|
$
|
526
|
|
|
$
|
695
|
|
|
$
|
(152
|
)
|
|
$
|
765
|
|
|
$
|
1,183
|
|
|
$
|
1,089
|
|
Income (loss) from continuing operations attributable to Marriott
|
$
|
859
|
|
|
$
|
753
|
|
|
$
|
626
|
|
|
$
|
571
|
|
|
$
|
198
|
|
|
$
|
458
|
|
|
$
|
(346
|
)
|
|
$
|
359
|
|
|
$
|
697
|
|
|
$
|
712
|
|
Cumulative effect of change in accounting principle
(3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(109
|
)
|
||||||||||
Discontinued operations
(4)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
(1
|
)
|
|
5
|
|
||||||||||
Net income (loss) attributable to Marriott
|
$
|
859
|
|
|
$
|
753
|
|
|
$
|
626
|
|
|
$
|
571
|
|
|
$
|
198
|
|
|
$
|
458
|
|
|
$
|
(346
|
)
|
|
$
|
362
|
|
|
$
|
696
|
|
|
$
|
608
|
|
Per Share Data
(5)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Diluted earnings (losses) per share from continuing operations attributable to Marriott shareholders
|
$
|
3.15
|
|
|
$
|
2.54
|
|
|
$
|
2.00
|
|
|
$
|
1.72
|
|
|
$
|
0.55
|
|
|
$
|
1.21
|
|
|
$
|
(0.97
|
)
|
|
$
|
0.97
|
|
|
$
|
1.73
|
|
|
$
|
1.64
|
|
Diluted losses per share from cumulative effect of accounting change
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.25
|
)
|
||||||||||
Diluted earnings per share from discontinued operations attributable to Marriott shareholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.01
|
|
|
—
|
|
|
0.01
|
|
||||||||||
Diluted earnings (losses) per share attributable to Marriott shareholders
|
$
|
3.15
|
|
|
$
|
2.54
|
|
|
$
|
2.00
|
|
|
$
|
1.72
|
|
|
$
|
0.55
|
|
|
$
|
1.21
|
|
|
$
|
(0.97
|
)
|
|
$
|
0.98
|
|
|
$
|
1.73
|
|
|
$
|
1.40
|
|
Cash dividends declared per share
|
$
|
0.9500
|
|
|
$
|
0.7700
|
|
|
$
|
0.6400
|
|
|
$
|
0.4900
|
|
|
$
|
0.3875
|
|
|
$
|
0.2075
|
|
|
$
|
0.0866
|
|
|
$
|
0.3339
|
|
|
$
|
0.2844
|
|
|
$
|
0.2374
|
|
Balance Sheet Data (at year-end):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Total assets
(8)
|
$
|
6,082
|
|
|
$
|
6,833
|
|
|
$
|
6,794
|
|
|
$
|
6,342
|
|
|
$
|
5,910
|
|
|
$
|
8,983
|
|
|
$
|
7,933
|
|
|
$
|
8,903
|
|
|
$
|
8,942
|
|
|
$
|
8,588
|
|
Long-term debt
(8)
|
3,807
|
|
|
3,447
|
|
|
3,147
|
|
|
2,528
|
|
|
1,816
|
|
|
2,691
|
|
|
2,234
|
|
|
2,975
|
|
|
2,790
|
|
|
1,818
|
|
||||||||||
Shareholders’ (deficit) equity
|
(3,590
|
)
|
|
(2,200
|
)
|
|
(1,415
|
)
|
|
(1,285
|
)
|
|
(781
|
)
|
|
1,585
|
|
|
1,142
|
|
|
1,380
|
|
|
1,429
|
|
|
2,618
|
|
||||||||||
Other Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Base management fees
|
$
|
698
|
|
|
$
|
672
|
|
|
$
|
621
|
|
|
$
|
581
|
|
|
$
|
602
|
|
|
$
|
562
|
|
|
$
|
530
|
|
|
$
|
635
|
|
|
$
|
620
|
|
|
$
|
553
|
|
Franchise fees
|
853
|
|
|
745
|
|
|
666
|
|
|
607
|
|
|
506
|
|
|
441
|
|
|
400
|
|
|
451
|
|
|
439
|
|
|
390
|
|
||||||||||
Incentive management fees
|
319
|
|
|
302
|
|
|
256
|
|
|
232
|
|
|
195
|
|
|
182
|
|
|
154
|
|
|
311
|
|
|
369
|
|
|
281
|
|
||||||||||
Total fees
|
$
|
1,870
|
|
|
$
|
1,719
|
|
|
$
|
1,543
|
|
|
$
|
1,420
|
|
|
$
|
1,303
|
|
|
$
|
1,185
|
|
|
$
|
1,084
|
|
|
$
|
1,397
|
|
|
$
|
1,428
|
|
|
$
|
1,224
|
|
Fee Revenue-Source:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
North America
(6)
|
$
|
1,458
|
|
|
$
|
1,319
|
|
|
$
|
1,186
|
|
|
$
|
1,074
|
|
|
$
|
970
|
|
|
$
|
878
|
|
|
$
|
806
|
|
|
$
|
1,038
|
|
|
$
|
1,115
|
|
|
$
|
955
|
|
Total Outside North America
(7)
|
412
|
|
|
400
|
|
|
357
|
|
|
346
|
|
|
333
|
|
|
307
|
|
|
278
|
|
|
359
|
|
|
313
|
|
|
269
|
|
||||||||||
Total fees
|
$
|
1,870
|
|
|
$
|
1,719
|
|
|
$
|
1,543
|
|
|
$
|
1,420
|
|
|
$
|
1,303
|
|
|
$
|
1,185
|
|
|
$
|
1,084
|
|
|
$
|
1,397
|
|
|
$
|
1,428
|
|
|
$
|
1,224
|
|
(1)
|
In 2013, we changed to a calendar year-end reporting cycle. All fiscal years presented before 2013 included 52 weeks, except for 2008 which included 53 weeks.
|
(2)
|
Balances do not reflect the impact of discontinued operations. Also, for periods prior to 2009, we reclassified our provision for loan losses associated with our lodging operations to the “General, administrative, and other” caption of our Income Statements to conform to our presentation for periods beginning in 2009. This reclassification only affected operating income.
|
(3)
|
We adopted certain provisions of Accounting Standards Certification Topic 978 (previously Statement of Position 04-2, “Accounting for Real Estate Time Sharing Transactions”), in 2006, which we reported in our Income Statements as a cumulative effect of change in accounting principle.
|
(4)
|
The following businesses became discontinued operations in the year we announced that we would sell or exit them: synthetic fuel (2007).
|
(5)
|
We issued stock dividends in the third and fourth quarters of 2009, and a stock split in the form of a stock dividend on June 9, 2006. We have adjusted all per share data retroactively to reflect those stock dividends.
|
(6)
|
Represents fee revenue from the United States (but not Hawaii before 2011) and Canada.
|
(7)
|
Represents fee revenue outside of North America, as defined in footnote (6) above.
|
(8)
|
Effective year-end 2014, we adopted ASU No. 2015-03, which changes the presentation of debt issuance costs, and ASU No. 2015-17, which changes the classification of deferred taxes. Prior periods have not been adjusted for these new accounting standards.
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
($ in millions)
|
December 31,
2015 |
|
December 31,
2014 |
|
Increase (decrease) from prior year
|
|
Percentage change from prior year
|
|||||||
Base management fees
|
$
|
698
|
|
|
$
|
672
|
|
|
$
|
26
|
|
|
4
|
%
|
Franchise fees
|
853
|
|
|
745
|
|
|
108
|
|
|
14
|
%
|
|||
Incentive management fees
|
319
|
|
|
302
|
|
|
17
|
|
|
6
|
%
|
|||
|
1,870
|
|
|
1,719
|
|
|
151
|
|
|
9
|
%
|
|||
Owned, leased, and other revenue
|
986
|
|
|
1,022
|
|
|
(36
|
)
|
|
(4
|
)%
|
|||
Cost reimbursements
|
11,630
|
|
|
11,055
|
|
|
575
|
|
|
5
|
%
|
|||
|
$
|
14,486
|
|
|
$
|
13,796
|
|
|
$
|
690
|
|
|
5
|
%
|
($ in millions)
|
December 31,
2014 |
|
December 31,
2013 |
|
Increase from prior year
|
|
Percentage change from prior year
|
|||||||
Base management fees
|
$
|
672
|
|
|
$
|
621
|
|
|
$
|
51
|
|
|
8
|
%
|
Franchise fees
|
745
|
|
|
666
|
|
|
79
|
|
|
12
|
%
|
|||
Incentive management fees
|
302
|
|
|
256
|
|
|
46
|
|
|
18
|
%
|
|||
|
1,719
|
|
|
1,543
|
|
|
176
|
|
|
11
|
%
|
|||
Owned, leased, and other revenue
|
1,022
|
|
|
950
|
|
|
72
|
|
|
8
|
%
|
|||
Cost reimbursements
|
11,055
|
|
|
10,291
|
|
|
764
|
|
|
7
|
%
|
|||
|
$
|
13,796
|
|
|
$
|
12,784
|
|
|
$
|
1,012
|
|
|
8
|
%
|
($ in millions)
|
2015
|
|
2014
|
||||
Net Income
|
$
|
859
|
|
|
$
|
753
|
|
Interest expense
|
167
|
|
|
115
|
|
||
Tax provision
|
396
|
|
|
335
|
|
||
Depreciation and amortization
|
127
|
|
|
123
|
|
||
Depreciation classified in Reimbursed costs
|
58
|
|
|
51
|
|
||
Interest expense from unconsolidated joint ventures
|
2
|
|
|
3
|
|
||
Depreciation and amortization from unconsolidated joint ventures
|
10
|
|
|
10
|
|
||
EBITDA
|
$
|
1,619
|
|
|
$
|
1,390
|
|
EDITION impairment charge
|
12
|
|
|
25
|
|
||
Loss on dispositions of real estate
|
15
|
|
|
—
|
|
||
Gain on redemption of preferred equity ownership interest
|
(41
|
)
|
|
—
|
|
||
Share-based compensation (including share-based compensation reimbursed by third-party owners)
|
113
|
|
|
109
|
|
||
Adjusted EBITDA
|
$
|
1,718
|
|
|
$
|
1,524
|
|
|
Company-Operated
|
|
Franchised / Licensed
|
|
Other
(2)
|
||||||||||||
|
Properties
|
|
Rooms
|
|
Properties
|
|
Rooms
|
|
Properties
|
|
Rooms
|
||||||
North American Full-Service
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Marriott Hotels
|
132
|
|
|
69,954
|
|
|
200
|
|
|
61,556
|
|
|
—
|
|
|
—
|
|
JW Marriott
|
15
|
|
|
9,690
|
|
|
10
|
|
|
4,469
|
|
|
—
|
|
|
—
|
|
Marriott Conference Centers
|
10
|
|
|
2,915
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Renaissance Hotels
|
28
|
|
|
12,229
|
|
|
54
|
|
|
15,130
|
|
|
—
|
|
|
—
|
|
Autograph Collection Hotels
|
3
|
|
|
1,065
|
|
|
52
|
|
|
12,070
|
|
|
—
|
|
|
—
|
|
Delta Hotels and Resorts
|
26
|
|
|
6,828
|
|
|
10
|
|
|
2,557
|
|
|
—
|
|
|
—
|
|
Gaylord Hotels
|
5
|
|
|
8,098
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
The Ritz-Carlton
|
39
|
|
|
11,410
|
|
|
1
|
|
|
429
|
|
|
—
|
|
|
—
|
|
The Ritz-Carlton Residences
(1)
|
31
|
|
|
3,757
|
|
|
1
|
|
|
55
|
|
|
—
|
|
|
—
|
|
EDITION
|
2
|
|
|
568
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
EDITION Residences
(1)
|
1
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total North American Full-Service
|
292
|
|
|
126,539
|
|
|
328
|
|
|
96,266
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
North American Limited-Service
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Courtyard
|
276
|
|
|
43,890
|
|
|
640
|
|
|
85,151
|
|
|
—
|
|
|
—
|
|
Residence Inn
|
111
|
|
|
16,719
|
|
|
579
|
|
|
67,693
|
|
|
—
|
|
|
—
|
|
Fairfield Inn & Suites
|
5
|
|
|
1,324
|
|
|
756
|
|
|
68,646
|
|
|
—
|
|
|
—
|
|
SpringHill Suites
|
30
|
|
|
4,720
|
|
|
306
|
|
|
35,030
|
|
|
—
|
|
|
—
|
|
TownePlace Suites
|
15
|
|
|
1,740
|
|
|
255
|
|
|
25,388
|
|
|
—
|
|
|
—
|
|
AC Hotels by Marriott
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
911
|
|
Total North American Limited-Service
|
437
|
|
|
68,393
|
|
|
2,536
|
|
|
281,908
|
|
|
5
|
|
|
911
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total North American Locations
|
729
|
|
|
194,932
|
|
|
2,864
|
|
|
378,174
|
|
|
5
|
|
|
911
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
International
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Marriott Hotels
|
145
|
|
|
41,201
|
|
|
39
|
|
|
11,651
|
|
|
—
|
|
|
—
|
|
JW Marriott
|
48
|
|
|
18,789
|
|
|
4
|
|
|
1,094
|
|
|
—
|
|
|
—
|
|
Marriott Executive Apartments
|
28
|
|
|
4,181
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Renaissance Hotels
|
53
|
|
|
17,194
|
|
|
25
|
|
|
7,040
|
|
|
—
|
|
|
—
|
|
Autograph Collection Hotels
|
3
|
|
|
584
|
|
|
32
|
|
|
8,741
|
|
|
5
|
|
|
348
|
|
Protea Hotels
|
47
|
|
|
5,680
|
|
|
55
|
|
|
3,929
|
|
|
—
|
|
|
—
|
|
The Ritz-Carlton
|
52
|
|
|
14,713
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
The Ritz-Carlton Residences
(1)
|
8
|
|
|
416
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
The Ritz-Carlton Serviced Apartments
|
4
|
|
|
579
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Bulgari Hotels & Resorts
|
2
|
|
|
117
|
|
|
1
|
|
|
85
|
|
|
—
|
|
|
—
|
|
Bulgari Residences
(1)
|
1
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
EDITION
|
1
|
|
|
173
|
|
|
1
|
|
|
78
|
|
|
—
|
|
|
—
|
|
Courtyard
|
73
|
|
|
15,354
|
|
|
48
|
|
|
9,022
|
|
|
—
|
|
|
—
|
|
Residence Inn
|
5
|
|
|
517
|
|
|
2
|
|
|
200
|
|
|
—
|
|
|
—
|
|
Fairfield Inn & Suites
|
5
|
|
|
716
|
|
|
2
|
|
|
386
|
|
|
—
|
|
|
—
|
|
AC Hotels by Marriott
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
78
|
|
|
9,551
|
|
Moxy Hotels
|
—
|
|
|
—
|
|
|
1
|
|
|
162
|
|
|
—
|
|
|
—
|
|
Total International
|
475
|
|
|
120,219
|
|
|
210
|
|
|
42,388
|
|
|
83
|
|
|
9,899
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Timeshare
(3)
|
—
|
|
|
—
|
|
|
58
|
|
|
12,807
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total
|
1,204
|
|
|
315,151
|
|
|
3,132
|
|
|
433,369
|
|
|
88
|
|
|
10,810
|
|
(1)
|
Represents projects where we manage the related owners’ association. We include residential properties once they possess a certificate of occupancy.
|
(2)
|
We present results for all AC Hotels by Marriott properties and five International Autograph Collection properties in the “Equity in earnings (losses)” caption of our Income Statements.
|
(3)
|
Timeshare properties licensed by MVW under the Marriott Vacation Club, The Ritz-Carlton Destination Club, The Ritz-Carlton Residences, and Grand Residences by Marriott brand names. Includes products that are in active sales as well as those sold out. MVW reports its property and room counts on a fiscal year basis for the MVW fiscal year ended
January 1, 2016
.
|
•
|
Converting
39
properties (
7,301
rooms), or
14 percent
of our gross room additions for the year, to our brands;
|
•
|
Adding approximately
32 percent
of all the new rooms outside North America; and
|
•
|
Adding
173
properties (
19,712
rooms) to our North American Limited-Service brands.
|
|
Comparable Company-Operated
North American Properties |
|
Comparable Systemwide
North American Properties
|
|
||||||||||
|
2015
|
|
Change vs. 2014
|
|
2015
|
|
Change vs. 2014
|
|
||||||
Marriott Hotels
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
75.4
|
%
|
|
0.6
|
%
|
pts.
|
72.6
|
%
|
|
0.6
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
195.28
|
|
|
3.8
|
%
|
|
$
|
175.53
|
|
|
4.2
|
%
|
|
RevPAR
|
$
|
147.33
|
|
|
4.7
|
%
|
|
$
|
127.52
|
|
|
5.0
|
%
|
|
Renaissance Hotels
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
75.2
|
%
|
|
0.8
|
%
|
pts.
|
73.9
|
%
|
|
0.8
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
182.13
|
|
|
4.4
|
%
|
|
$
|
164.02
|
|
|
4.3
|
%
|
|
RevPAR
|
$
|
136.91
|
|
|
5.5
|
%
|
|
$
|
121.20
|
|
|
5.4
|
%
|
|
Autograph Collection Hotels
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
*
|
|
|
*
|
|
pts.
|
77.5
|
%
|
|
1.1
|
%
|
pts.
|
||
Average Daily Rate
|
*
|
|
|
*
|
|
|
$
|
229.90
|
|
|
1.9
|
%
|
|
|
RevPAR
|
*
|
|
|
*
|
|
|
$
|
178.16
|
|
|
3.5
|
%
|
|
|
The Ritz-Carlton
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
72.1
|
%
|
|
(0.1
|
)%
|
pts.
|
72.1
|
%
|
|
(0.1
|
)%
|
pts.
|
||
Average Daily Rate
|
$
|
359.92
|
|
|
2.9
|
%
|
|
$
|
359.92
|
|
|
2.9
|
%
|
|
RevPAR
|
$
|
259.41
|
|
|
2.7
|
%
|
|
$
|
259.41
|
|
|
2.7
|
%
|
|
Composite North American Full-Service
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
74.9
|
%
|
|
0.6
|
%
|
pts.
|
73.1
|
%
|
|
0.6
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
209.72
|
|
|
3.5
|
%
|
|
$
|
187.40
|
|
|
3.8
|
%
|
|
RevPAR
|
$
|
157.10
|
|
|
4.3
|
%
|
|
$
|
136.95
|
|
|
4.6
|
%
|
|
Courtyard
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
72.8
|
%
|
|
0.7
|
%
|
pts.
|
73.1
|
%
|
|
0.8
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
139.08
|
|
|
5.2
|
%
|
|
$
|
136.58
|
|
|
5.0
|
%
|
|
RevPAR
|
$
|
101.18
|
|
|
6.3
|
%
|
|
$
|
99.88
|
|
|
6.1
|
%
|
|
Residence Inn
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
78.5
|
%
|
|
0.4
|
%
|
pts.
|
79.4
|
%
|
|
0.1
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
143.14
|
|
|
6.0
|
%
|
|
$
|
139.51
|
|
|
5.3
|
%
|
|
RevPAR
|
$
|
112.33
|
|
|
6.5
|
%
|
|
$
|
110.75
|
|
|
5.5
|
%
|
|
Fairfield Inn & Suites
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
nm
|
|
|
nm
|
|
pts.
|
70.6
|
%
|
|
0.3
|
%
|
pts.
|
||
Average Daily Rate
|
nm
|
|
|
nm
|
|
|
$
|
108.71
|
|
|
4.2
|
%
|
|
|
RevPAR
|
nm
|
|
|
nm
|
|
|
$
|
76.70
|
|
|
4.7
|
%
|
|
|
TownePlace Suites
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
72.7
|
%
|
|
0.1
|
%
|
pts.
|
74.8
|
%
|
|
0.3
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
102.99
|
|
|
8.2
|
%
|
|
$
|
101.83
|
|
|
4.6
|
%
|
|
RevPAR
|
$
|
74.83
|
|
|
8.3
|
%
|
|
$
|
76.15
|
|
|
5.0
|
%
|
|
SpringHill Suites
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
76.0
|
%
|
|
1.6
|
%
|
pts.
|
74.8
|
%
|
|
0.3
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
125.24
|
|
|
5.1
|
%
|
|
$
|
118.64
|
|
|
4.8
|
%
|
|
RevPAR
|
$
|
95.21
|
|
|
7.5
|
%
|
|
$
|
88.80
|
|
|
5.2
|
%
|
|
Composite North American Limited-Service
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
74.5
|
%
|
|
0.7
|
%
|
pts.
|
74.4
|
%
|
|
0.5
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
137.92
|
|
|
5.5
|
%
|
|
$
|
127.65
|
|
|
4.9
|
%
|
|
RevPAR
|
$
|
102.76
|
|
|
6.5
|
%
|
|
$
|
94.99
|
|
|
5.6
|
%
|
|
Composite North American - All
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
74.7
|
%
|
|
0.6
|
%
|
pts.
|
73.9
|
%
|
|
0.5
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
179.53
|
|
|
4.2
|
%
|
|
$
|
148.53
|
|
|
4.5
|
%
|
|
RevPAR
|
$
|
134.18
|
|
|
5.0
|
%
|
|
$
|
109.83
|
|
|
5.2
|
%
|
|
|
Comparable Company-Operated
Properties |
|
Comparable Systemwide
Properties |
|
||||||||||
|
2015
|
|
Change vs. 2014
|
|
2015
|
|
Change vs. 2014
|
|
||||||
Caribbean and Latin America
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
72.4
|
%
|
|
0.2
|
%
|
pts.
|
70.7
|
%
|
|
0.6
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
248.05
|
|
|
4.9
|
%
|
|
$
|
210.46
|
|
|
3.3
|
%
|
|
RevPAR
|
$
|
179.58
|
|
|
5.2
|
%
|
|
$
|
148.86
|
|
|
4.1
|
%
|
|
Europe
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
75.9
|
%
|
|
1.7
|
%
|
pts.
|
74.3
|
%
|
|
1.5
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
173.07
|
|
|
4.1
|
%
|
|
$
|
167.63
|
|
|
4.0
|
%
|
|
RevPAR
|
$
|
131.43
|
|
|
6.5
|
%
|
|
$
|
124.59
|
|
|
6.2
|
%
|
|
Middle East and Africa
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
61.2
|
%
|
|
2.7
|
%
|
pts.
|
61.6
|
%
|
|
2.8
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
181.16
|
|
|
(3.5
|
)%
|
|
$
|
178.37
|
|
|
(3.0
|
)%
|
|
RevPAR
|
$
|
110.85
|
|
|
0.9
|
%
|
|
$
|
109.80
|
|
|
1.6
|
%
|
|
Asia Pacific
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
74.1
|
%
|
|
3.4
|
%
|
pts.
|
74.6
|
%
|
|
3.2
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
153.83
|
|
|
—
|
%
|
|
$
|
155.24
|
|
|
0.9
|
%
|
|
RevPAR
|
$
|
114.00
|
|
|
4.7
|
%
|
|
$
|
115.77
|
|
|
5.5
|
%
|
|
Total International
(1)
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
72.9
|
%
|
|
2.3
|
%
|
pts.
|
72.5
|
%
|
|
2.1
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
176.24
|
|
|
1.7
|
%
|
|
$
|
171.20
|
|
|
2.1
|
%
|
|
RevPAR
|
$
|
128.50
|
|
|
5.0
|
%
|
|
$
|
124.13
|
|
|
5.1
|
%
|
|
Total Worldwide
(2)
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
74.1
|
%
|
|
1.2
|
%
|
pts.
|
73.7
|
%
|
|
0.8
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
178.46
|
|
|
3.4
|
%
|
|
$
|
152.30
|
|
|
4.1
|
%
|
|
RevPAR
|
$
|
132.30
|
|
|
5.0
|
%
|
|
$
|
112.25
|
|
|
5.2
|
%
|
|
(1)
|
Includes properties located outside of the United States and Canada for The Ritz-Carlton, Bulgari Hotels & Resorts, EDITION, Autograph Collection Hotels, Renaissance Hotels, Marriott Hotels, Courtyard, Residence Inn, and Fairfield Inn & Suites brands.
|
(2)
|
Includes properties worldwide for The Ritz-Carlton, Bulgari Hotels & Resorts, EDITION, Autograph Collection Hotels, Renaissance Hotels, Marriott Hotels, Gaylord Hotels, Courtyard, Residence Inn, SpringHill Suites, Fairfield Inn & Suites, and TownePlace Suites brands.
|
|
Comparable Company-Operated
North American Properties (1) |
|
Comparable Systemwide
North American Properties (1) |
|
||||||||||
|
2014
|
|
Change vs. 2013
|
|
2014
|
|
Change vs. 2013
|
|
||||||
Marriott Hotels
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
75.1
|
%
|
|
1.6
|
%
|
pts.
|
72.6
|
%
|
|
1.5
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
188.39
|
|
|
3.5
|
%
|
|
$
|
171.43
|
|
|
4.0
|
%
|
|
RevPAR
|
$
|
141.42
|
|
|
5.7
|
%
|
|
$
|
124.49
|
|
|
6.2
|
%
|
|
Renaissance Hotels
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
73.1
|
%
|
|
1.1
|
%
|
pts.
|
72.6
|
%
|
|
1.9
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
177.42
|
|
|
3.7
|
%
|
|
$
|
160.77
|
|
|
3.9
|
%
|
|
RevPAR
|
$
|
129.76
|
|
|
5.2
|
%
|
|
$
|
116.69
|
|
|
6.7
|
%
|
|
Autograph Collection Hotels
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
*
|
|
|
*
|
|
pts.
|
75.4
|
%
|
|
(1.0
|
)%
|
pts.
|
||
Average Daily Rate
|
*
|
|
|
*
|
|
|
$
|
229.58
|
|
|
8.9
|
%
|
|
|
RevPAR
|
*
|
|
|
*
|
|
|
$
|
173.04
|
|
|
7.5
|
%
|
|
|
The Ritz-Carlton North America
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
72.9
|
%
|
|
1.5
|
%
|
pts.
|
72.9
|
%
|
|
1.5
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
338.48
|
|
|
4.0
|
%
|
|
$
|
338.48
|
|
|
4.0
|
%
|
|
RevPAR
|
$
|
246.89
|
|
|
6.2
|
%
|
|
$
|
246.89
|
|
|
6.2
|
%
|
|
Composite North American Full-Service
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
74.5
|
%
|
|
1.6
|
%
|
pts.
|
72.8
|
%
|
|
1.5
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
200.77
|
|
|
3.6
|
%
|
|
$
|
182.00
|
|
|
4.1
|
%
|
|
RevPAR
|
$
|
149.48
|
|
|
5.8
|
%
|
|
$
|
132.44
|
|
|
6.4
|
%
|
|
Residence Inn
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
78.4
|
%
|
|
2.2
|
%
|
pts.
|
79.3
|
%
|
|
1.9
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
135.58
|
|
|
4.4
|
%
|
|
$
|
130.82
|
|
|
4.2
|
%
|
|
RevPAR
|
$
|
106.24
|
|
|
7.4
|
%
|
|
$
|
103.79
|
|
|
6.7
|
%
|
|
Courtyard
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
71.8
|
%
|
|
3.0
|
%
|
pts.
|
72.5
|
%
|
|
2.3
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
129.72
|
|
|
5.0
|
%
|
|
$
|
129.32
|
|
|
4.5
|
%
|
|
RevPAR
|
$
|
93.18
|
|
|
9.6
|
%
|
|
$
|
93.77
|
|
|
7.8
|
%
|
|
Fairfield Inn & Suites
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
nm
|
|
|
nm
|
|
pts.
|
70.1
|
%
|
|
2.2
|
%
|
pts.
|
||
Average Daily Rate
|
nm
|
|
|
nm
|
|
|
$
|
102.80
|
|
|
3.9
|
%
|
|
|
RevPAR
|
nm
|
|
|
nm
|
|
|
$
|
72.11
|
|
|
7.3
|
%
|
|
|
TownePlace Suites
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
72.6
|
%
|
|
6.3
|
%
|
pts.
|
74.7
|
%
|
|
3.2
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
95.23
|
|
|
8.7
|
%
|
|
$
|
96.84
|
|
|
5.3
|
%
|
|
RevPAR
|
$
|
69.09
|
|
|
19.0
|
%
|
|
$
|
72.38
|
|
|
9.9
|
%
|
|
SpringHill Suites
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
73.8
|
%
|
|
1.9
|
%
|
pts.
|
74.6
|
%
|
|
2.6
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
112.14
|
|
|
4.8
|
%
|
|
$
|
112.16
|
|
|
3.9
|
%
|
|
RevPAR
|
$
|
82.78
|
|
|
7.5
|
%
|
|
$
|
83.65
|
|
|
7.6
|
%
|
|
Composite North American Limited-Service
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
73.7
|
%
|
|
2.8
|
%
|
pts.
|
74.0
|
%
|
|
2.3
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
128.82
|
|
|
4.9
|
%
|
|
$
|
120.36
|
|
|
4.2
|
%
|
|
RevPAR
|
$
|
94.95
|
|
|
9.0
|
%
|
|
$
|
89.11
|
|
|
7.5
|
%
|
|
Composite North American - All
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
74.2
|
%
|
|
2.0
|
%
|
pts.
|
73.6
|
%
|
|
2.0
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
173.11
|
|
|
3.8
|
%
|
|
$
|
143.27
|
|
|
4.1
|
%
|
|
RevPAR
|
$
|
128.39
|
|
|
6.7
|
%
|
|
$
|
105.39
|
|
|
7.0
|
%
|
|
(1)
|
Statistics include only properties located in the United States.
|
|
Comparable Company-Operated
Properties (1) |
|
Comparable Systemwide
Properties (1) |
|
||||||||||
|
2014
|
|
Change vs. 2013
|
|
2014
|
|
Change vs. 2013
|
|
||||||
Caribbean and Latin America
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
73.6
|
%
|
|
2.7
|
%
|
pts.
|
71.3
|
%
|
|
2.2
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
239.95
|
|
|
6.9
|
%
|
|
$
|
205.88
|
|
|
5.9
|
%
|
|
RevPAR
|
$
|
176.66
|
|
|
11.0
|
%
|
|
$
|
146.83
|
|
|
9.4
|
%
|
|
Europe
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
74.9
|
%
|
|
1.4
|
%
|
pts.
|
73.1
|
%
|
|
1.3
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
193.20
|
|
|
1.3
|
%
|
|
$
|
185.06
|
|
|
0.9
|
%
|
|
RevPAR
|
$
|
144.61
|
|
|
3.2
|
%
|
|
$
|
135.28
|
|
|
2.7
|
%
|
|
Middle East and Africa
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
60.1
|
%
|
|
5.8
|
%
|
pts.
|
60.3
|
%
|
|
5.4
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
190.60
|
|
|
(2.5
|
)%
|
|
$
|
186.19
|
|
|
(1.6
|
)%
|
|
RevPAR
|
$
|
114.47
|
|
|
7.9
|
%
|
|
$
|
112.26
|
|
|
8.1
|
%
|
|
Asia Pacific
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
73.7
|
%
|
|
1.9
|
%
|
pts.
|
74.1
|
%
|
|
1.8
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
176.48
|
|
|
2.1
|
%
|
|
$
|
176.43
|
|
|
2.4
|
%
|
|
RevPAR
|
$
|
130.04
|
|
|
4.8
|
%
|
|
$
|
130.71
|
|
|
5.0
|
%
|
|
Total International
(2)
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
72.6
|
%
|
|
2.2
|
%
|
pts.
|
71.9
|
%
|
|
2.0
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
192.04
|
|
|
2.2
|
%
|
|
$
|
185.39
|
|
|
2.1
|
%
|
|
RevPAR
|
$
|
139.35
|
|
|
5.4
|
%
|
|
$
|
133.37
|
|
|
5.1
|
%
|
|
Total Worldwide
(3)
|
|
|
|
|
|
|
|
|
||||||
Occupancy
|
73.7
|
%
|
|
2.1
|
%
|
pts.
|
73.3
|
%
|
|
2.0
|
%
|
pts.
|
||
Average Daily Rate
|
$
|
178.96
|
|
|
3.3
|
%
|
|
$
|
150.23
|
|
|
3.7
|
%
|
|
RevPAR
|
$
|
131.83
|
|
|
6.3
|
%
|
|
$
|
110.09
|
|
|
6.6
|
%
|
|
(1)
|
International includes properties located outside the United States and Canada, except for worldwide, which includes the United States.
|
(2)
|
Company-operated statistics include the Marriott Hotels, Renaissance Hotels, Autograph Collection Hotels, The Ritz-Carlton, Bulgari Hotels & Resorts, Courtyard, and Residence Inn brands. In addition to the foregoing brands, systemwide statistics also include the Fairfield Inn & Suites brand.
|
(3)
|
Company-operated and systemwide statistics include properties worldwide for the Marriott Hotels, Renaissance Hotels, Autograph Collection Hotels, Gaylord Hotels, The Ritz-Carlton, Bulgari Hotels & Resorts, Courtyard, Residence Inn, Fairfield Inn & Suites, TownePlace Suites, and SpringHill Suites brands.
|
($ in millions)
|
|
|
Annual Change
|
||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
Change 2015/2014
|
|
Change 2014/2013
|
||||||||
Segment revenues
|
$
|
8,825
|
|
|
$
|
8,323
|
|
|
$
|
7,978
|
|
|
6
|
%
|
|
4
|
%
|
Segment profits
|
$
|
561
|
|
|
$
|
524
|
|
|
$
|
490
|
|
|
7
|
%
|
|
7
|
%
|
($ in millions)
|
|
|
|
|
|
|
Annual Change
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
|
Change 2015/2014
|
|
Change 2014/2013
|
||||||||
Segment revenues
|
$
|
3,193
|
|
|
$
|
2,962
|
|
|
$
|
2,583
|
|
|
8
|
%
|
|
15
|
%
|
Segment profits
|
$
|
651
|
|
|
$
|
574
|
|
|
$
|
479
|
|
|
13
|
%
|
|
20
|
%
|
($ in millions)
|
|
|
|
|
|
|
Annual Change
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
|
Change 2015/2014
|
|
Change 2014/2013
|
||||||||
Segment revenues
|
$
|
2,200
|
|
|
$
|
2,255
|
|
|
$
|
1,957
|
|
|
(2
|
)%
|
|
15
|
%
|
Segment profits
|
$
|
292
|
|
|
$
|
295
|
|
|
$
|
228
|
|
|
(1
|
)%
|
|
29
|
%
|
($ in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
Cash from operations
|
$
|
1,430
|
|
|
$
|
1,224
|
|
|
$
|
1,140
|
|
Non-cash items
(1)
|
395
|
|
|
328
|
|
|
316
|
|
(1)
|
Includes depreciation, amortization, impairments, share-based compensation, and deferred income taxes.
|
Fiscal Years
|
||||||||
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
6.4x
|
|
6.2x
|
|
5.1x
|
|
4.6x
|
|
2.3x
|
|
|
|
Payments Due by Period
|
||||||||||||||||
($ in millions)
|
Total
|
|
Less Than
1 Year
|
|
1-3 Years
|
|
3-5 Years
|
|
After
5 Years
|
||||||||||
Debt
(1)
|
$
|
4,661
|
|
|
$
|
415
|
|
|
$
|
1,429
|
|
|
$
|
1,105
|
|
|
$
|
1,712
|
|
Capital lease obligations
(1)
|
5
|
|
|
1
|
|
|
2
|
|
|
1
|
|
|
1
|
|
|||||
Operating leases where we are the primary obligor:
|
|
|
|
|
|
|
|
|
|
||||||||||
Recourse
|
776
|
|
|
114
|
|
|
209
|
|
|
136
|
|
|
317
|
|
|||||
Nonrecourse
|
186
|
|
|
12
|
|
|
26
|
|
|
18
|
|
|
130
|
|
|||||
Purchase obligations
|
173
|
|
|
71
|
|
|
99
|
|
|
3
|
|
|
—
|
|
|||||
Other noncurrent liabilities
|
48
|
|
|
1
|
|
|
8
|
|
|
2
|
|
|
37
|
|
|||||
Total contractual obligations
|
$
|
5,849
|
|
|
$
|
614
|
|
|
$
|
1,773
|
|
|
$
|
1,265
|
|
|
$
|
2,197
|
|
(1)
|
Includes principal as well as interest payments.
|
|
|
|
Amount of Guarantee Commitments Expiration by Period
|
||||||||||||||||
($ in millions)
|
Total
Amounts
Committed
|
|
Less Than
1 Year
|
|
1-3 Years
|
|
3-5 Years
|
|
After
5 Years
|
||||||||||
Total guarantees where we are the primary obligor
|
$
|
228
|
|
|
$
|
5
|
|
|
$
|
29
|
|
|
$
|
97
|
|
|
$
|
97
|
|
Total guarantees where we are secondarily liable
|
92
|
|
|
24
|
|
|
51
|
|
|
9
|
|
|
8
|
|
|||||
Total guarantee commitments
|
$
|
320
|
|
|
$
|
29
|
|
|
$
|
80
|
|
|
$
|
106
|
|
|
$
|
105
|
|
|
|
|
Amount of Expected Funding by Period
|
||||||||||||||||
($ in millions)
|
Total
Amounts
Committed
|
|
Less Than
1 Year
|
|
1-3 Years
|
|
3-5 Years
|
|
After
5 Years
|
||||||||||
Total investment and loan commitments
|
$
|
85
|
|
|
$
|
38
|
|
|
$
|
47
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk.
|
|
Maturities by Period
|
|
|
|
|
||||||||||||||||||||||||||
($ in millions)
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
There-
after
|
|
Total
Carrying
Amount
|
|
Total
Fair
Value
|
||||||||||||||||
Assets
- Maturities represent expected principal receipts, fair values represent assets.
|
|||||||||||||||||||||||||||||||
Fixed-rate notes receivable
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
19
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
39
|
|
|
$
|
65
|
|
|
$
|
65
|
|
Average interest rate
|
|
|
|
|
|
|
|
|
|
|
|
|
2.09
|
%
|
|
|
|||||||||||||||
Floating-rate notes receivable
|
$
|
4
|
|
|
$
|
1
|
|
|
$
|
41
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
106
|
|
|
$
|
156
|
|
|
$
|
151
|
|
Average interest rate
|
|
|
|
|
|
|
|
|
|
|
|
|
5.73
|
%
|
|
|
|||||||||||||||
Liabilities
- Maturities represent expected principal payments, fair values represent liabilities.
|
|||||||||||||||||||||||||||||||
Fixed-rate debt
|
$
|
(299
|
)
|
|
$
|
(301
|
)
|
|
$
|
(9
|
)
|
|
$
|
(605
|
)
|
|
$
|
(357
|
)
|
|
$
|
(1,593
|
)
|
|
$
|
(3,164
|
)
|
|
$
|
(2,943
|
)
|
Average interest rate
|
|
|
|
|
|
|
|
|
|
|
|
|
3.68
|
%
|
|
|
|||||||||||||||
Floating-rate debt
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(938
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(938
|
)
|
|
$
|
(938
|
)
|
Average interest rate
|
|
|
|
|
|
|
|
|
|
|
|
|
0.62
|
%
|
|
|
Item 8.
|
Financial Statements and Supplementary Data.
|
|
Page
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Ernst & Young LLP
|
/s/ Ernst & Young LLP
|
|
December 31,
2015 |
|
December 31,
2014 |
|
December 31,
2013 |
||||||
REVENUES
|
|
|
|
|
|
||||||
Base management fees
(1)
|
$
|
698
|
|
|
$
|
672
|
|
|
$
|
621
|
|
Franchise fees
|
853
|
|
|
745
|
|
|
666
|
|
|||
Incentive management fees
(1)
|
319
|
|
|
302
|
|
|
256
|
|
|||
Owned, leased, and other revenue
(1)
|
986
|
|
|
1,022
|
|
|
950
|
|
|||
Cost reimbursements
(1)
|
11,630
|
|
|
11,055
|
|
|
10,291
|
|
|||
|
14,486
|
|
|
13,796
|
|
|
12,784
|
|
|||
OPERATING COSTS AND EXPENSES
|
|
|
|
|
|
||||||
Owned, leased, and other-direct
|
733
|
|
|
775
|
|
|
729
|
|
|||
Reimbursed costs
(1)
|
11,630
|
|
|
11,055
|
|
|
10,291
|
|
|||
Depreciation, amortization, and other
(1)
|
139
|
|
|
148
|
|
|
127
|
|
|||
General, administrative, and other
(1)
|
634
|
|
|
659
|
|
|
649
|
|
|||
|
13,136
|
|
|
12,637
|
|
|
11,796
|
|
|||
OPERATING INCOME
|
1,350
|
|
|
1,159
|
|
|
988
|
|
|||
Gains and other income, net
(1)
|
27
|
|
|
8
|
|
|
11
|
|
|||
Interest expense
(1)
|
(167
|
)
|
|
(115
|
)
|
|
(120
|
)
|
|||
Interest income
(1)
|
29
|
|
|
30
|
|
|
23
|
|
|||
Equity in earnings (losses)
(1)
|
16
|
|
|
6
|
|
|
(5
|
)
|
|||
INCOME BEFORE INCOME TAXES
|
1,255
|
|
|
1,088
|
|
|
897
|
|
|||
Provision for income taxes
|
(396
|
)
|
|
(335
|
)
|
|
(271
|
)
|
|||
NET INCOME
|
$
|
859
|
|
|
$
|
753
|
|
|
$
|
626
|
|
EARNINGS PER SHARE
|
|
|
|
|
|
||||||
Earnings per share - basic
|
$
|
3.22
|
|
|
$
|
2.60
|
|
|
$
|
2.05
|
|
Earnings per share - diluted
|
$
|
3.15
|
|
|
$
|
2.54
|
|
|
$
|
2.00
|
|
(1)
|
See Footnote No.
17
, “
Related Party Transactions
,” to our Consolidated Financial Statements for disclosure of related party amounts.
|
|
December 31,
2015 |
|
December 31,
2014 |
|
December 31,
2013 |
||||||
Net income
|
$
|
859
|
|
|
$
|
753
|
|
|
$
|
626
|
|
Other comprehensive (loss) income:
|
|
|
|
|
|
||||||
Foreign currency translation adjustments
|
(123
|
)
|
|
(41
|
)
|
|
1
|
|
|||
Other derivative instrument adjustments, net of tax
|
10
|
|
|
8
|
|
|
—
|
|
|||
Unrealized (loss) gain on available-for-sale securities, net of tax
|
(7
|
)
|
|
5
|
|
|
5
|
|
|||
Reclassification of (gains) losses, net of tax
|
(6
|
)
|
|
2
|
|
|
(6
|
)
|
|||
Total other comprehensive (loss) income, net of tax
|
(126
|
)
|
|
(26
|
)
|
|
—
|
|
|||
Comprehensive income
|
$
|
733
|
|
|
$
|
727
|
|
|
$
|
626
|
|
|
December 31,
2015 |
|
December 31,
2014 |
||||
ASSETS
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and equivalents
|
$
|
96
|
|
|
$
|
104
|
|
Accounts and notes receivable, net
(1)
|
1,103
|
|
|
1,100
|
|
||
Prepaid expenses
|
77
|
|
|
64
|
|
||
Other
(1)
|
30
|
|
|
109
|
|
||
Assets held for sale
|
78
|
|
|
233
|
|
||
|
1,384
|
|
|
1,610
|
|
||
Property and equipment, net
|
1,029
|
|
|
1,460
|
|
||
Intangible assets
|
|
|
|
||||
Contract acquisition costs and other
(1)
|
1,451
|
|
|
1,351
|
|
||
Goodwill
|
943
|
|
|
894
|
|
||
|
2,394
|
|
|
2,245
|
|
||
Equity and cost method investments
(1)
|
165
|
|
|
224
|
|
||
Notes receivable, net
|
215
|
|
|
215
|
|
||
Deferred taxes, net
(1)
|
672
|
|
|
819
|
|
||
Other noncurrent assets
(1)
|
223
|
|
|
260
|
|
||
|
$
|
6,082
|
|
|
$
|
6,833
|
|
LIABILITIES AND SHAREHOLDERS’ DEFICIT
|
|
|
|
||||
Current liabilities
|
|
|
|
||||
Current portion of long-term debt
|
$
|
300
|
|
|
$
|
324
|
|
Accounts payable
(1)
|
593
|
|
|
605
|
|
||
Accrued payroll and benefits
|
861
|
|
|
799
|
|
||
Liability for guest loyalty programs
|
952
|
|
|
677
|
|
||
Accrued expenses and other
(1)
|
527
|
|
|
633
|
|
||
|
3,233
|
|
|
3,038
|
|
||
Long-term debt
|
3,807
|
|
|
3,447
|
|
||
Liability for guest loyalty programs
|
1,622
|
|
|
1,657
|
|
||
Other noncurrent liabilities
(1)
|
1,010
|
|
|
891
|
|
||
Shareholders’ deficit
|
|
|
|
||||
Class A Common Stock
|
5
|
|
|
5
|
|
||
Additional paid-in-capital
|
2,821
|
|
|
2,802
|
|
||
Retained earnings
|
4,878
|
|
|
4,286
|
|
||
Treasury stock, at cost
|
(11,098
|
)
|
|
(9,223
|
)
|
||
Accumulated other comprehensive loss
|
(196
|
)
|
|
(70
|
)
|
||
|
(3,590
|
)
|
|
(2,200
|
)
|
||
|
$
|
6,082
|
|
|
$
|
6,833
|
|
(1)
|
See Footnote No.
17
, “
Related Party Transactions
,” to our Consolidated Financial Statements for disclosure of related party amounts.
|
|
December 31,
2015 |
|
December 31,
2014 |
|
December 31,
2013 |
||||||
OPERATING ACTIVITIES
|
|
|
|
|
|
||||||
Net income
|
$
|
859
|
|
|
$
|
753
|
|
|
$
|
626
|
|
Adjustments to reconcile to cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation, amortization, and other
|
139
|
|
|
148
|
|
|
127
|
|
|||
Share-based compensation
|
113
|
|
|
109
|
|
|
116
|
|
|||
Income taxes
|
143
|
|
|
71
|
|
|
73
|
|
|||
Liability for guest loyalty program
|
233
|
|
|
175
|
|
|
99
|
|
|||
Working capital changes
|
(126
|
)
|
|
(120
|
)
|
|
50
|
|
|||
Other
|
69
|
|
|
88
|
|
|
49
|
|
|||
Net cash provided by operating activities
|
1,430
|
|
|
1,224
|
|
|
1,140
|
|
|||
INVESTING ACTIVITIES
|
|
|
|
|
|
||||||
Capital expenditures
|
(305
|
)
|
|
(411
|
)
|
|
(296
|
)
|
|||
Dispositions
|
673
|
|
|
435
|
|
|
—
|
|
|||
Loan advances
|
(66
|
)
|
|
(103
|
)
|
|
(7
|
)
|
|||
Loan collections
|
92
|
|
|
34
|
|
|
77
|
|
|||
Equity and cost method investments
|
(7
|
)
|
|
(6
|
)
|
|
(16
|
)
|
|||
Contract acquisition costs
|
(121
|
)
|
|
(65
|
)
|
|
(61
|
)
|
|||
Acquisition of a business, net of cash acquired
|
(137
|
)
|
|
(184
|
)
|
|
(112
|
)
|
|||
Redemption of / (investment in) debt security
|
121
|
|
|
—
|
|
|
(65
|
)
|
|||
Other
|
117
|
|
|
(13
|
)
|
|
(39
|
)
|
|||
Net cash provided by (used in) investing activities
|
367
|
|
|
(313
|
)
|
|
(519
|
)
|
|||
FINANCING ACTIVITIES
|
|
|
|
|
|
||||||
Commercial paper/Credit Facility, net
|
(140
|
)
|
|
235
|
|
|
311
|
|
|||
Issuance of long-term debt
|
790
|
|
|
394
|
|
|
345
|
|
|||
Repayment of long-term debt
|
(325
|
)
|
|
(7
|
)
|
|
(407
|
)
|
|||
Issuance of Class A Common Stock
|
40
|
|
|
178
|
|
|
199
|
|
|||
Dividends paid
|
(253
|
)
|
|
(223
|
)
|
|
(196
|
)
|
|||
Purchase of treasury stock
|
(1,917
|
)
|
|
(1,510
|
)
|
|
(834
|
)
|
|||
Other
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||
Net cash used in financing activities
|
(1,805
|
)
|
|
(933
|
)
|
|
(583
|
)
|
|||
(DECREASE) INCREASE IN CASH AND EQUIVALENTS
|
(8
|
)
|
|
(22
|
)
|
|
38
|
|
|||
CASH AND EQUIVALENTS, beginning of period
|
104
|
|
|
126
|
|
|
88
|
|
|||
CASH AND EQUIVALENTS, end of period
|
$
|
96
|
|
|
$
|
104
|
|
|
$
|
126
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Common
Shares
Outstanding
|
|
|
Total
|
|
Class A
Common
Stock
|
|
Additional
Paid-in-
Capital
|
|
Retained
Earnings
|
|
Treasury
Stock, at
Cost
|
|
Accumulated
Other
Comprehensive Loss
|
|||||||||||||
310.9
|
|
|
Balance at December 28, 2012
|
$
|
(1,285
|
)
|
|
$
|
5
|
|
|
$
|
2,585
|
|
|
$
|
3,509
|
|
|
$
|
(7,340
|
)
|
|
$
|
(44
|
)
|
—
|
|
|
Net income
|
626
|
|
|
—
|
|
|
—
|
|
|
626
|
|
|
—
|
|
|
—
|
|
||||||
—
|
|
|
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
—
|
|
|
Dividends
|
(195
|
)
|
|
—
|
|
|
—
|
|
|
(195
|
)
|
|
—
|
|
|
—
|
|
||||||
7.1
|
|
|
Employee stock plan
|
269
|
|
|
—
|
|
|
131
|
|
|
(103
|
)
|
|
241
|
|
|
—
|
|
||||||
(20
|
)
|
|
Purchase of treasury stock
|
(830
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(830
|
)
|
|
—
|
|
||||||
298.0
|
|
|
Balance at December 31, 2013
|
(1,415
|
)
|
|
5
|
|
|
2,716
|
|
|
3,837
|
|
|
(7,929
|
)
|
|
(44
|
)
|
||||||
—
|
|
|
Net income
|
753
|
|
|
—
|
|
|
—
|
|
|
753
|
|
|
—
|
|
|
—
|
|
||||||
—
|
|
|
Other comprehensive income
|
(26
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
||||||
—
|
|
|
Dividends
|
(223
|
)
|
|
—
|
|
|
—
|
|
|
(223
|
)
|
|
—
|
|
|
—
|
|
||||||
6.1
|
|
|
Employee stock plan
|
211
|
|
|
—
|
|
|
86
|
|
|
(81
|
)
|
|
206
|
|
|
—
|
|
||||||
(24.2
|
)
|
|
Purchase of treasury stock
|
(1,500
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,500
|
)
|
|
—
|
|
||||||
279.9
|
|
|
Balance at December 31, 2014
|
(2,200
|
)
|
|
5
|
|
|
2,802
|
|
|
4,286
|
|
|
(9,223
|
)
|
|
(70
|
)
|
||||||
—
|
|
|
Net income
|
859
|
|
|
—
|
|
|
—
|
|
|
859
|
|
|
—
|
|
|
—
|
|
||||||
—
|
|
|
Other comprehensive loss
|
(126
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(126
|
)
|
||||||
—
|
|
|
Dividends
|
(253
|
)
|
|
—
|
|
|
—
|
|
|
(253
|
)
|
|
—
|
|
|
—
|
|
||||||
2.1
|
|
|
Employee stock plan
|
70
|
|
|
—
|
|
|
19
|
|
|
(14
|
)
|
|
65
|
|
|
—
|
|
||||||
(25.7
|
)
|
|
Purchase of treasury stock
|
(1,940
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,940
|
)
|
|
—
|
|
||||||
256.3
|
|
(1)
|
Balance at December 31, 2015
|
$
|
(3,590
|
)
|
|
$
|
5
|
|
|
$
|
2,821
|
|
|
$
|
4,878
|
|
|
$
|
(11,098
|
)
|
|
$
|
(196
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Our restated certificate of incorporation authorizes
800 million
shares of our common stock, with a par value of
$.01
per share and
10 million
shares of preferred stock, without par value. At year-end
2015
, we had
265.3 million
of these authorized shares of our common stock and
no
preferred stock outstanding.
|
Fiscal Year
|
|
Fiscal Year-End Date
|
|
Number of Days
|
|
Fiscal Year
|
|
Fiscal Year-End Date
|
|
Number of Days
|
2015
|
|
December 31, 2015
|
|
365
|
|
2010
|
|
December 31, 2010
|
|
364
|
2014
|
|
December 31, 2014
|
|
365
|
|
2009
|
|
January 1, 2010
|
|
364
|
2013
|
|
December 31, 2013
|
|
368
|
|
2008
|
|
January 2, 2009
|
|
371
|
2012
|
|
December 28, 2012
|
|
364
|
|
2007
|
|
December 28, 2007
|
|
364
|
2011
|
|
December 30, 2011
|
|
364
|
|
2006
|
|
December 29, 2006
|
|
364
|
•
|
$47 million
in assets and
$1 million
in liabilities for a North American Limited-Service segment plot of land. During the 2015 second quarter, we determined that achieving certain milestones outlined in a signed purchase and sale agreement was likely, and we recorded a
$4 million
expected loss in the “Gains and other income, net” caption of our Income Statements.
|
•
|
$31 million
in assets and
$2 million
in liabilities for The Miami Beach EDITION residences (the “residences”). During the 2015 first quarter, we recorded a
$6 million
charge, which we did not allocate to any of our segments, following a review of comparable property values. We classified the residences charge in the “Depreciation, amortization, and other” caption of our Income Statements because it is part of a larger mixed-use project for which we had recorded similar charges in prior periods. During 2015, we sold
five
residences and received
$20 million
in cash.
|
|
2015
|
|
2014
|
|
2013
|
||||||
(in millions, except per share amounts)
|
|
|
|
|
|
||||||
Computation of Basic Earnings Per Share
|
|
|
|
|
|
||||||
Net income
|
$
|
859
|
|
|
$
|
753
|
|
|
$
|
626
|
|
Weighted average shares outstanding
|
267.3
|
|
|
289.9
|
|
|
305.0
|
|
|||
Basic earnings per share
|
$
|
3.22
|
|
|
$
|
2.60
|
|
|
$
|
2.05
|
|
Computation of Diluted Earnings Per Share
|
|
|
|
|
|
||||||
Net income
|
$
|
859
|
|
|
$
|
753
|
|
|
$
|
626
|
|
Weighted average shares outstanding
|
267.3
|
|
|
289.9
|
|
|
305.0
|
|
|||
Effect of dilutive securities
|
|
|
|
|
|
||||||
Employee stock option and appreciation right plans
|
2.3
|
|
|
3.1
|
|
|
4.0
|
|
|||
Deferred stock incentive plans
|
0.6
|
|
|
0.7
|
|
|
0.8
|
|
|||
Restricted stock units
|
2.6
|
|
|
3.1
|
|
|
3.2
|
|
|||
Shares for diluted earnings per share
|
272.8
|
|
|
296.8
|
|
|
313.0
|
|
|||
Diluted earnings per share
|
$
|
3.15
|
|
|
$
|
2.54
|
|
|
$
|
2.00
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
Share-based compensation expense (in millions)
|
$
|
103
|
|
|
$
|
98
|
|
|
$
|
101
|
|
Weighted average grant-date fair value (per RSU)
|
$
|
78
|
|
|
$
|
52
|
|
|
$
|
38
|
|
Aggregate intrinsic value of converted and distributed RSUs (in millions)
|
$
|
195
|
|
|
$
|
144
|
|
|
$
|
125
|
|
|
Number of RSUs
(in millions)
|
|
Weighted
Average
Grant-Date
Fair Value
(per RSU)
|
|||
Outstanding at year-end 2014
|
6.0
|
|
|
$
|
42
|
|
Granted during 2015
(1)
|
1.4
|
|
|
78
|
|
|
Distributed during 2015
|
(2.4
|
)
|
|
39
|
|
|
Forfeited during 2015
|
(0.1
|
)
|
|
52
|
|
|
Outstanding at year-end 2015
|
4.9
|
|
|
$
|
53
|
|
(1)
|
Includes
0.1 million
PSUs granted to named executive officers.
|
|
Number of SARs
(in millions)
|
|
Weighted Average
Exercise Price
|
|||
Outstanding at year-end 2014
|
5.8
|
|
|
$
|
33
|
|
Granted during 2015
|
0.3
|
|
|
83
|
|
|
Exercised during 2015
|
(0.5
|
)
|
|
34
|
|
|
Forfeited during 2015
|
—
|
|
|
76
|
|
|
Outstanding at year-end 2015
|
5.6
|
|
|
$
|
36
|
|
Employee SARs
|
2015
|
|
2014
|
|
2013
|
||||||
Employee SARs granted (in millions)
|
0.3
|
|
|
0.3
|
|
|
0.7
|
|
|||
Weighted average exercise price (per SAR)
|
$
|
83
|
|
|
$
|
53
|
|
|
$
|
39
|
|
Weighted average grant-date fair value (per SAR)
|
$
|
26
|
|
|
$
|
17
|
|
|
$
|
13
|
|
Director SARs
|
2015
|
|
2014
|
|
2013
|
||||||
Director SARs granted
|
2,773
|
|
|
3,277
|
|
|
5,903
|
|
|||
Weighted average exercise price (per SAR)
|
$
|
80
|
|
|
$
|
59
|
|
|
$
|
44
|
|
Weighted average grant-date fair value (per SAR)
|
$
|
29
|
|
|
$
|
22
|
|
|
$
|
15
|
|
|
2015
|
|
2014
|
|
2013
|
|||
Expected volatility
|
30
|
%
|
|
29 - 30%
|
|
|
30 - 31%
|
|
Dividend yield
|
1.04
|
%
|
|
1.14
|
%
|
|
1.17
|
%
|
Risk-free rate
|
1.9 - 2.3%
|
|
|
2.2 - 2.8%
|
|
|
1.8 - 1.9%
|
|
Expected term (in years)
|
6 - 10
|
|
|
6 - 10
|
|
|
8 - 10
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
Share-based compensation expense (in millions)
|
$
|
1.1
|
|
|
$
|
1.2
|
|
|
$
|
1.4
|
|
Non-employee director deferred stock units granted
|
15,000
|
|
|
21,000
|
|
|
31,000
|
|
|||
Weighted average grant-date fair value (per share)
|
$
|
80
|
|
|
$
|
59
|
|
|
$
|
44
|
|
Aggregate intrinsic value of shares distributed (in millions)
|
$
|
1.8
|
|
|
$
|
0.8
|
|
|
$
|
0.7
|
|
($ in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
U.S.
|
$
|
896
|
|
|
$
|
808
|
|
|
$
|
630
|
|
Non-U.S.
|
359
|
|
|
280
|
|
|
267
|
|
|||
|
$
|
1,255
|
|
|
$
|
1,088
|
|
|
$
|
897
|
|
($ in millions)
|
2015
|
|
2014
|
|
2013
|
|||||||
Current
|
-U.S. Federal
|
$
|
(167
|
)
|
|
$
|
(224
|
)
|
|
$
|
(139
|
)
|
|
-U.S. State
|
(40
|
)
|
|
(43
|
)
|
|
(17
|
)
|
|||
|
-Non-U.S.
|
(50
|
)
|
|
(47
|
)
|
|
(44
|
)
|
|||
|
|
(257
|
)
|
|
(314
|
)
|
|
(200
|
)
|
|||
|
|
|
|
|
|
|
||||||
Deferred
|
-U.S. Federal
|
(131
|
)
|
|
(21
|
)
|
|
(68
|
)
|
|||
|
-U.S. State
|
(7
|
)
|
|
(5
|
)
|
|
(10
|
)
|
|||
|
-Non-U.S.
|
(1
|
)
|
|
5
|
|
|
7
|
|
|||
|
|
(139
|
)
|
|
(21
|
)
|
|
(71
|
)
|
|||
|
|
$
|
(396
|
)
|
|
$
|
(335
|
)
|
|
$
|
(271
|
)
|
($ in millions)
|
Amount
|
||
Unrecognized tax benefit at beginning of 2013
|
$
|
29
|
|
Change attributable to tax positions taken during the current period
|
8
|
|
|
Decrease attributable to settlements with taxing authorities
|
(2
|
)
|
|
Decrease attributable to lapse of statute of limitations
|
(1
|
)
|
|
Unrecognized tax benefit at year-end 2013
|
34
|
|
|
Change attributable to tax positions taken during the current period
|
3
|
|
|
Decrease attributable to settlements with taxing authorities
|
(27
|
)
|
|
Decrease attributable to lapse of statute of limitations
|
—
|
|
|
Unrecognized tax benefit at year-end 2014
|
10
|
|
|
Change attributable to tax positions taken during the current period
|
15
|
|
|
Decrease attributable to settlements with taxing authorities
|
—
|
|
|
Decrease attributable to lapse of statute of limitations
|
(1
|
)
|
|
Unrecognized tax benefit at year-end 2015
|
$
|
24
|
|
($ in millions)
|
At Year-End 2015
|
|
At Year-End 2014
|
||||
Deferred tax assets
|
$
|
672
|
|
|
$
|
819
|
|
Deferred tax liabilities
|
(16
|
)
|
|
(16
|
)
|
||
Net deferred taxes
|
$
|
656
|
|
|
$
|
803
|
|
($ in millions)
|
At Year-End 2015
|
|
At Year-End 2014
|
||||
Employee benefits
|
$
|
348
|
|
|
$
|
347
|
|
Net operating loss carry-forwards
|
205
|
|
|
257
|
|
||
Tax credits
|
111
|
|
|
182
|
|
||
Reserves
|
63
|
|
|
57
|
|
||
Frequent guest program
|
68
|
|
|
47
|
|
||
Self-insurance
|
21
|
|
|
24
|
|
||
Deferred income
|
21
|
|
|
20
|
|
||
Joint venture interests
|
(49
|
)
|
|
(34
|
)
|
||
Other, net
|
31
|
|
|
48
|
|
||
Deferred taxes
|
819
|
|
|
948
|
|
||
Less: valuation allowance
|
(163
|
)
|
|
(145
|
)
|
||
Net deferred taxes
|
$
|
656
|
|
|
$
|
803
|
|
|
2015
|
|
2014
|
|
2013
|
|||
U.S. statutory tax rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
U.S. state income taxes, net of U.S. federal tax benefit
|
2.9
|
|
|
2.7
|
|
|
2.6
|
|
Nondeductible expenses
|
0.2
|
|
|
0.2
|
|
|
0.5
|
|
Non-U.S. income
|
(5.2
|
)
|
|
(4.8
|
)
|
|
(5.7
|
)
|
Change in valuation allowance
|
1.2
|
|
|
(0.4
|
)
|
|
0.3
|
|
Tax credits
|
(0.3
|
)
|
|
(0.3
|
)
|
|
(0.4
|
)
|
Other, net
|
(2.3
|
)
|
|
(1.6
|
)
|
|
(2.1
|
)
|
Effective rate
|
31.5
|
%
|
|
30.8
|
%
|
|
30.2
|
%
|
($ in millions)
Guarantee Type
|
Maximum Potential
Amount
of Future Fundings
|
|
Liability for
Guarantees
|
||||
Debt service
|
$
|
113
|
|
|
$
|
23
|
|
Operating profit
|
103
|
|
|
43
|
|
||
Other
|
12
|
|
|
1
|
|
||
Total guarantees where we are the primary obligor
|
$
|
228
|
|
|
$
|
67
|
|
•
|
$62 million
of guarantees for Senior Living Services lease obligations of
$46 million
(expiring in
2019
) and lifecare bonds of
$16 million
(estimated to expire in
2019
), for which we are secondarily liable. Sunrise Senior Living, Inc. (“Sunrise”) is the primary obligor on both the leases and
$3 million
of the lifecare bonds; HCP, Inc., as successor by merger to CNL Retirement Properties, Inc. (“CNL”), is the primary obligor on
$13 million
of the lifecare bonds. Before we sold the Senior Living Services business in
2003
, these were our guarantees of obligations of our then consolidated Senior Living Services subsidiaries. Sunrise and CNL have indemnified us for any fundings we may be called upon to make under these guarantees. Our liability for these guarantees had a carrying value of
$3 million
at year-end
2015
. In conjunction with our consent to the 2011 extension of certain lease obligations until
2018
, Sunrise provided us with
$1 million
of cash collateral and an
$85 million
letter of credit issued by Key Bank to secure our continued exposure under the lease guarantees during the extension term and certain other obligations of Sunrise. The letter of credit balance was
$55 million
at year-end
2015
, which decreased as a result of lease payments made and lifecare bonds redeemed. During the extension term, Sunrise agreed to make an annual payment to us from the cash flow of the continuing lease facilities, subject to a
$1 million
annual minimum. In the 2013 first quarter, Sunrise merged with Health Care REIT, Inc. (“HCN”), and Sunrise’s management business was acquired by an entity formed by affiliates of Kohlberg Kravis Roberts & Co. LP, Beecken Petty O’Keefe & Co., Coastwood Senior Housing Partners LLC, and HCN. In April of 2014, HCN and Revera Inc., a private provider of senior living services, acquired Sunrise’s management business.
|
•
|
Lease obligations, for which we became secondarily liable when we acquired the Renaissance Hotel Group N.V. in
1997
, consisting of annual rent payments of approximately
$4 million
and total remaining rent payments through the initial term of approximately
$19 million
. The majority of these obligations expire by the end of
2020
. CTF Holdings Ltd. (“CTF”) had originally provided
€35 million
in cash collateral in the event that we are required to fund under such guarantees, approximately
$3 million
(
€2 million
) of which remained at year-end
2015
. Our exposure for the remaining rent payments through the initial term will decline to the extent that CTF obtains releases from the landlords or these hotels exit our system. Since the time we assumed these guarantees, we have not funded any amounts, and we do not expect to fund any amounts under these guarantees in the future.
|
•
|
A guarantee relating to the timeshare business, which was outstanding at the time of the 2011 Timeshare spin-off and for which we became secondarily liable as part of the spin-off. The guarantee relates to a Marriott Vacations Worldwide Corporation (“MVW”) payment obligation, for which we had an exposure of
$5 million
(
7 million
Singapore Dollars) at year-end. MVW has indemnified us for this obligation, which we expect will expire in
2022
. We have not funded any amounts under this obligation, and do not expect to do so in the future. Our liability for this obligation had a carrying value of
$1 million
at year-end
2015
.
|
•
|
A guarantee for a lease, originally entered into in 2000, for which we became secondarily liable in 2012 as a result of our sale of the ExecuStay corporate housing business to Oakwood Worldwide (“Oakwood”). Oakwood has indemnified us for the obligations under this guarantee. Our total exposure at year-end
2015
for this guarantee was
$6 million
in future rent payments through the end of the lease in 2019. Our liability for this guarantee had a carrying value of
$1 million
at year-end
2015
.
|
•
|
A commitment to invest up to
$7 million
of equity for a non-controlling interest in a partnership that plans to purchase North American full-service and limited-service properties, or purchase or develop hotel-anchored mixed-use real estate projects. We do not expect to fund this commitment, which expires in 2016.
|
•
|
A commitment to invest up to
$22 million
of equity for non-controlling interests in a partnership that plans to purchase or develop limited-service properties in Asia. We expect to fund
$3 million
of this commitment
in 2016. We do not expect to fund the remaining
$19 million
of this commitment prior to the end of the commitment period in 2016.
|
•
|
A commitment, with no expiration date, to invest up to
$11 million
in a joint venture for development of a new property. We do not expect to fund this commitment.
|
•
|
We have a right and under certain circumstances an obligation to acquire our joint venture partner’s remaining interests in
two
joint ventures over the next
six years
at a price based on the performance of the ventures. In conjunction with this contingent obligation, we advanced
$20 million
(
€15 million
) in deposits,
$13 million
(
€11 million
) of which is remaining. The amounts on deposit are refundable to the extent we do not acquire our joint venture partner’s remaining interests.
|
•
|
A loan commitment of
$75 million
related to the construction of a North American Full-Service property. We funded
$3 million
in
2015
and expect to fund
$25 million
in
2016
and
$47 million
in
2017
.
|
•
|
A $
5 million
loan commitment that we extended to the operating tenant of a property to cover the cost of renovation shortfalls. We expect to fund this commitment in 2016.
|
•
|
Various commitments to purchase information technology hardware, software, accounting, finance, and maintenance services in the normal course of business totaling
$173 million
. We expect to purchase goods and services subject to these commitments as follows:
$71 million
in
2016
,
$52 million
in
2017
,
$47 million
in
2018
, and
$3 million
thereafter.
|
•
|
Several commitments aggregating
$29 million
with no expiration date and which we do not expect to fund.
|
($ in millions)
|
Minimum Lease
Payments
|
||
2016
|
$
|
126
|
|
2017
|
123
|
|
|
2018
|
112
|
|
|
2019
|
87
|
|
|
2020
|
67
|
|
|
Thereafter
|
447
|
|
|
Total minimum lease payments where we are the primary obligor
|
$
|
962
|
|
($ in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
Minimum rentals
|
$
|
138
|
|
|
$
|
143
|
|
|
$
|
159
|
|
Additional rentals
|
65
|
|
|
64
|
|
|
56
|
|
|||
|
$
|
203
|
|
|
$
|
207
|
|
|
$
|
215
|
|
($ in millions)
|
2015
|
|
2014
|
||||
Balance at beginning of year
|
$
|
384
|
|
|
$
|
362
|
|
Less: reinsurance recoverable
|
(4
|
)
|
|
(5
|
)
|
||
Net balance at beginning of year
|
380
|
|
|
357
|
|
||
Incurred related to:
|
|
|
|
||||
Current year
|
141
|
|
|
126
|
|
||
Prior years
|
(11
|
)
|
|
(2
|
)
|
||
Total incurred
|
130
|
|
|
124
|
|
||
Paid related to:
|
|
|
|
||||
Current year
|
(27
|
)
|
|
(24
|
)
|
||
Prior years
|
(70
|
)
|
|
(77
|
)
|
||
Total paid
|
(97
|
)
|
|
(101
|
)
|
||
Net balance at end of year
|
413
|
|
|
380
|
|
||
Add: reinsurance recoverable
|
3
|
|
|
4
|
|
||
Balance at end of year
|
$
|
416
|
|
|
$
|
384
|
|
|
|
|
|
||||
Current portion classified in “Accrued expenses and other”
|
$
|
115
|
|
|
$
|
120
|
|
Noncurrent portion classified in “Other noncurrent liabilities”
|
301
|
|
|
264
|
|
||
|
$
|
416
|
|
|
$
|
384
|
|
10
.
|
LONG-TERM DEBT
|
($ in millions)
|
At Year-End 2015
|
|
At Year-End 2014
|
||||
Senior Notes:
|
|
|
|
||||
Series G Notes, interest rate of 5.8%, face amount of $316, matured November 10, 2015
(effective interest rate of 6.6%) |
$
|
—
|
|
|
$
|
314
|
|
Series H Notes, interest rate of 6.2%, face amount of $289, maturing June 15, 2016
(effective interest rate of 6.3%) |
289
|
|
|
289
|
|
||
Series I Notes, interest rate of 6.4%, face amount of $293, maturing June 15, 2017
(effective interest rate of 6.5%) |
293
|
|
|
293
|
|
||
Series K Notes, interest rate of 3.0%, face amount of $600, maturing March 1, 2019
(effective interest rate of 4.4%) |
595
|
|
|
594
|
|
||
Series L Notes, interest rate of 3.3%, face amount of $350, maturing September 15, 2022
(effective interest rate of 3.4%) |
348
|
|
|
347
|
|
||
Series M Notes, interest rate of 3.4%, face amount of $350, maturing October 15, 2020
(effective interest rate of 3.6%) |
347
|
|
|
346
|
|
||
Series N Notes, interest rate of 3.1%, face amount of $400, maturing October 15, 2021
(effective interest rate of 3.4%) |
395
|
|
|
394
|
|
||
Series O Notes, interest rate of 2.9%, face amount of $450, maturing March 1, 2021
(effective interest rate of 3.1%) |
446
|
|
|
—
|
|
||
Series P Notes, interest rate of 3.8%, face amount of $350, maturing October 1, 2025
(effective interest rate of 4.0%) |
343
|
|
|
—
|
|
||
Commercial paper, average interest rate of 0.6% at December 31, 2015
|
938
|
|
|
1,072
|
|
||
$2,000 Credit Facility
|
—
|
|
|
—
|
|
||
Other
|
113
|
|
|
122
|
|
||
|
$
|
4,107
|
|
|
$
|
3,771
|
|
|
|
|
|
||||
Less: Current portion of long-term debt
|
(300
|
)
|
|
(324
|
)
|
||
|
$
|
3,807
|
|
|
$
|
3,447
|
|
Debt Principal Payments (net of unamortized discounts)
($ in millions)
|
Amount
|
||
2016
|
$
|
300
|
|
2017
|
302
|
|
|
2018
|
947
|
|
|
2019
|
605
|
|
|
2020
|
357
|
|
|
Thereafter
|
1,596
|
|
|
Balance at year-end 2015
|
$
|
4,107
|
|
($ in millions)
|
At Year-End 2015
|
|
At Year-End 2014
|
||||
Definite-lived Intangible Assets
|
|
|
|
||||
Contract acquisition costs and other
|
$
|
1,702
|
|
|
$
|
1,735
|
|
Accumulated amortization
|
(380
|
)
|
|
(461
|
)
|
||
|
1,322
|
|
|
1,274
|
|
||
Indefinite-lived Intangible Assets
|
|
|
|
||||
Brands
|
129
|
|
|
77
|
|
||
Total Intangible Assets
|
$
|
1,451
|
|
|
$
|
1,351
|
|
|
|
|
|
($ in millions)
|
North American
Full-Service
Segment
|
|
North American
Limited-Service
Segment
|
|
International
|
|
Total
Goodwill
|
||||||||
Year-end 2014 balance:
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
$
|
392
|
|
|
$
|
125
|
|
|
$
|
431
|
|
|
$
|
948
|
|
Accumulated impairment losses
|
—
|
|
|
(54
|
)
|
|
—
|
|
|
(54
|
)
|
||||
|
392
|
|
|
71
|
|
|
431
|
|
|
894
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Additions
|
$
|
19
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19
|
|
Adjustments
|
—
|
|
|
—
|
|
|
57
|
|
|
57
|
|
||||
Foreign currency translation
|
(2
|
)
|
|
—
|
|
|
(25
|
)
|
|
(27
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Year-end 2015 balance:
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
$
|
409
|
|
|
$
|
125
|
|
|
$
|
463
|
|
|
$
|
997
|
|
Accumulated impairment losses
|
—
|
|
|
(54
|
)
|
|
—
|
|
|
(54
|
)
|
||||
|
$
|
409
|
|
|
$
|
71
|
|
|
$
|
463
|
|
|
$
|
943
|
|
($ in millions)
|
At Year-End 2015
|
|
At Year-End 2014
|
||||
Land
|
$
|
299
|
|
|
$
|
457
|
|
Buildings and leasehold improvements
|
729
|
|
|
781
|
|
||
Furniture and equipment
|
768
|
|
|
775
|
|
||
Construction in progress
|
130
|
|
|
365
|
|
||
|
1,926
|
|
|
2,378
|
|
||
Accumulated depreciation
|
(897
|
)
|
|
(918
|
)
|
||
|
$
|
1,029
|
|
|
$
|
1,460
|
|
($ in millions)
|
At Year-End 2015
|
|
At Year-End 2014
|
||||
Senior, mezzanine, and other loans
|
$
|
221
|
|
|
$
|
242
|
|
Less current portion
|
(6
|
)
|
|
(27
|
)
|
||
|
$
|
215
|
|
|
$
|
215
|
|
Notes Receivable Principal Payments (net of reserves and unamortized discounts) and Interest Rates
($ in millions)
|
Amount
|
||
2016
|
$
|
6
|
|
2017
|
3
|
|
|
2018
|
60
|
|
|
2019
|
5
|
|
|
2020
|
2
|
|
|
Thereafter
|
145
|
|
|
Balance at year-end 2015
|
$
|
221
|
|
Weighted average interest rate at year-end 2015
|
7.8
|
%
|
|
Range of stated interest rates at year-end 2015
|
0 - 15%
|
|
($ in millions)
|
Notes
Receivable
Reserve
|
||
Balance at year-end 2012
|
$
|
79
|
|
Reversals
|
(2
|
)
|
|
Transfers and other
|
13
|
|
|
Balance at year-end 2013
|
90
|
|
|
Write-offs
|
(45
|
)
|
|
Transfers and other
|
5
|
|
|
Balance at year-end 2014
|
50
|
|
|
Transfers and other
|
5
|
|
|
Balance at year-end 2015
|
$
|
55
|
|
|
At Year-End 2015
|
|
At Year-End 2014
|
||||||||||||
($ in millions)
|
Carrying
Amount
|
|
Fair Value
|
|
Carrying
Amount
|
|
Fair Value
|
||||||||
Senior, mezzanine, and other loans
|
$
|
215
|
|
|
$
|
209
|
|
|
$
|
215
|
|
|
$
|
214
|
|
Marketable securities
|
37
|
|
|
37
|
|
|
44
|
|
|
44
|
|
||||
Total noncurrent financial assets
|
$
|
252
|
|
|
$
|
246
|
|
|
$
|
259
|
|
|
$
|
258
|
|
|
|
|
|
|
|
|
|
||||||||
Senior notes
|
$
|
(2,766
|
)
|
|
$
|
(2,826
|
)
|
|
$
|
(2,262
|
)
|
|
$
|
(2,370
|
)
|
Commercial paper
|
(938
|
)
|
|
(938
|
)
|
|
(1,072
|
)
|
|
(1,072
|
)
|
||||
Other long-term debt
|
(99
|
)
|
|
(108
|
)
|
|
(108
|
)
|
|
(122
|
)
|
||||
Other noncurrent liabilities
|
(63
|
)
|
|
(63
|
)
|
|
(57
|
)
|
|
(57
|
)
|
||||
Total noncurrent financial liabilities
|
$
|
(3,866
|
)
|
|
$
|
(3,935
|
)
|
|
$
|
(3,499
|
)
|
|
$
|
(3,621
|
)
|
($ in millions)
|
Foreign Currency Translation Adjustments
|
|
Derivative Instrument Adjustments
|
|
Available-For-Sale Securities Unrealized Adjustments
(1)
|
|
Accumulated Other Comprehensive Loss
|
||||||||
Balance at year-end 2012
|
$
|
(32
|
)
|
|
$
|
(19
|
)
|
|
$
|
7
|
|
|
$
|
(44
|
)
|
Other comprehensive income before reclassifications
(2)
|
1
|
|
|
—
|
|
|
5
|
|
|
6
|
|
||||
Amounts reclassified from accumulated other comprehensive loss
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
||||
Net other comprehensive income (loss)
|
1
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
||||
Balance at year-end 2013
|
$
|
(31
|
)
|
|
$
|
(19
|
)
|
|
$
|
6
|
|
|
$
|
(44
|
)
|
Other comprehensive (loss) income before reclassifications
(2)
|
(41
|
)
|
|
8
|
|
|
5
|
|
|
(28
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||
Net other comprehensive (loss) income
|
(41
|
)
|
|
10
|
|
|
5
|
|
|
(26
|
)
|
||||
Balance at year-end 2014
|
$
|
(72
|
)
|
|
$
|
(9
|
)
|
|
$
|
11
|
|
|
$
|
(70
|
)
|
Other comprehensive (loss) income before reclassifications
(2)
|
(123
|
)
|
|
10
|
|
|
(7
|
)
|
|
(120
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss
|
3
|
|
|
(9
|
)
|
|
—
|
|
|
(6
|
)
|
||||
Net other comprehensive (loss) income
|
(120
|
)
|
|
1
|
|
|
(7
|
)
|
|
(126
|
)
|
||||
Balance at year-end 2015
|
$
|
(192
|
)
|
|
$
|
(8
|
)
|
|
$
|
4
|
|
|
$
|
(196
|
)
|
(1)
|
We present the portions of other comprehensive (loss) income before reclassifications that relate to unrealized gains (losses) on available-for-sale securities net of deferred taxes of
$4 million
for
2015
,
$3 million
for
2014
, and
$2 million
for
2013
.
|
(2)
|
Other comprehensive (loss) income before reclassifications for foreign currency translation adjustments includes gains on intra-entity foreign currency transactions that are of a long-term investment nature of
$48 million
for
2015
and
$28 million
for
2014
and a loss of
$20 million
for
2013
.
|
($ in millions)
|
|
Reclassification of Gains (Losses) from Accumulated Other Comprehensive Loss
|
|
|
||
Accumulated Other Comprehensive Loss Components
|
|
2015
|
|
Income Statement Line Affected
|
||
Foreign Currency Translation Adjustments
|
|
|
|
|
||
Property disposition
|
|
$
|
(3
|
)
|
|
Gains and other income, net
|
|
|
(3
|
)
|
|
Income before income taxes
|
|
|
|
—
|
|
|
Provision for income taxes
|
|
|
|
$
|
(3
|
)
|
|
Net income
|
Derivative Instrument Adjustments
|
|
|
|
|
||
Cash flow hedges
|
|
$
|
10
|
|
|
Base management and franchise fees
|
Net investment hedge - property disposition
|
|
3
|
|
|
Gains and other income, net
|
|
Interest rate contracts
|
|
(5
|
)
|
|
Interest expense
|
|
|
|
8
|
|
|
Income before income taxes
|
|
|
|
2
|
|
|
Provision for income taxes
|
|
|
|
$
|
10
|
|
|
Net income
|
•
|
North American Full-Service
, which includes The Ritz-Carlton, EDITION, JW Marriott, Autograph Collection Hotels, Renaissance Hotels, Marriott Hotels, Delta Hotels and Resorts, and Gaylord Hotels located in the United States and Canada;
|
•
|
North American Limited-Service
, which includes AC Hotels by Marriott, Courtyard, Residence Inn, SpringHill Suites, Fairfield Inn & Suites, and TownePlace Suites properties, located in the United States and Canada; and
|
•
|
International
, which includes The Ritz-Carlton, Bulgari Hotels & Resorts, EDITION, JW Marriott, Autograph Collection Hotels, Renaissance Hotels, Marriott Hotels, Marriott Executive Apartments, AC Hotels by Marriott, Courtyard, Residence Inn, Fairfield Inn & Suites, Protea Hotels, and Moxy Hotels located outside the United States and Canada.
|
($ in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
North American Full-Service Segment
|
$
|
8,825
|
|
|
$
|
8,323
|
|
|
$
|
7,978
|
|
North American Limited-Service Segment
|
3,193
|
|
|
2,962
|
|
|
2,583
|
|
|||
International
|
2,200
|
|
|
2,255
|
|
|
1,957
|
|
|||
Total segment revenues
(1)
|
14,218
|
|
|
13,540
|
|
|
12,518
|
|
|||
Other unallocated corporate
|
268
|
|
|
256
|
|
|
266
|
|
|||
Total consolidated revenues
|
$
|
14,486
|
|
|
$
|
13,796
|
|
|
$
|
12,784
|
|
(1)
|
Revenues attributed to operations located outside the United States were
$2,761 million
in
2015
,
$2,518 million
in
2014
, and
$2,149 million
in
2013
.
|
($ in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
North American Full-Service Segment
|
$
|
561
|
|
|
$
|
524
|
|
|
$
|
490
|
|
North American Limited-Service Segment
|
651
|
|
|
574
|
|
|
479
|
|
|||
International
|
292
|
|
|
295
|
|
|
228
|
|
|||
Total segment profits
(1)
|
1,504
|
|
|
1,393
|
|
|
1,197
|
|
|||
Other unallocated corporate
|
(111
|
)
|
|
(220
|
)
|
|
(203
|
)
|
|||
Interest expense and interest income
|
(138
|
)
|
|
(85
|
)
|
|
(97
|
)
|
|||
Income taxes
|
(396
|
)
|
|
(335
|
)
|
|
(271
|
)
|
|||
|
$
|
859
|
|
|
$
|
753
|
|
|
$
|
626
|
|
(1)
|
Segment profits attributed to operations located outside the United States were
$329 million
in
2015
,
$327 million
in
2014
, and
$269 million
in
2013
. The
2015
segment profits consisted of segment profits of
$98 million
from Asia Pacific,
$94 million
from Europe,
$63 million
from the Caribbean and Latin America,
$37 million
from Canada, and
$37 million
from the Middle East and Africa.
|
($ in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
North American Full-Service Segment
|
$
|
55
|
|
|
$
|
52
|
|
|
$
|
57
|
|
North American Limited-Service Segment
|
21
|
|
|
22
|
|
|
21
|
|
|||
International
|
40
|
|
|
42
|
|
|
42
|
|
|||
Total segment depreciation and amortization
|
116
|
|
|
116
|
|
|
120
|
|
|||
Other unallocated corporate
(1)
|
23
|
|
|
32
|
|
|
7
|
|
|||
|
$
|
139
|
|
|
$
|
148
|
|
|
$
|
127
|
|
(1)
|
Includes impairment charges of
$12 million
in 2015 and
$25 million
in 2014 on EDITION hotels and residences. See Footnote No.
3
, “
Acquisitions and Dispositions
” for more information.
|
($ in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
North American Full-Service Segment
|
$
|
120
|
|
|
$
|
251
|
|
|
$
|
145
|
|
North American Limited-Service Segment
|
7
|
|
|
5
|
|
|
8
|
|
|||
International
|
86
|
|
|
87
|
|
|
93
|
|
|||
Total segment capital expenditures
|
213
|
|
|
343
|
|
|
246
|
|
|||
Other unallocated corporate
|
92
|
|
|
68
|
|
|
50
|
|
|||
|
$
|
305
|
|
|
$
|
411
|
|
|
$
|
296
|
|
($ in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
Base management fees
|
$
|
15
|
|
|
$
|
17
|
|
|
$
|
17
|
|
Incentive management fees
|
3
|
|
|
6
|
|
|
1
|
|
|||
Owned, leased, and other revenue
|
1
|
|
|
1
|
|
|
1
|
|
|||
Cost reimbursements
|
197
|
|
|
226
|
|
|
236
|
|
|||
Total revenue
|
$
|
216
|
|
|
$
|
250
|
|
|
$
|
255
|
|
Reimbursed costs
|
$
|
(197
|
)
|
|
$
|
(226
|
)
|
|
$
|
(236
|
)
|
Depreciation, amortization, and other
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|||
General, administrative, and other
|
(1
|
)
|
|
(2
|
)
|
|
(3
|
)
|
|||
Interest income
|
5
|
|
|
5
|
|
|
4
|
|
|||
Equity in earnings (losses)
|
16
|
|
|
6
|
|
|
(5
|
)
|
($ in millions)
|
At Year-End 2015
|
|
At Year-End 2014
|
||||
Current assets
|
|
|
|
||||
Accounts and notes receivable, net
|
$
|
29
|
|
|
$
|
26
|
|
Other
|
1
|
|
|
1
|
|
||
Intangible assets
|
|
|
|
||||
Contract acquisition costs and other
|
30
|
|
|
20
|
|
||
Equity and cost method investments
|
159
|
|
|
210
|
|
||
Deferred taxes, net
|
(4
|
)
|
|
13
|
|
||
Other noncurrent assets
|
17
|
|
|
19
|
|
||
Current liabilities
|
|
|
|
||||
Accounts payable
|
(10
|
)
|
|
(10
|
)
|
||
Accrued expenses and other
|
(12
|
)
|
|
(20
|
)
|
||
Other noncurrent liabilities
|
(3
|
)
|
|
(3
|
)
|
($ in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
Sales
|
$
|
615
|
|
|
$
|
752
|
|
|
$
|
727
|
|
Net income
|
$
|
44
|
|
|
$
|
38
|
|
|
$
|
11
|
|
($ in millions)
|
At Year-End 2015
|
|
At Year-End 2014
|
||||
Assets (primarily composed of hotel real estate managed by us)
|
$
|
1,218
|
|
|
$
|
1,499
|
|
Liabilities
|
$
|
1,110
|
|
|
$
|
1,287
|
|
($ in millions, except per share data)
|
2015
|
||||||||||||||||||
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
Fiscal
Year
|
||||||||||
Revenues
|
$
|
3,513
|
|
|
$
|
3,689
|
|
|
$
|
3,578
|
|
|
$
|
3,706
|
|
|
$
|
14,486
|
|
Operating income
|
$
|
332
|
|
|
$
|
369
|
|
|
$
|
339
|
|
|
$
|
310
|
|
|
$
|
1,350
|
|
Net income
|
$
|
207
|
|
|
$
|
240
|
|
|
$
|
210
|
|
|
$
|
202
|
|
|
$
|
859
|
|
Diluted earnings per share
|
$
|
0.73
|
|
|
$
|
0.87
|
|
|
$
|
0.78
|
|
|
$
|
0.77
|
|
|
$
|
3.15
|
|
($ in millions, except per share data)
|
2014
|
||||||||||||||||||
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
Fiscal
Year
|
||||||||||
Revenues
|
$
|
3,293
|
|
|
$
|
3,484
|
|
|
$
|
3,460
|
|
|
$
|
3,559
|
|
|
$
|
13,796
|
|
Operating income
|
$
|
254
|
|
|
$
|
316
|
|
|
$
|
298
|
|
|
$
|
291
|
|
|
$
|
1,159
|
|
Net income
|
$
|
172
|
|
|
$
|
192
|
|
|
$
|
192
|
|
|
$
|
197
|
|
|
$
|
753
|
|
Diluted earnings per share
|
$
|
0.57
|
|
|
$
|
0.64
|
|
|
$
|
0.65
|
|
|
$
|
0.68
|
|
|
$
|
2.54
|
|
Item 9.
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
|
Item 9A.
|
Controls and Procedures.
|
Item 9B.
|
Other Information.
|
Item 10. Directors, Executive Officers, and Corporate Governance.
|
We incorporate this information by reference to “Our Board of Directors,” “Section 16(a) Beneficial Ownership Reporting Compliance,” “Audit Committee,” “Transactions with Related Persons,” and “Selection of Director Nominees” sections of our Proxy Statement. We have included information regarding our executive officers and our Code of Ethics below.
|
|
|
Item 11. Executive Compensation.
|
We incorporate this information by reference to the “Executive and Director Compensation” and “Compensation Committee Interlocks and Insider Participation” sections of our Proxy Statement.
|
|
|
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
|
We incorporate this information by reference to the “Securities Authorized for Issuance Under Equity Compensation Plans” and the “Stock Ownership” sections of our Proxy Statement.
|
|
|
Item 13. Certain Relationships and Related Transactions, and Director Independence.
|
We incorporate this information by reference to the “Transactions with Related Persons,” and “Director Independence” sections of our Proxy Statement.
|
|
|
Item 14. Principal Accounting Fees and Services.
|
We incorporate this information by reference to the “Independent Registered Public Accounting Firm Fee Disclosure” and the “Pre-Approval of Independent Auditor Fees and Services Policy” sections of our Proxy Statement.
|
Name and Title
|
|
Age
|
|
Business Experience
|
|
J.W. Marriott, Jr.
Executive Chairman and
Chairman of the Board
|
|
83
|
|
|
J.W. Marriott, Jr. was elected Executive Chairman effective March 31, 2012, having decided to relinquish his position as Chief Executive Officer. He served as Chief Executive Officer of the Company and its predecessors since 1972. He joined Marriott Corporation (now known as Host Hotels & Resorts, Inc.) in 1956, became President and a Director in 1964. Mr. Marriott serves on the Board of The J. Willard & Alice S. Marriott Foundation. He is a member of the National Business Council and the Executive Committee of the World Travel & Tourism Council. Mr. Marriott has served as a Director of the Company and its predecessors since 1964.
|
|
|
|
|
|
|
Arne M. Sorenson
President and Chief Executive Officer
|
|
57
|
|
|
Arne M. Sorenson became President and Chief Executive Officer of the Company on March 31, 2012 and was appointed to the Board of Directors in February 2011. Mr. Sorenson joined Marriott in 1996 as Senior Vice President of Business Development, was named Executive Vice President and Chief Financial Officer in 1998, assumed the additional title of President, Continental European Lodging, in 2003 and was appointed Marriott’s President and Chief Operating Officer in 2009. Before joining Marriott, he was a Partner in the law firm of Latham & Watkins in Washington, D.C. Mr. Sorenson serves as the Chair of the Board of Directors for Brand USA, on the Board of Regents of Luther College, on the Board of Trustees of Brookings, and as Vice Chair of the President of the United States’ Export Council.
|
|
|
|
|
|
|
Bao Giang Val Bauduin
Controller and Chief
Accounting Officer |
|
39
|
|
|
Val Bauduin became our Controller and Chief Accounting Officer in June 2014, with responsibility for the accounting operations of the Company including oversight of Financial Reporting & Analysis, Accounting Policy, Governance, Risk Management (Insurance, Claims, Business Continuity, Fire & Life Safety), Accenture Hospitality Services and the Corporate Finance Business Partners. Prior to joining Marriott, Mr. Bauduin was a Partner and U.S. Hospitality leader of Deloitte & Touche LLP from 2011 to 2014, where he has served as a Travel, Hospitality & Leisure industry expert for Deloitte teams globally. Prior to that, Mr. Bauduin was a Senior Manager of Deloitte from 2005 to 2011. He has a strong international background, and has built and led cross-functional (tax, valuation and IT) international professional service teams engaged at diverse client organizations, including several large and well-known public hospitality clients. He has supported complex capital market transactions, spinoffs and real estate development projects related to gaming and hospitality. Mr. Bauduin earned a Bachelor of Arts in Economics from the University of Notre Dame and a Master of Business Administration in Finance from The Wharton School at the University of Pennsylvania. He is also a Certified Public Accountant.
|
|
|
|
|
|
|
Anthony G. Capuano
Executive Vice President
and Global Chief Development Officer
|
|
50
|
|
|
Anthony G. Capuano became Marriott’s Executive Vice President and Global Chief Development Officer in 2009. He is responsible for the global development of all Marriott lodging brands and supervises 20 offices outside of North America as well as multiple offices across North America. Mr. Capuano began his Marriott International career in 1995 as part of the Market Planning and Feasibility team. Between 1997 and 2005, he led Marriott’s full service development efforts in the Western U.S. and Canada. In early 2008, his responsibilities expanded to include North America, the Caribbean and Latin America. Mr. Capuano began his professional career in Laventhol and Horwath’s Boston-based Leisure Time Advisory Group. He then joined Kenneth Leventhal and Company’s hospitality consulting group in Los Angeles, CA. Mr. Capuano earned his bachelor’s degree in Hotel Administration from Cornell University. He is an active member of the Cornell Society of Hotelmen and a member of The Cornell School of Hotel Administration Dean’s Advisory Board. Mr. Capuano is also a member of the American Hotel and Lodging Association’s Industry Real Estate Financial Advisory Council.
|
|
|
|
|
|
Name and Title
|
|
Age
|
|
Business Experience
|
|
David Grissen
Group President |
|
58
|
|
|
David Grissen became Group President effective February 2014, assuming additional responsibility for The Ritz-Carlton and Global Operations Services. He became the Group President for The Americas in 2012, with responsibility for all business activities including operations, sales and marketing, revenue management, human resources, engineering, rooms operations, food and beverage, retail, spa, information technology and development. Prior to this, he served as President, Americas from 2010; Executive Vice President of the Eastern Region from 2005; Senior Vice President of the Mid-Atlantic Region and Senior Vice President of Finance and Business Development from 2000. Mr. Grissen is chair of the Americas’ Hotel Development Committee and a member of the Lodging Strategy Group and Corporate Growth Committee. He is a member of the Board of Directors of Regis Corporation and also Vice Chairman of the Board of Directors for Back on My Feet, an organization that helps individuals experiencing homelessness. Mr. Grissen holds a bachelor’s degree from Michigan State University and a master’s degree from Loyola University in Chicago.
|
|
|
|
|
|
|
Alex Kyriakidis
President & Managing Director
Middle East & Africa
|
|
63
|
|
|
Alex Kyriakidis joined Marriott in January 2012 as President and Managing Director, Middle East and Africa with responsibility for all business activities for the Middle East and Africa Region (MEA), including operations, sales and marketing, finance and hotel development. Before joining Marriott, Mr. Kyriakidis served for 10 years as Global Managing Director - Travel, Hospitality and Leisure for Deloitte LLP. In this role, Mr. Kyriakidis led the Global Travel, Hospitality and Leisure Industry team, where he was responsible for a team of 4,500 professionals that generated $700 million in revenues. Mr. Kyriakidis has 40 years of experience providing strategic, financial, M&A, operational, asset management and integration services to the travel, hospitality and leisure sectors. He has served clients in 25 countries, predominantly in the Europe, MEA and Asia Pacific regions. He is a fellow of the Arab Society of Certified Accountants, the British Association of Hotel Accountants and the Institute of Chartered Accountants in England and Wales. Mr. Kyriakidis holds a bachelor of science degree in computer science and mathematics from Leeds University in the United Kingdom.
|
|
|
|
|
|
|
Stephanie Linnartz
Executive Vice President and
Global Chief Marketing and Commercial Officer
|
|
47
|
|
|
Stephanie Linnartz became the Global Chief Marketing and Commercial Officer in March 2013 and was named an executive officer in February 2014. She has responsibility for the Company’s brand management, marketing, eCommerce, sales, reservations, revenue management, consumer insight, and information technology functions. Prior to assuming her current position, Ms. Linnartz served as Global Officer, Sales and Revenue Management from 2009 to 2013; Senior Vice President, Global Sales from 2008 to 2009; and Senior Vice President, Sales and Marketing Planning and Support from 2005 to 2008. She holds a master of business administration from the College of William and Mary.
|
|
|
|
|
|
|
Amy C. McPherson
President & Managing Director
Europe
|
|
54
|
|
|
Amy C. McPherson was appointed President and Managing Director of Europe, a division that encompasses Continental Europe, the United Kingdom, and Ireland, in July 2009. Ms. McPherson joined Marriott in 1986 and most recently served as Executive Vice President of Global Sales and Marketing responsible for the Company’s global and field sales, marketing, Marriott Rewards program, revenue management and eCommerce from 2005 until she was named to her current position. Other key positions held by Ms. McPherson include Senior Vice President of Business Transformation and Integration, and Vice President of Finance and Business Development. Before joining Marriott, she worked for Air Products & Chemicals in Allentown, PA.
|
|
|
|
|
|
Name and Title
|
|
Age
|
|
Business Experience
|
|
Kathleen K. Oberg
Executive Vice President and Chief
Financial Officer
|
|
55
|
|
|
Kathleen ("Leeny") K. Oberg was appointed Executive Vice President and Chief Financial Officer of Marriott, effective January 1, 2016. Ms. Oberg most recently served, from 2013 to December 2015, as the Chief Financial Officer for The Ritz-Carlton Hotel Company, L.L.C., an operator of luxury hotels and resorts worldwide, and a subsidiary of Marriott. Prior to that, she served as Marriott’s Senior Vice President, Corporate and Development Finance from 2008 to 2013, leading a team providing a broad range of corporate finance and valuation support to senior management. Ms. Oberg was a key member of the leadership team that structured and executed the spin-off of Marriott’s timeshare business in 2011. From 2006 to 2008, she served as Senior Vice President, International Project Finance and Asset Management for Europe, the Middle East and Africa and served as the region’s senior finance executive. Ms. Oberg originally joined Marriott in 1999 in Investor Relations and served as one of the company’s primary contacts with institutional investors and analysts. In 2004, she was promoted to Vice President of Project Finance and served in this role for two years before moving to London. Ms. Oberg has also held numerous financial leadership positions with such organizations as Sodexo (previously Sodexho Marriott Services), Sallie Mae, Goldman Sachs and Chase Manhattan Bank. She earned her Bachelor of Science in Finance/Management Information Systems from the University of Virginia, McIntyre School of Business and received her MBA from Stanford University Graduate School of Business.
|
|
|
|
|
|
|
David A. Rodriguez
Executive Vice President
and Global Chief Human Resources Officer
|
|
57
|
|
|
David A. Rodriguez was appointed Executive Vice President and Global Chief Human Resources Officer in 2006. Dr. Rodriguez joined Marriott as Senior Vice President-Staffing & Development in 1998 and was appointed Executive Vice President Human Resources for Marriott Lodging in 2003. Before joining Marriott, he held several senior roles in human resources at Citicorp (now Citigroup) from 1989 through 1998. Dr. Rodriguez holds a doctorate degree in industrial/organizational psychology from New York University and is an elected fellow of the National Academy of Human Resources.
|
|
|
|
|
|
|
Edward A. Ryan
Executive Vice President and
General Counsel
|
|
62
|
|
|
Edward A. Ryan was named Executive Vice President and General Counsel in November 2006. He joined Marriott in 1996 as Assistant General Counsel, was promoted to Senior Vice President and Associate General Counsel in 1999, when he had responsibility for all new management agreements and real estate development worldwide for full-service and limited-service hotels; in 2005 he also assumed responsibility for all corporate transactions and corporate governance. Before joining Marriott, Mr. Ryan was a Partner at the law firm of Hogan & Hartson (now Hogan Lovells) in Washington, D.C.
|
|
|
|
|
|
|
Craig S. Smith
President & Managing Director
Asia Pacific
|
|
53
|
|
|
Craig S. Smith became President and Managing Director of Asia Pacific in June 2015, assuming the responsibility for the strategic leadership of all operational and development functions spanning 15 countries and 11 brands. Mr. Smith began his career with Marriott in February 1988. Prior to his current position, Mr. Smith served as President of Marriott’s Caribbean and Latin American region from 2011 to 2015. Before moving to the Caribbean and Latin American region in 2011, he was Executive Vice President and Chief Operations Officer for Asia Pacific. As the son of an American diplomat, Mr. Smith has lived in 13 countries, working in North America, the Caribbean, Latin America, Asia-Pacific, and Australia. He is fluent in Spanish and conversant in Portuguese. Mr. Smith earned his MBA from the Rotman School of Management at the University of Toronto, and a Bachelor of Science from Brigham Young University.
|
Item 15.
|
Exhibits and Financial Statement Schedules.
|
Exhibit No.
|
|
Description
|
|
Incorporation by Reference
(where a report is indicated below, that
document has been previously filed with the SEC
and the applicable exhibit is incorporated by
reference thereto)
|
|
|
|
||
2.1
|
|
Agreement and Plan of Merger, dated as of November 15, 2015, by and among Marriott International, Inc., Starwood Hotels & Resorts Worldwide, Inc., and certain of their subsidiaries.
|
|
Exhibit No. 2.1 to our Form 8-K filed
November 16, 2015 (File No. 001-13881).
|
|
|
|
|
|
3.1
|
|
Restated Certificate of Incorporation.
|
|
Exhibit No. 3(i) to our Form 8-K filed
August 22, 2006 (File No. 001-13881).
|
|
|
|
||
3.2
|
|
Amended and Restated Bylaws.
|
|
Exhibit No. 3(ii) to our Form 8-K filed
June 18, 2014 (File No. 001-13881).
|
|
|
|
||
4.1
|
|
Form of Common Stock Certificate.
|
|
Exhibit No. 4.5 to our Form S-3ASR filed
December 8, 2005 (File No. 333-130212).
|
|
|
|
||
4.2
|
|
Indenture dated as of November 16, 1998, between the Company and The Bank of New York Mellon, as successor to JPMorgan Chase Bank, N.A., formerly known as The Chase Manhattan Bank.
|
|
Exhibit No. 4.1 to our Form 10-K for the fiscal year ended January 1, 1999 (File No. 001-13881).
|
|
|
|
||
4.3
|
|
Form of 6.200% Series H Note due 2016.
|
|
Exhibit No. 4.2 to our Form 8-K filed June 14, 2006 (File No. 001-13881).
|
|
|
|
||
4.4
|
|
Form of 6.375% Series I Note due 2017.
|
|
Exhibit No. 4.2 to our Form 8-K filed June 25, 2007 (File No. 001-13881).
|
|
|
|
||
4.5
|
|
Form of 3.000% Series K Note No. R-1 due 2019.
|
|
Exhibit No. 4.1 to our Form 8-K filed February 27, 2012 (File No. 001-13881).
|
|
|
|
|
|
4.6
|
|
Form of 3.000% Series K Note No. R-2 due 2019.
|
|
Exhibit No. 4 to our Form 8-K filed March 14, 2012 (File No. 001-13881).
|
|
|
|
|
|
4.7
|
|
Form of 3.250% Series L Note due 2022.
|
|
Exhibit No. 4.1 to our Form 8-K filed September 10, 2012 (File No. 001-13881).
|
|
|
|
|
|
4.8
|
|
Form of 3.375% Series M Note due 2020.
|
|
Exhibit No. 4.1 to our Form 8-K filed September 27, 2013 (File No. 001-13881).
|
|
|
|
|
|
4.9
|
|
Form of 3.125% Series N Note due 2021.
|
|
Exhibit No. 4.1 to our Form 8-K filed October 9, 2014 (File No. 001-13881).
|
|
|
|
|
|
Exhibit No.
|
|
Description
|
|
Incorporation by Reference
(where a report is indicated below, that
document has been previously filed with the SEC
and the applicable exhibit is incorporated by
reference thereto)
|
4.10
|
|
Form of 2.875% Series O Note due 2021.
|
|
Exhibit No. 4.1 to our Form 8-K filed September 14, 2015 (File No. 001-13881).
|
|
|
|
|
|
4.11
|
|
Form of 3.750% Series P Note due 2025.
|
|
Exhibit No. 4.2 to our Form 8-K filed September 14, 2015 (File No. 001-13881).
|
|
|
|
|
|
10.1
|
|
U.S. $2,000,000,000 Third Amended and Restated Credit Agreement dated as of July 18, 2013 with Bank of America, N.A. as administrative agent and certain banks.
|
|
Exhibit No. 10 to our Form 8-K filed July 19, 2013 (File No. 001-13881).
|
|
|
|
||
*10.2
|
|
Marriott International, Inc. Stock and Cash Incentive Plan, as Amended Through February 13, 2014.
|
|
Exhibit A to our Definitive Proxy Statement filed April 4, 2014 (File No. 001-13881).
|
|
|
|
|
|
*10.2.1
|
|
Amendment dated August 7, 2014 to the Marriott International, Inc. Stock and Cash Incentive Plan.
|
|
Exhibit No. 10 to our Form 10-Q filed October 29, 2014 (File No. 001-13881).
|
|
|
|
||
*10.3
|
|
Marriott International, Inc. Executive Deferred Compensation Plan, Amended and Restated as of January 1, 2009.
|
|
Exhibit No. 99 to our Form 8-K filed August 6, 2009 (File No. 001-13881).
|
|
|
|
||
*10.4
|
|
Form of Employee Non-Qualified Stock Option Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan.
|
|
Exhibit No. 10.4 to our Form 10-K filed February 15, 2008 (File No. 001-13881).
|
|
|
|
||
*10.5
|
|
Form of Employee Non-Qualified Stock Option Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (Off-Cycle Grants).
|
|
Exhibit No. 10.5 to our Form 10-K filed February 12, 2009 (File No. 001-13881).
|
|
|
|
||
*10.6
|
|
Form of Employee Non-Qualified Stock Option Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (Annual Grants).
|
|
Exhibit No. 10.6 to our Form 10-K filed February 12, 2009 (File No. 001-13881).
|
|
|
|
|
|
*10.7
|
|
Form of Executive Restricted Stock Unit Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan.
|
|
Exhibit No. 10.5 to our Form 10-K filed February 15, 2008 (File No. 001-13881).
|
|
|
|
||
*10.8
|
|
Form of Executive Restricted Stock Unit Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan, as Amended as of May 1, 2009.
|
|
Exhibit No. 10.2 to our Form 10-Q filed July 17, 2009 (File No. 001-13881).
|
|
|
|
||
*10.9
|
|
Form of MI Shares Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan.
|
|
Exhibit No. 10.6 to our Form 10-K filed February 15, 2008 (File No. 001-13881).
|
|
|
|
||
*10.10
|
|
Form of MI Shares Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (Off-Cycle Grants).
|
|
Exhibit No. 10.9 to our Form 10-K filed February 12, 2009 (File No. 001-13881).
|
|
|
|
||
*10.11
|
|
Form of MI Shares Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (Annual Grants).
|
|
Exhibit No. 10.10 to our Form 10-K filed February 12, 2009 (File No. 001-13881).
|
|
|
|
||
*10.12
|
|
Form of MI Shares Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (Annual Grants), as Amended as of May 1, 2009.
|
|
Exhibit No. 10.3 to our Form 10-Q filed July 17, 2009 (File No. 001-13881).
|
|
|
|
|
|
*10.12.1
|
|
Form of MI Shares Agreement (EBITDA version) under the Marriott International, Inc. Stock and Cash Incentive Plan, as amended and restated as of May 1, 2009 and amended as of May 7, 2010.
|
|
Exhibit No. 10.1 to our Form 8-K filed February 13, 2012 (File No. 001-13881).
|
|
|
|
||
*10.13
|
|
Form of Stock Appreciation Right Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan.
|
|
Exhibit No. 10.7 to our Form 10-K filed February 15, 2008 (File No. 001-13881).
|
|
|
|
Exhibit No.
|
|
Description
|
|
Incorporation by Reference
(where a report is indicated below, that
document has been previously filed with the SEC
and the applicable exhibit is incorporated by
reference thereto)
|
*10.14
|
|
Form of Stock Appreciation Right Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (Off-Cycle Grants).
|
|
Exhibit No. 10.12 to our Form 10-K filed February 12, 2009 (File No. 001-13881).
|
|
|
|
||
*10.15
|
|
Form of Stock Appreciation Right Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (Annual Grants).
|
|
Exhibit No. 10.13 to our Form 10-K filed February 12, 2009 (File No. 001-13881).
|
|
|
|
||
*10.16
|
|
Form of Stock Appreciation Right Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (For Non-Employee Directors).
|
|
Exhibit No. 10.8 to our Form 10-K filed February 15, 2008 (File No. 001-13881).
|
|
|
|
|
|
*10.17
|
|
Form of Performance Share Award Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan.
|
|
Filed with this report.
|
|
|
|
|
|
*10.18
|
|
Summary of Marriott International, Inc. Director Compensation.
|
|
Filed with this report.
|
|
|
|
||
*10.19
|
|
Marriott International, Inc. Executive Officer Incentive Plan and Executive Officer Individual Performance Plan.
|
|
Exhibit No. 10.10 to our Form 10-K filed February 15, 2008 (File No. 001-13881).
|
|
|
|
|
|
10.20
|
|
License, Services and Development Agreement entered into on November 17, 2011, among Marriott International, Inc., Marriott Worldwide Corporation, Marriott Vacations Worldwide Corporation and the other signatories thereto.
|
|
Exhibit No. 10.1 to our Form 8-K filed November 21, 2011 (File No. 001-13881).
|
|
|
|
|
|
10.21
|
|
License, Services and Development Agreement entered into on November 17, 2011, among The Ritz-Carlton Hotel Company, L.L.C., Marriott Vacations Worldwide Corporation and the other signatories thereto.
|
|
Exhibit No. 10.2 to our Form 8-K filed November 21, 2011 (File No. 001-13881).
|
|
|
|
|
|
10.22
|
|
Marriott Rewards Affiliation Agreement entered into on November 17, 2011, among Marriott International, Inc., Marriott Rewards, L.L.C., Marriott Vacations Worldwide Corporation and certain of its subsidiaries, Marriott Ownership Resorts, Inc. and the other signatories thereto.
|
|
Exhibit No. 10.5 to our Form 8-K filed November 21, 2011 (File No. 001-13881).
|
|
|
|
|
|
10.23
|
|
Non-Competition Agreement entered into on November 17, 2011, with Marriott Vacations Worldwide Corporation.
|
|
Exhibit No. 10.6 to our Form 8-K filed November 21, 2011 (File No. 001-13881).
|
|
|
|
||
12
|
|
Statement of Computation of Ratio of Earnings to Fixed Charges.
|
|
Filed with this report.
|
|
|
|
||
21
|
|
Subsidiaries of Marriott International, Inc.
|
|
Filed with this report.
|
|
|
|
||
23
|
|
Consent of Ernst & Young LLP.
|
|
Filed with this report.
|
|
|
|
||
31.1
|
|
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a).
|
|
Filed with this report.
|
|
|
|
||
31.2
|
|
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a).
|
|
Filed with this report.
|
|
|
|
||
32
|
|
Section 1350 Certifications.
|
|
Furnished with this report.
|
|
|
|
||
101.INS
|
|
XBRL Instance Document.
|
|
Submitted electronically with this report.
|
|
|
|
||
101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
|
Submitted electronically with this report.
|
|
|
|
||
101.CAL
|
|
XBRL Taxonomy Calculation Linkbase Document.
|
|
Submitted electronically with this report.
|
|
|
|
Exhibit No.
|
|
Description
|
|
Incorporation by Reference
(where a report is indicated below, that
document has been previously filed with the SEC
and the applicable exhibit is incorporated by
reference thereto)
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase.
|
|
Submitted electronically with this report.
|
|
|
|
||
101.LAB
|
|
XBRL Taxonomy Label Linkbase Document.
|
|
Submitted electronically with this report.
|
|
|
|
||
101.PRE
|
|
XBRL Taxonomy Presentation Linkbase Document.
|
|
Submitted electronically with this report.
|
*
|
Denotes management contract or compensatory plan.
|
By:
|
|
/s/ Arne M. Sorenson
|
|
|
Arne M. Sorenson
|
|
|
President and Chief Executive Officer
|
PRINCIPAL EXECUTIVE OFFICER:
|
|
|
|
|
|
/s/ Arne M. Sorenson
|
|
President, Chief Executive Officer and Director
|
Arne M. Sorenson
|
|
|
|
|
|
PRINCIPAL FINANCIAL OFFICER:
|
|
|
|
|
|
/s/ Kathleen K. Oberg
|
|
Executive Vice President, Chief Financial Officer
|
Kathleen K. Oberg
|
|
|
|
|
|
PRINCIPAL ACCOUNTING OFFICER:
|
|
|
|
|
|
/s/ Bao Giang Val Bauduin
|
|
Controller and Chief Accounting Officer
|
Bao Giang Val Bauduin
|
|
|
|
|
|
DIRECTORS:
|
|
|
|
|
|
/s/ J.W. Marriott, Jr.
|
|
/s/ Debra L. Lee
|
J.W. Marriott, Jr., Chairman of the Board
|
|
Debra L. Lee, Director
|
|
|
|
/s/ Mary K. Bush
|
|
/s/ George Muñoz
|
Mary K. Bush, Director
|
|
George Muñoz, Director
|
|
|
|
/s/ Deborah Marriott Harrison
|
|
/s/ Steven S Reinemund
|
Deborah Marriott Harrison, Director
|
|
Steven S Reinemund, Director
|
|
|
|
/s/ Frederick A. Henderson
|
|
/s/ W. Mitt Romney
|
Frederick A. Henderson, Director
|
|
W. Mitt Romney, Director
|
|
|
|
/s/ Lawrence W. Kellner
|
|
/s/ Susan C. Schwab
|
Lawrence W. Kellner, Director
|
|
Susan C. Schwab, Director
|
|
|
|
(a)
|
Employee must continue to be an active employee of the Company (“Continuous Employment”);
|
(b)
|
Employee must refrain from Engaging in Competition (as defined in Section 2.25 of the Plan) without first having obtained the written consent thereto from the Company (“Non-competition”); and
|
(c)
|
Employee must refrain from committing any criminal offense or malicious tort relating to or against the Company or, as determined by the Committee in its discretion, engaging in willful acts or omissions or acts or omissions of gross negligence that are or potentially are injurious to the Company’s operations, financial condition or business reputation. (“No Improper Conduct”). The Company’s determination as to whether or not particular conduct constitutes Improper Conduct shall be conclusive.
|
(a)
|
In the event Employee’s Continuous Employment is terminated prior to the relevant Distribution Date on account of death, and if Employee had otherwise met the requirements of Continuous Employment, Non-competition and No Improper Conduct from the Grant Date through the date of such death, then Employee shall upon death be deemed to have fully satisfied all of the Conditions of Transfer in paragraph 5 and to have met the target level of performance with respect to the goal set forth in Appendix A, and Employee’s rights hereunder with respect to any such Performance Share Units shall inure to the benefit of Employee’s executors, administrators, personal representatives and assigns.
|
(b)
|
In the event Employee’s Continuous Employment is terminated prior to the Distribution Date on account of Employee’s Retirement (as defined below), and if Employee had otherwise met the requirements of Continuous Employment, Non-competition and No Improper Conduct from the Grant Date through the date of such Retirement, and provided that Employee continues to meet the requirements of Non-competition and No Improper Conduct, then Employee’s rights hereunder with respect to any outstanding Performance Share Units shall continue in the same manner as if Employee continued to meet the Continuous Employment requirement through the Distribution Date related to the Award, except not for that portion of Performance Share Units granted less than one year prior to Employee’s termination equal to such number of shares multiplied by the ratio of (a) the number of days after the termination date and before the first anniversary of the Grant Date, over (b) the number of days in the twelve (12) month period following the Grant Date. For purposes of this Agreement, “Retirement” shall mean termination of employment on account of Disability (as defined in Section 2.19 of the Plan) or by retiring with the specific approval of the Committee on or after such date on which Employee has attained age 55 and completed ten (10) Years of Service.
|
(a)
|
from this Agreement, investor questionnaires or other forms that Employee submits to the Company or contracts that Employee enters into with the Company;
|
(b)
|
from Employee’s transactions with the Company, the Company’s affiliates and service providers;
|
(c)
|
from Employee’s employment records with the Company; and
|
(d)
|
from meetings, telephone conversations and other communications with Employee.
|
(a)
|
financial service providers, such as broker-dealers, custodians, banks and others used to finance or facilitate transactions by, or operations of, the Plan;
|
(b)
|
other service providers to the Plan, such as accounting, legal, or tax preparation services;
|
(c)
|
regulatory authorities; and
|
(d)
|
transfer agents, portfolio companies, brokerage firms and the like, in connection with distributions to Plan participants.
|
/s/ David A. Rodriguez
|
|
|
|
<<PARTICIPANT NAME>>
|
|
|
|
|
Executive Vice President, Global Human Resources
|
|
Signed Electronically
|
|
|
|
|
|
Performance Measure
|
Accomplishment
vs. Target
|
% of Target Units Earned*
|
|
|
|
i.
|
a person residing in India for more than one hundred and eighty-two days during the course of the
|
1.
|
for or on taking up employment outside India, or
|
2.
|
for carrying on a business or vocation outside India, or
|
3.
|
for any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period; or
|
1.
|
for or on taking up employment in India, or
|
2.
|
for carrying on in India a business or vocation in India, or
|
3.
|
for any other purpose, in such circumstances as would indicate his intention to stay in India for an uncertain period.
|
Board Retainer Fee (annual)
|
$85,000
|
Share Award (annual)
|
$140,000
|
Audit Committee Chair Fee (annual)
|
$20,000
|
Other (non-Audit) Committee Chair Fee (annual)
|
$10,000
|
Audit Committee Member Retainer (annual)
|
$10,000
|
|
|
Fiscal Year
|
||||||||||||||||||
($ in millions, except ratio)
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
Income from continuing operations before income taxes
|
|
$
|
1,255
|
|
|
$
|
1,088
|
|
|
$
|
897
|
|
|
$
|
849
|
|
|
$
|
356
|
|
(Income) loss related to equity method investees
|
|
(16
|
)
|
|
(6
|
)
|
|
5
|
|
|
13
|
|
|
13
|
|
|||||
|
|
1,239
|
|
|
1,082
|
|
|
902
|
|
|
862
|
|
|
369
|
|
|||||
Add/(deduct):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed charges
|
|
228
|
|
|
202
|
|
|
212
|
|
|
236
|
|
|
274
|
|
|||||
Interest capitalized
|
|
(9
|
)
|
|
(33
|
)
|
|
(32
|
)
|
|
(28
|
)
|
|
(19
|
)
|
|||||
Distributed income of equity method investees
|
|
5
|
|
|
6
|
|
|
8
|
|
|
7
|
|
|
5
|
|
|||||
Earnings attributable to Marriott available for fixed charges
|
|
$
|
1,463
|
|
|
$
|
1,257
|
|
|
$
|
1,090
|
|
|
$
|
1,077
|
|
|
$
|
629
|
|
Fixed charges:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expensed and capitalized
(1)
|
|
$
|
176
|
|
|
$
|
148
|
|
|
$
|
152
|
|
|
$
|
165
|
|
|
$
|
183
|
|
Estimate of interest within rent expense
|
|
52
|
|
|
54
|
|
|
60
|
|
|
71
|
|
|
91
|
|
|||||
Total fixed charges
|
|
$
|
228
|
|
|
$
|
202
|
|
|
$
|
212
|
|
|
$
|
236
|
|
|
$
|
274
|
|
Ratio of earnings attributable to fixed charges
|
|
6.4
|
|
|
6.2
|
|
|
5.1
|
|
|
4.6
|
|
|
2.3
|
|
(1)
|
“Interest expensed and capitalized” includes amortized premiums, discounts, and capitalized expenses related to indebtedness.
|
Entity Name
|
Country
|
Aberdeen Hotel Limited
|
Jersey, Channel Isla
|
ACHM Gerenciamento Internacional de Hoteis do Brasil Ltda.
|
Brazil
|
ACHM Global Hospitality Licensing S.àr.l.
|
Luxembourg
|
ACHM International Management Company (French Branch)
|
France
|
ACHM International Management Company S.a.r.l. (Panama Branch)
|
Panama
|
ACHM International Management Company S.àr.l.
|
Luxembourg
|
ACHM Spain Management S.L.
|
Spain
|
Adamar International Lodging, Ltd.
|
Bermuda
|
Adquisiciones Cancun-Vallarta S. de R.L. de C.V. - (Joint Venture)
|
Mexico
|
Amazonas H.O.T. S.A. (Joint Venture)
|
Ecuador
|
AP Arabella (Pty) Ltd
|
South Africa
|
AP Mount Grace (Pty) Limited
|
South Africa
|
BCN Hotel Management Company, S.L.
|
Spain
|
Berlin Marriott Hotelmanagement GmbH
|
Germany
|
Branch of the private limited liability company "Luxury Hotels International Management Company B.V."
|
Russia
|
Bulgari Hotels and Resorts Milano, S.r.l.
|
Italy
|
Business Tourism Company LLC - (Joint Venture)
|
Jordan
|
Cheshunt Hotel Operating Company Limited
|
United Kingdom
|
Cologne MH Operating Company GmbH
|
Germany
|
Crest Management Services, Limited
|
Bermuda
|
Delta Hotels Services Limited
|
Canada
|
Dominican Hotels (B.V.I.) Ltd.
|
Virgin Islands - BR
|
Elcrisa, S.A. de C.V. - (Joint Venture)
|
Mexico
|
ENA Hotel Holding Company Pvt Ltd
|
Maldives
|
Frankfurt Marriott Hotelmanagement GmbH
|
Germany
|
Frankfurt RH Operating Company GmbH
|
Germany
|
GH Hotel Operating Company Limited
|
United Kingdom
|
Global Hospitality Licensing S.à r.l.
|
Luxembourg
|
Graz Marriott Hotelmanagement GmbH
|
Austria
|
Guangzhou Gingerroot Information Technology Co.. Ltd
|
China
|
Hamburg Marriott Hotelmanagement GmbH
|
Germany
|
Heidelberg Marriott Hotelmanagement GmbH
|
Germany
|
Hoteles de Chile S.A. (Joint Venture)
|
Chile
|
International Hotel Licensing Company S.à r.l. Luxembourg, Zurich Branch
|
Switzerland
|
Leipzig Marriott Hotelmanagement GmbH
|
Germany
|
Limited Liability Company "CYBM Voznesenkiy Hotel Leasing"
|
Russia
|
Limited Liability Company "Renaissance St. Petersburg Hotel Leasing"
|
Russia
|
Limited Liability Company "St. Petersburg CY Hotel Leasing"
|
Russia
|
Lux International Hotels N.V.
|
Curacao
|
Luxury China Hotels Limited
|
Hong Kong
|
Luxury China Hotels Limited (China Registration)
|
China
|
Luxury Holding of Luxembourg S.àr.l.
|
Luxembourg
|
Luxury Hotel Leasing South Africa (Pty) Ltd (f/k/a PH Hunters Rest (Pty) Ltd)
|
South Africa
|
Luxury Hotel Management of Bolivia
|
Bolivia
|
Luxury Hotel Management of Czech Republic s.r.o.
|
Czech Republic
|
Luxury Hotel Management of Romania S.R.L.
|
Romania
|
Luxury Hotels & Resorts (Thailand) Limited
|
Thailand
|
Luxury Hotels (Barbados) Limited
|
Barbados
|
Luxury Hotels (China) International Management of Hong Kong Limited
|
Hong Kong
|
Luxury Hotels Cape Town (Pty) Ltd
|
South Africa
|
Luxury Hotels Design & Construction Hong Kong Limited
|
Hong Kong
|
Luxury Hotels International (Gabon) SARL
|
Gabon
|
Luxury Hotels International Company of Jamaica Limited
|
Jamaica
|
Luxury Hotels International Lodging Ltd.
|
Bermuda
|
Luxury Hotels International Lodging Ltd. (Cayman Islands Branch)
|
Cayman Islands
|
Luxury Hotels International Managemenmt Company B.V. (Ulyanovsk, Russia Branch)
|
Russia
|
Luxury Hotels International Management (Oman) LLC
|
Oman
|
Luxury Hotels International Management Austria GmbH
|
Austria
|
Luxury Hotels International Management Belgium SPRL
|
Belgium
|
Luxury Hotels International Management Company B.V.
|
Netherlands
|
Luxury Hotels International Management Company B.V. (Azerbaijan Branch)
|
Azerbaijan
|
Luxury Hotels International Management Company B.V. (Egypt Branch), formerly known as Marriott Hotels International (Egypt) B.V.
|
Egypt
|
Luxury Hotels International Management Company B.V. (El Salvador Branch)
|
El Salvador
|
Luxury Hotels International Management Company B.V. (Libya Branch)
|
Libya
|
Luxury Hotels International Management Company B.V. (Malaysia Branch)
|
Malaysia
|
Luxury Hotels International Management Company B.V. (Novosibirsk, Russian branch)
|
Russia
|
Luxury Hotels International Management Company B.V. (Portuguese Branch)
|
Portugal
|
Luxury Hotels International Management Italy Srl.
|
Italy
|
Luxury Hotels International Management Mexico, S.A. de C.V.
|
Mexico
|
Luxury Hotels International Management of Aruba N.V., formerly known as Marriott Aruba N.V.
|
Aruba
|
Luxury Hotels International Management of Saudi Arabia Limited
|
Saudi Arabia
|
Luxury Hotels International Management St. Kitts Limited
|
Saint Kitts and Nevi
|
Luxury Hotels International Management Switzerland GmbH
|
Switzerland
|
Luxury Hotels International of Canada, ULC
|
Canada
|
Luxury Hotels International of France SAS
|
France
|
Luxury Hotels International of Hong Kong Limited
|
Hong Kong
|
Luxury Hotels International of Hong Kong Limited (China Registration)
|
China
|
Luxury Hotels International of Japan, Inc.
|
Japan
|
Luxury Hotels International of Puerto Rico, Inc.
|
Puerto Rico
|
Luxury Hotels International of Spain S.L.U.
|
Spain
|
Luxury Hotels International OR Tambo (Pty) Ltd
|
South Africa
|
Luxury Hotels International Sales of Israel Ltd.
|
Israel
|
Luxury Hotels International Saudi Arabia Limited
|
Saudi Arabia
|
Luxury Hotels International South Africa (Pty) Ltd
|
South Africa
|
Luxury Hotels Irish Holding Company Limited, formerly known as MVCI Irish Holding Company Limited
|
Ireland
|
Luxury Hotels Management (BVI) Limited
|
Virgin Islands - BR
|
Luxury Hotels Management (BVI) Limited (Guyana Branch)
|
Guyana
|
Luxury Hotels Management (BVI) Limited (Haiti Branch)
|
Haiti
|
Luxury Hotels Management (BVI) Limited Ogranak Beograd
|
Serbia, Republic of
|
Luxury Hotels Management (Ghana) Limited
|
Ghana
|
Luxury Hotels of Costa Rica Management, S.R.L.
|
Costa Rica
|
Luxury Hotels of Turks & Caicos Ltd
|
Turks and Caicos Isl
|
Luxury Hotels Poland sp. z o.o.
|
Poland
|
Luxury Hotels Uluslararasi Otel Isletmeciligi Limited Sirketi
|
Turkey
|
Luxury International Holdings of Canada, ULC
|
Canada
|
Luxury International Management Nigeria Limited
|
Nigeria
|
LUXURY MANAGEMENT COMPANY MACEDONIA DOOEL Skopje
|
Macedonia
|
Luxury Reservations Limited
|
Ireland
|
Luxury Singapore Holding Company Pte. Ltd
|
Singapore
|
Luxury Swiss Management Company GmbH
|
Switzerland
|
Luxury Swiss Management Company GmbH (Morocco Branch)
|
Morocco
|
Luxury Swiss Management Company GmbH, Ethiopia International Contracting Office
|
Ethiopia
|
Luxury Switzerland Holding Company GmbH
|
Switzerland
|
LuxuryHotels International of Ecuador Cia. Ltda.
|
Ecuador
|
Malta Regional Hospitality Licensing Limited
|
Malta
|
Mar Hoteis de Sao Paulo Ltda.
|
Brazil
|
Marriott (Schweiz) GmbH
|
Switzerland
|
Marriott Argentina Licensing Company S.A.
|
Argentina
|
Marriott Cayman Islands Licensing Company I, Ltd.
|
Cayman Islands
|
Marriott Cayman Islands Licensing Company II, Ltd.
|
Cayman Islands
|
Marriott Cayman Islands Licensing Company III, Ltd.
|
Cayman Islands
|
Marriott Cayman Islands Licensing Company IV, Ltd.
|
Cayman Islands
|
Marriott Cayman Islands Licensing Company VI, Ltd.
|
Cayman Islands
|
Marriott Cayman Islands Licensing Company VIII, Ltd.
|
Cayman Islands
|
Marriott Cayman Islands Licensing Company X, Ltd.
|
Cayman Islands
|
Marriott Chile Licensing Company Limitada
|
Chile
|
Marriott Chile S.A.
|
Chile
|
Marriott Curacao N.V.
|
Curacao
|
Marriott De Honduras, Sociedad de Responsabilidad Limitada
|
Honduras
|
Marriott Ecuador Licensing Company MLC S.A.
|
Ecuador
|
Marriott European Holdings Limited - (Joint Venture)
|
Jersey, Channel Isla
|
Marriott European Hotel Operating Company Limited - (Joint Venture)
|
United Kingdom
|
Marriott France Group Companies SAS
|
France
|
Marriott Hotel Holding GmbH
|
Germany
|
Marriott Hotel Management Company (Virgin Islands), Inc.
|
Virgin Islands - US
|
Marriott Hotel Services Berlin GmbH
|
Germany
|
Marriott Hotel-Betriebsgesellschaft, m.b.H
|
Austria
|
Marriott Hotelmanagement Cologne GmbH
|
Germany
|
Marriott Hotelmanagement GmbH
|
Germany
|
Marriott Hotels and Catering (Holdings) Limited
|
United Kingdom
|
Marriott Hotels Denmark A/S
|
Denmark
|
Marriott Hotels Hellas, S.A.
|
Greece
|
Marriott Hotels India Private Limited
|
India
|
Marriott Hotels International B.V.
|
Netherlands
|
Marriott Hotels International B.V. (Armenia Branch)
|
Armenia
|
Marriott Hotels International B.V. (Caracas, Venezuela Branch)
|
Venezuela
|
Marriott Hotels International B.V. (China Registration)
|
China
|
Marriott Hotels International B.V. (Dominican Republic Branch)
|
Dominican Republic
|
Marriott Hotels International B.V. (Egypt Branch)
|
Egypt
|
Marriott Hotels International B.V. (Jordan Branch)
|
Jordan
|
Marriott Hotels International B.V. (Portugal Branch)
|
Portugal
|
Marriott Hotels International B.V. (Seoul MEA Branch)
|
South Korea
|
Marriott Hotels International B.V. (Seoul, South Korea Branch)
|
South Korea
|
Marriott Hotels International Limited
|
United Kingdom
|
Marriott Hotels International Limited (Belgium Branch)
|
Belgium
|
Marriott Hotels International Limited (French Branch - Liasion Office)
|
France
|
Marriott Hotels International Limited (Representative Office)
|
Spain
|
Marriott Hotels Limited
|
United Kingdom
|
Marriott Hotels Management France SAS
|
France
|
Marriott Hotels of Amsterdam, B.V.
|
Netherlands
|
Marriott Hotels, S.A. de C.V.
|
Mexico
|
Marriott Hurghada Management, Inc. (Egypt Branch)
|
Egypt
|
Marriott International Design & Construction Services, Inc. (India Registration)
|
India
|
Marriott International Design & Construction Services, Inc. (UK Establishment)
|
United Kingdom
|
Marriott International Finance Company B.V.
|
Netherlands
|
Marriott International Holding Company S.àr.l.
|
Luxembourg
|
Marriott International Hotels, Inc. (Argentina Branch)
|
Argentina
|
Marriott International Hotels, Inc. (Ecuador Branch)
|
Ecuador
|
Marriott International Hotels, Inc. (India Registration)
|
India
|
Marriott International Hotels, Inc. (Lebanon Branch)
|
Lebanon
|
Marriott International Hotels, Inc. (Malaysia Branch)
|
Malaysia
|
Marriott International Hotels, Inc. (Philippine Branch)
|
Philippines
|
Marriott International Hotels, Inc. Maryland USA Sucursala Bucuresti Romania (Romanian Branch)
|
Romania
|
Marriott International Licensing Company B.V.
|
Netherlands
|
Marriott International Lodging N.V.
|
Curacao
|
Marriott International Management Company B.V.
|
Netherlands
|
Marriott International Management Company B.V. (Australian Branch)
|
Australia
|
Marriott International Management Company B.V. (Seoul Branch)
|
South Korea
|
Marriott International Management Company B.V., Dongdaemoon Branch
|
South Korea
|
Marriott International Management Company B.V., Seongnam Branch
|
South Korea
|
Marriott International Management Company BV (China Registration)
|
China
|
Marriott International Services, Ltd.
|
Bermuda
|
Marriott International Services, Ltd. (Panama Branch)
|
Panama
|
Marriott International, Inc. (India Registration)
|
India
|
Marriott Inversiones y Servicios Limitada
|
Chile
|
Marriott Jamaica Licensing Company Limited
|
Jamaica
|
Marriott Novy Arbat Hotel Leasing
|
Russia
|
Marriott Peru Licensing Company SAC
|
Peru
|
Marriott Peru S.A.C.
|
Peru
|
Marriott Properties (International) Limited
|
Hong Kong
|
Marriott RHG Acquisition S.àr.l.
|
Luxembourg
|
Marriott RHG Acquisition SARL
|
Netherlands
|
Marriott Sharm El Sheikh Management (Egypt Branch)
|
Egypt
|
Marriott Switzerland Licensing Company II S.ar.l
|
Switzerland
|
Marriott Switzerland Licensing Company S.ar.l
|
Switzerland
|
Marriott Switzerland Licensing Company S.ar.l (St. Kitts & Nevis branch)
|
Saint Kitts and Nevi
|
Marriott Trinidad & Tobago Limited
|
Trinidad and Tobago
|
Marriott UK Group Company Limited
|
United Kingdom
|
Marriott UK Management Company Limited
|
United Kingdom
|
Marriott V&A Hotel Operating Company Limited
|
United Kingdom
|
Marriott Worldwide Corporation (India Registration)
|
India
|
Marriott Worldwide Corporation (Jordan Branch)
|
Jordan
|
Munich CY Schwanthaler Operating Company GmbH
|
Germany
|
OOO CY Nizhny Novgorod Hotel Leasing
|
Russia
|
Operadora Marriott, S.A. de C.V.
|
Mexico
|
P.T. Luxury Hotels International Indonesia
|
Indonesia
|
P.T. Marriott International Indonesia
|
Indonesia
|
P.T. Ritz-Carlton Indonesia
|
Indonesia
|
Paris St. Denis Pleyel Real Estate Company SAS
|
France
|
Permanent Establishment of Luxury Hotels International Management Company B.V.
|
Ukraine
|
PH Edward (Pty) Ltd
|
South Africa
|
PH F and I Cape Town (Pty) Ltd
|
South Africa
|
PH Marine (Pty) Ltd
|
South Africa
|
PH Richards Bay (Pty) Ltd
|
South Africa
|
PH Roodepoort (Pty) Ltd
|
South Africa
|
PH Victoria Junction (Pty) Ltd
|
South Africa
|
Plan One (Pty) Ltd
|
South Africa
|
Polserv, S.A. de C.V. - (Joint Venture)
|
Mexico
|
Porto Bello Cove Hotel Corporation (Joint Venture)
|
Philippines
|
Procurement International (Pty) Limited
|
South Africa
|
Protea Hotels (International) Limited
|
United Kingdom
|
Protea Hotels and Inns (Pty) Limited
|
South Africa
|
Protea Hotels Empowerment Consortium (Pty) Ltd
|
South Africa
|
Protea Hotels Empowerment Initiative (Pty) Ltd
|
South Africa
|
Ramasia International Limited
|
Virgin Islands - BR
|
Ramcap SAS
|
France
|
RC Hotel and Resort JV Holdings (BVI) Company Limited
|
Virgin Islands - BR
|
RC Hotel Holding Company Limited
|
Virgin Islands - BR
|
RC Hotel Holding Company Limited (Cayman Islands Branch)
|
Cayman Islands
|
RC Rose Holding Company Limited
|
Virgin Islands - BR
|
RC Rose Island Hotel Company Limited
|
Bahamas
|
Renaissance do Brasil Hoteleria Ltda.
|
Brazil
|
Renaissance do Brasil Hoteleria Ltda. (Haddock Office Jardins, Alameda Santos, 2326 CEP 01418-200, Sao Paulo) - Brazil Branch
|
Brazil
|
Renaissance do Brasil Hoteleria Ltda. (Recife Branch)
|
Brazil
|
Renaissance do Brasil Hoteleria Ltda. (Sao Paulo Branch)
|
Brazil
|
Renaissance Dusseldorf Hotelmanagement GmbH
|
Germany
|
Renaissance Hamburg Hotelmanagement GmbH
|
Germany
|
Renaissance Hotels International B.V.
|
Netherlands
|
Renaissance Hotels International B.V. (Kazakhstan Branch)
|
Kazakhstan
|
Renaissance Hotels International BV (China Registration)
|
China
|
Renaissance Hotels International Corporation Limited
|
Virgin Islands - BR
|
Renaissance Hotels International Corporation Limited (Malaysia Branch)
|
Malaysia
|
Renaissance Hotels International Corporation Limited (Philippine Branch)
|
Philippines
|
Renaissance Hotels International Management Belgium SPRL
|
Belgium
|
Renaissance Hotels Marketing Services Limited
|
Virgin Islands - BR
|
Renaissance International Lodging Ltd.
|
Bermuda
|
Renaissance International Lodging N.V.
|
Curacao
|
Renaissance International Management Company B.V.
|
Netherlands
|
Renaissance International Management Company BV (China Registration)
|
China
|
Renaissance Le Parc SAS
|
France
|
Renaissance Manchester Hotel Operating Company Limited
|
United Kingdom
|
Renaissance Services B.V.
|
Netherlands
|
Renaissance Services B.V. (Bahrain Representative Office)
|
Bahrain
|
Renaissance Services B.V. (Dubai Branch)
|
United Arab Emirates
|
Renaissance Services B.V. (Malaysia Branch)
|
Malaysia
|
Renaissance Services B.V. (Representative Office in Egypt)
|
Egypt
|
Renaissance Services B.V. (South Korea Branch - Liaison Office)
|
South Korea
|
Renaissance Special Purposes B.V.
|
Netherlands
|
RHG Holding N.V.
|
Curacao
|
RHIL Limited
|
Hong Kong
|
RHIL Limited
|
China
|
Rio Hotel Brasil Empreendimentos Imobiliários Ltda.
|
Brazil
|
Roissy CYBM SAS
|
France
|
Ronevsorg Hotel Operating Company Limited
|
United Kingdom
|
SAMHI JV Business Hotels Private Limited
|
India
|
Shanghai Gingerroot Hotel Management Co., Ltd
|
China
|
Shanghai Gingerroot Hotel Management Co., Ltd., Beijing Branch
|
China
|
Shanghai Gingerroot Hotel Management Co., Ltd., Guangzhou Branch
|
China
|
Stuttgart Sindelfingen Hotel Management GmbH
|
Germany
|
The R.C. Management Company of Mexico, S.A. de C.V.
|
Mexico
|
The Ritz-Carlton Hotel Company
|
Germany
|
The Ritz-Carlton Hotel Company B.V.
|
Netherlands
|
The Ritz-Carlton Hotel Company B.V. (Russian Branch)
|
Russia
|
The Ritz-Carlton Hotel Company B.V. (Seoul, South Korea Branch)
|
South Korea
|
The Ritz-Carlton Hotel Company Ltd. - (Anguilla Branch)
|
Anguilla
|
The Ritz-Carlton Hotel Company N.V.
|
Curacao
|
The Ritz-Carlton Hotel Company of Canada Limited
|
Canada
|
The Ritz-Carlton Hotel Company of Chile S.A.
|
Chile
|
The Ritz-Carlton Hotel Company of Egypt S.A.E.
|
Egypt
|
The Ritz-Carlton Hotel Company of Mexico, S.A. de C.V.
|
Mexico
|
The Ritz-Carlton Hotel Company of Singapore PTE LTD.
|
Singapore
|
The Ritz-Carlton Hotel Company of St. Lucia Limited
|
Saint Lucia
|
The Ritz-Carlton Hotel Company of the Cayman Islands, Ltd.
|
Cayman Islands
|
The Ritz-Carlton Hotel Company, L.L.C. (Malaysian Branch)
|
Malaysia
|
The Ritz-Carlton Hotel Company, Ltd.
|
Bermuda
|
The Ritz-Carlton Hotel Company, Ltd. (Bahamas Branch)
|
Bahamas
|
The Ritz-Carlton Hotel Limited
|
United Kingdom
|
The Ritz-Carlton Hotel Management GmbH
|
Germany
|
The Ritz-Carlton International Licensing Company B.V.
|
Netherlands
|
The Ritz-Carlton International Management Company B.V.
|
Netherlands
|
The Ritz-Carlton International Management Company B.V. (China Registration)
|
China
|
The Ritz-Carlton Limited
|
Hong Kong
|
The Ritz-Carlton Property Management Company (Kyoto) Ltd.
|
Japan
|
The Ritz-Carlton Property Management Company (Tokyo), Ltd.
|
Japan
|
The Ritz-Carlton Residential Management Company of Singapore Pte, Limited
|
Singapore
|
Torriam Hotel Operating Company Limited
|
Ireland
|
Torriam International Lodging N.V.
|
Curacao
|
Toulouse Operating Company SAS
|
France
|
Transamerican Hoteles, S.A.
|
Dominican Republic
|
State: Arizona
|
|
|
Entity Name
|
|
Camelback Country Club, Inc. (d/b/a Camelback Golf Club)
|
|
Marriott Rewards, LLC
|
|
|
State: California
|
|
|
Entity Name
|
|
SJMEC, Inc.
|
|
SJMFB, LLC
|
|
|
State: Delaware
|
|
|
Entity Name
|
|
AC Management Company of USA, Inc.
|
|
Aeropuerto Shareholder, Inc.
|
|
Baltimore Marriott Inner Harbor, L.L.C.
|
|
Camelback Properties Inn, Inc.
|
|
Capitol Employment Services, LLC
|
|
CBM Annex, Inc.
|
|
Centerline Georgia Investor LLC
|
|
Charleston Marriott, LLC
|
|
Chicago Hotel Services, LLC
|
|
City Center Annex Tenant Corporation
|
|
Corporate General, Inc.
|
|
Courtyard Management Corporation
|
|
CTYD III Corporation
|
|
Desert Ridge Resort, LLC
|
|
Detroit CY, LLC.
|
|
Detroit Hotel Services, LLC
|
|
Detroit MHS, LLC
|
|
EDITION Management LLC
|
|
Essex House Condominium Corporation
|
|
Fairfield FMC, LLC
|
|
Franchise System Holdings, Inc.
|
|
Host Restaurants, Inc.
|
|
Hunt Valley Courtyard, Inc.
|
|
LAX Properties, LLC
|
|
LF, South Beach, LLC
|
|
Luxury Finance, LLC
|
|
Luxury Hotels International Design & Construction Services, Inc.
|
|
M.H.S. Realty Sales, LLC
|
|
Marriott Acquisition 2002 Subsidiary, LLC
|
|
Marriott Acquisition 2002, LLC
|
|
Marriott Crystal City Manager, LLC
|
|
Marriott Fifth Avenue, LLC
|
|
Marriott Hotel Services, Inc.
|
|
Marriott Hurghada Management, Inc.
|
|
Marriott International Administrative Services, Inc.
|
|
Marriott International Capital Corporation
|
|
Marriott International Construction Services, Inc.
|
|
Marriott International Design & Construction Services, Inc.
|
|
Marriott International JBS Corporation
|
|
Marriott International Resorts, L. P.
|
|
Marriott International, Inc.
|
|
Marriott Magenta Holding Company, Inc.
|
|
Marriott Market Street Hotel, Inc.
|
|
Marriott Mexico City Partnership G.P.
|
|
Marriott Mirage City Management, Inc.
|
|
Marriott Oak Brook Hills Services, LLC
|
|
Marriott P.R. Management Corporation
|
|
Marriott Payroll Services, LLC
|
|
Marriott Ranch Properties, Inc.
|
|
Marriott Rewards Subsidiary, Inc.
|
|
Marriott Rewards, Inc.
|
|
Marriott Senior Holding Co.
|
|
Marriott Sharm El Sheikh Management, Inc.
|
|
Marriott Two Flags Member LLC
|
|
Marriott Two Flags, LP
|
|
Marriott Worldwide Payroll, LLC
|
|
Marriott Worldwide Reservation Services, LLC
|
|
Marriott's Greenbelt Hotel Services, Inc.
|
|
Mars Merger Sub, LLC
|
|
MC Lodging Investment Opportunities, Inc.
|
|
MHS Guam, Inc.
|
|
MHSFR II, LLC
|
|
MHSFR, LLC
|
|
MHSI Hawaii, LLC
|
|
MI CBM Investor LLC
|
|
MI Finance Company
|
|
MI Georgia Credits, LLC
|
|
MI Holding, L. P.
|
|
MI Member, LLC
|
|
MI NY Clock Tower, LLC
|
|
MI Procurement Holdings, LLC
|
|
MI Tenant LLC
|
|
MI TH4 INVESTOR, LLC
|
|
MICC (California), LLC
|
|
MICC SPE I Corp.
|
|
MIF, L.L.C.
|
|
MRC I Funding Corporation
|
|
North Drury Lane Productions, LLC
|
|
RC Marriott II, Inc.
|
|
RC Marriott III, Inc.
|
|
RC Marriott, Inc.
|
|
RC Paradise Valley Development, LLC
|
|
RC-UK, Inc.
|
|
REN Boston Hotel Management LLC
|
|
REN Boston LP
|
|
REN Boston Waterfront Hotel, LLC
|
|
Renaissance Cleveland Hotel, LLC
|
|
Renaissance Cleveland IOSA, LLC
|
|
Renaissance Hollywood Payroll Company, LLC
|
|
Renaissance Hotel Holdings, Inc.
|
|
Renaissance Hotel Management Company, LLC
|
|
Renaissance Hotel Operating Company
|
|
Renaissance International, Inc.
|
|
Renaissance Oakbrook Hotel, LLC
|
|
Renaissance St. Louis Grand, LLC
|
|
Renaissance St. Louis Suites, LLC
|
|
Residence Inn by Marriott, LLC
|
|
RHG Investments, LLC
|
|
RHOC Consolidation, LLC
|
|
RI BWI Airport, L.L.C.
|
|
Ritz-Carlton (Virgin Islands), Inc.
|
|
SC Orlando, L.L.C.
|
|
Schaumberg/Oakbrook Marriott Hotels, LLC
|
|
Senior Living Limited Partnership
|
|
Seville Acquisition, LLC
|
|
SPRINGHILL SMC, LLC
|
|
Square 369 Hotel Associates, LLC
|
|
The Ritz-Carlton Hotel Company of Puerto Rico, Inc.
|
|
The Ritz-Carlton Hotel Company, L.L.C.
|
|
The Ritz-Carlton International Construction Services, Inc.
|
|
The Ritz-Carlton International Licensing Company, LLC
|
|
The Ritz-Carlton Residences Management Company LLC
|
|
TownePlace Management, LLC
|
|
WEC 99C-1 LLC
|
|
WEC 99C-10 LLC
|
|
WEC 99C-11 LLC
|
|
WEC 99C-12 LLC
|
|
WEC 99C-13 LLC
|
|
WEC 99C-14 LLC
|
|
WEC 99C-2 LLC
|
|
WEC 99C-3 LLC
|
|
WEC 99C-4 LLC
|
|
WEC 99C-5 LLC
|
|
WEC 99C-6 LLC
|
|
WEC 99C-7 LLC
|
|
WEC 99C-8 LLC
|
|
WEC 99C-9 LLC
|
|
|
State: Georgia
|
|
|
Entity Name
|
|
The Dining Room Corporation
|
|
|
State: Hawaii
|
|
|
Entity Name
|
|
F. L. Insurance Corporation
|
|
KB Hotel Operator Inc.
|
|
Marquis Insurance Corporation
|
|
|
State: Kansas
|
|
|
Entity Name
|
|
Kansas Hospitality Services, Inc.
|
|
|
State: Maryland
|
|
|
Entity Name
|
|
Columbia Courtyard, Inc.
|
|
Marriott International Hotels, Inc.
|
|
Marriott Worldwide Corporation
|
|
Mars Merger Sub, Inc.
|
|
MI Fulfillment Services, LLC
|
|
MII Conference Center, Inc.
|
|
|
State: Nevada
|
|
|
Entity Name
|
|
MI Hotels of Las Vegas, Inc.
|
|
|
State: Texas
|
|
|
Entity Name
|
|
Hospitality International, Inc.
|
|
Marriott Claims Services Corporation
|
|
MHSI Conference Centers of Texas, Inc.
|
|
|
State: Utah
|
|
|
Entity Name
|
|
Gambits, A Nonprofit Corporation (Incorporated Club)
|
|
|
State: West Virginia
|
|
|
Entity Name
|
|
West Virginia Marriott Hotels, Inc.
|
|
Residence Inn by Marriott, LLC
|
Atlanta Perimeter Mall RI
|
|
|
|
State: Hawaii
|
|
|
|
Entity Name
|
Assumed Name
|
|
Essex House Condominium Corporation
|
Kauai Marriott Resort & Beach Club
|
|
KB Hotel Operator Inc.
|
Kapalua Bay, A Renaissance Resort
|
|
Marriott Hotel Services, Inc.
|
Kuhio Beach Grill
|
|
Marriott Hotel Services, Inc.
|
Moana Terrace
|
|
Marriott Hotel Services, Inc.
|
The Ritz-Carlton, Kapalua
|
|
Marriott Hotel Services, Inc.
|
Waikiki Beach Marriott Resort & Spa
|
|
Marriott Hotel Services, Inc.
|
Wailea Beach Marriott Resort & Spa
|
|
|
|
State: Illinois
|
|
|
|
Entity Name
|
Assumed Name
|
|
Courtyard Management Corporation
|
Courtyard Arlington Heights North
|
|
Courtyard Management Corporation
|
Courtyard Arlington Heights South
|
|
Courtyard Management Corporation
|
Courtyard Chicago Deerfield
|
|
Courtyard Management Corporation
|
Courtyard Chicago Downtown/River North
|
|
Courtyard Management Corporation
|
Courtyard Chicago Highland Park
|
|
Courtyard Management Corporation
|
Courtyard Chicago Lincolnshire
|
|
Courtyard Management Corporation
|
Courtyard Chicago Naperville
|
|
Courtyard Management Corporation
|
Courtyard Chicago O'Hare
|
|
Courtyard Management Corporation
|
Courtyard Chicago Oakbrook Terrace
|
|
Courtyard Management Corporation
|
Courtyard Chicago Waukegan
|
|
Courtyard Management Corporation
|
Courtyard Rockford
|
|
CTYD III Corporation
|
Courtyard by Marriott
|
|
Marriott Hotel Services, Inc.
|
Chicago Marriott Downtown Hotel
|
|
Marriott Hotel Services, Inc.
|
Chicago Marriott Oakbrook Hotel
|
|
Marriott Worldwide Reservation Services, LLC
|
|
|
MIF, L.L.C.
|
Marriott International Franchising, L.L.C.
|
|
|
|
State: Iowa
|
|
|
|
Entity Name
|
Assumed Name
|
|
CTYD III Corporation
|
Courtyard by Marriott
|
|
|
|
State: Kentucky
|
|
|
|
Entity Name
|
Assumed Name
|
|
CTYD III Corporation
|
Courtyard by Marriott
|
|
|
|
State: Louisiana
|
|
|
|
Entity Name
|
Assumed Name
|
|
Renaissance Hotel Management Company, LLC
|
Renaissance Pere Marquette Hotel
|
|
SPRINGHILL SMC, LLC
|
Springhill Suites by Marriott
|
|
|
|
State: Washington
|
|
|
|
Entity Name
|
Assumed Name
|
|
SPRINGHILL SMC, LLC
|
Seattle Downtown Springhill Suites
|
|
SPRINGHILL SMC, LLC
|
Seattle South Renton Springhill
|
|
TownePlace Management, LLC
|
Seattle South Renton TownePlace Suites
|
|
/s/ Ernst & Young LLP
|
1.
|
I have reviewed this annual report on Form 10-K of Marriott International, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting, which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
February 18, 2016
|
/s/ Arne M. Sorenson
|
|
Arne M. Sorenson
President and
Chief Executive Officer
(Principal Executive Officer)
|
1.
|
I have reviewed this annual report on Form 10-K of Marriott International, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting, which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
February 18, 2016
|
/s/ Kathleen K. Oberg
|
|
Kathleen K. Oberg
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
|
(1)
|
the annual report on Form 10-K of the Company for the period ended
December 31, 2015
, (the “Annual Report”) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
|
(2)
|
the information contained in the Annual Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
February 18, 2016
|
/s/ Arne M. Sorenson
|
|
Arne M. Sorenson
President and
Chief Executive Officer
(Principal Executive Officer)
|
(1)
|
the annual report on Form 10-K of the Company for the period ended
December 31, 2015
, (the “Annual Report”) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
|
(2)
|
the information contained in the Annual Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
February 18, 2016
|
/s/ Kathleen K. Oberg
|
|
Kathleen K. Oberg
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
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