☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the transition period from to |
Delaware | 52-2055918 | |||||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | |||||||||||||||||||
7750 Wisconsin Avenue | Bethesda | Maryland | 20814 | |||||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
Class A Common Stock, $0.01 par value | MAR | Nasdaq Global Select Market |
Large accelerated filer | ☒ | Accelerated filer | o | Emerging growth company | o | ||||||||||||||||||
Non-accelerated filer | o | Smaller reporting company | o | ||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o |
Page No. | ||||||||
U.S. & Canada | Europe | Middle East & Africa | Asia Pacific Excluding China | Greater China | Caribbean & Latin America | Total | ||||||||||||||||||||
Luxury | ||||||||||||||||||||||||||
JW Marriott® | Properties | 35 | 8 | 11 | 28 | 23 | 16 | 121 | ||||||||||||||||||
Rooms | 19,261 | 2,523 | 4,299 | 8,832 | 9,219 | 4,296 | 48,430 | |||||||||||||||||||
The Ritz-Carlton® | Properties | 42 | 12 | 15 | 23 | 18 | 9 | 119 | ||||||||||||||||||
Rooms | 12,787 | 2,703 | 3,979 | 4,544 | 5,159 | 2,007 | 31,179 | |||||||||||||||||||
The Luxury Collection® | Properties | 17 | 40 | 13 | 28 | 5 | 10 | 113 | ||||||||||||||||||
Rooms | 5,408 | 5,756 | 2,493 | 6,822 | 1,488 | 1,461 | 23,428 | |||||||||||||||||||
W® Hotels | Properties | 25 | 10 | 7 | 11 | 11 | 7 | 71 | ||||||||||||||||||
Rooms | 7,295 | 2,122 | 2,316 | 2,754 | 3,905 | 1,752 | 20,144 | |||||||||||||||||||
St. Regis® | Properties | 11 | 6 | 13 | 10 | 13 | 5 | 58 | ||||||||||||||||||
Rooms | 2,169 | 768 | 3,222 | 2,068 | 3,462 | 693 | 12,382 | |||||||||||||||||||
EDITION® | Properties | 5 | 5 | 3 | 3 | 2 | 1 | 19 | ||||||||||||||||||
Rooms | 1,379 | 819 | 638 | 496 | 646 | 180 | 4,158 | |||||||||||||||||||
Bvlgari® | Properties | — | 4 | 1 | 2 | 2 | — | 9 | ||||||||||||||||||
Rooms | — | 332 | 121 | 157 | 201 | — | 811 | |||||||||||||||||||
Premium | ||||||||||||||||||||||||||
Marriott® Hotels | Properties | 337 | 77 | 29 | 47 | 65 | 32 | 587 | ||||||||||||||||||
Rooms | 132,856 | 21,990 | 9,083 | 14,893 | 22,781 | 8,461 | 210,064 | |||||||||||||||||||
Sheraton® | Properties | 168 | 51 | 32 | 56 | 99 | 30 | 436 | ||||||||||||||||||
Rooms | 64,923 | 14,279 | 9,234 | 16,525 | 38,791 | 8,442 | 152,194 | |||||||||||||||||||
Westin® | Properties | 134 | 17 | 8 | 38 | 31 | 15 | 243 | ||||||||||||||||||
Rooms | 54,820 | 5,787 | 2,030 | 10,813 | 10,360 | 4,347 | 88,157 | |||||||||||||||||||
Autograph Collection® | Properties | 153 | 77 | 15 | 19 | 3 | 37 | 304 | ||||||||||||||||||
Rooms | 31,321 | 10,010 | 2,402 | 4,277 | 426 | 12,448 | 60,884 | |||||||||||||||||||
Renaissance® Hotels | Properties | 88 | 28 | 5 | 15 | 30 | 9 | 175 | ||||||||||||||||||
Rooms | 28,041 | 6,491 | 1,476 | 3,801 | 10,704 | 2,745 | 53,258 | |||||||||||||||||||
Le Méridien® | Properties | 25 | 16 | 23 | 33 | 19 | 3 | 119 | ||||||||||||||||||
Rooms | 5,489 | 5,156 | 6,841 | 7,756 | 5,225 | 562 | 31,029 | |||||||||||||||||||
Delta Hotels by Marriott® (Delta Hotels®) | Properties | 92 | 31 | 6 | — | 4 | 2 | 135 | ||||||||||||||||||
Rooms | 21,730 | 5,446 | 1,443 | — | 1,529 | 366 | 30,514 | |||||||||||||||||||
Tribute Portfolio® | Properties | 66 | 25 | 5 | 11 | 4 | 7 | 118 | ||||||||||||||||||
Rooms | 10,725 | 3,096 | 584 | 1,096 | 986 | 640 | 17,127 | |||||||||||||||||||
Gaylord® Hotels | Properties | 6 | — | — | — | — | — | 6 | ||||||||||||||||||
Rooms | 10,220 | — | — | — | — | — | 10,220 | |||||||||||||||||||
Design Hotels® | Properties | 11 | 65 | 8 | 6 | 4 | 17 | 111 | ||||||||||||||||||
Rooms | 1,605 | 4,782 | 750 | 389 | 783 | 393 | 8,702 | |||||||||||||||||||
Marriott Executive Apartments® | Properties | — | 3 | 13 | 9 | 11 | 2 | 38 | ||||||||||||||||||
Rooms | — | 212 | 1,841 | 1,297 | 1,735 | 240 | 5,325 | |||||||||||||||||||
Apartments by Marriott BonvoyTM | Properties | — | — | — | — | — | 1 | 1 | ||||||||||||||||||
Rooms | — | — | — | — | — | 107 | 107 |
U.S. & Canada | Europe | Middle East & Africa | Asia Pacific Excluding China | Greater China | Caribbean & Latin America | Total | ||||||||||||||||||||
Select | ||||||||||||||||||||||||||
Courtyard by Marriott® (Courtyard®) | Properties | 1,066 | 75 | 11 | 60 | 53 | 47 | 1,312 | ||||||||||||||||||
Rooms | 147,091 | 13,984 | 2,304 | 12,107 | 13,865 | 7,609 | 196,960 | |||||||||||||||||||
Fairfield by Marriott® (Fairfield®) | Properties | 1,153 | — | — | 71 | 48 | 18 | 1,290 | ||||||||||||||||||
Rooms | 109,445 | — | — | 9,527 | 7,834 | 2,576 | 129,382 | |||||||||||||||||||
Residence Inn by Marriott® (Residence Inn®) | Properties | 861 | 27 | 7 | — | — | 8 | 903 | ||||||||||||||||||
Rooms | 105,911 | 3,205 | 1,117 | — | — | 1,213 | 111,446 | |||||||||||||||||||
SpringHill Suites by Marriott® (SpringHill Suites®) | Properties | 547 | — | — | — | — | — | 547 | ||||||||||||||||||
Rooms | 64,774 | — | — | — | — | — | 64,774 | |||||||||||||||||||
Four Points by Sheraton® (Four Points®) | Properties | 154 | 20 | 21 | 46 | 50 | 18 | 309 | ||||||||||||||||||
Rooms | 22,965 | 3,284 | 5,136 | 10,796 | 14,459 | 2,332 | 58,972 | |||||||||||||||||||
TownePlace Suites by Marriott® (TownePlace Suites®) | Properties | 503 | — | — | — | — | — | 503 | ||||||||||||||||||
Rooms | 51,063 | — | — | — | — | — | 51,063 | |||||||||||||||||||
Aloft® Hotels | Properties | 162 | 10 | 12 | 17 | 14 | 17 | 232 | ||||||||||||||||||
Rooms | 23,457 | 1,669 | 2,744 | 4,301 | 3,230 | 2,769 | 38,170 | |||||||||||||||||||
AC Hotels by Marriott® | Properties | 117 | 92 | 2 | 6 | 1 | 18 | 236 | ||||||||||||||||||
Rooms | 19,386 | 12,529 | 286 | 1,775 | 135 | 2,867 | 36,978 | |||||||||||||||||||
Moxy® Hotels | Properties | 35 | 87 | — | 8 | 8 | — | 138 | ||||||||||||||||||
Rooms | 6,572 | 16,416 | — | 1,561 | 1,495 | — | 26,044 | |||||||||||||||||||
Element® Hotels | Properties | 83 | 1 | 7 | 3 | 5 | — | 99 | ||||||||||||||||||
Rooms | 11,522 | 160 | 1,189 | 572 | 1,151 | — | 14,594 | |||||||||||||||||||
Protea Hotels® by Marriott | Properties | — | 1 | 62 | — | — | — | 63 | ||||||||||||||||||
Rooms | — | 72 | 6,539 | — | — | — | 6,611 | |||||||||||||||||||
Midscale | ||||||||||||||||||||||||||
City Express by Marriott TM | Properties | — | — | — | — | — | 150 | 150 | ||||||||||||||||||
Rooms | — | — | — | — | — | 17,431 | 17,431 | |||||||||||||||||||
Residences | ||||||||||||||||||||||||||
Residences | Properties | 69 | 11 | 14 | 17 | 2 | 13 | 126 | ||||||||||||||||||
Rooms | 7,416 | 540 | 1,969 | 2,999 | 302 | 722 | 13,948 | |||||||||||||||||||
Subtotal Properties | 5,965 | 799 | 343 | 567 | 525 | 492 | 8,691 | |||||||||||||||||||
Subtotal Rooms | 979,631 | 144,131 | 74,036 | 130,158 | 159,871 | 86,659 | 1,574,486 | |||||||||||||||||||
Timeshare (1) | Properties | 93 | ||||||||||||||||||||||||
Rooms | 22,745 | |||||||||||||||||||||||||
Yacht (1) | Properties | 1 | ||||||||||||||||||||||||
Rooms | 149 | |||||||||||||||||||||||||
Total Properties | 8,785 | |||||||||||||||||||||||||
Total Rooms | 1,597,380 |
(in millions, except per share amounts) | ||||||||||||||||||||||||||
Period | Total Number of Shares Purchased | Average Price per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs (1) | ||||||||||||||||||||||
October 1, 2023 - October 31, 2023 | 1.5 | $ | 193.70 | 1.5 | 7.3 | |||||||||||||||||||||
November 1, 2023 - November 30, 2023 | 1.6 | $ | 202.74 | 1.6 | 30.7 | |||||||||||||||||||||
December 1, 2023 - December 31, 2023 | 1.6 | $ | 215.26 | 1.6 | 29.1 |
Managed | Franchised/Licensed | Owned/Leased | Residential | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Properties | Rooms | Properties | Rooms | Properties | Rooms | Properties | Rooms | Properties | Rooms | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. & Canada | 624 | 215,246 | 5,259 | 752,630 | 13 | 4,339 | 69 | 7,416 | 5,965 | 979,631 | |||||||||||||||||||||||||||||||||||||||||||||||||
International | 1,422 | 360,717 | 1,210 | 218,830 | 37 | 8,776 | 57 | 6,532 | 2,726 | 594,855 | |||||||||||||||||||||||||||||||||||||||||||||||||
Timeshare | — | — | 93 | 22,745 | — | — | — | — | 93 | 22,745 | |||||||||||||||||||||||||||||||||||||||||||||||||
Yacht | — | — | 1 | 149 | — | — | — | — | 1 | 149 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | 2,046 | 575,963 | 6,563 | 994,354 | 50 | 13,115 | 126 | 13,948 | 8,785 | 1,597,380 |
RevPAR | Occupancy | Average Daily Rate | ||||||||||||||||||||||||||||||||||||
2023 | vs. 2022 | 2023 | vs. 2022 | 2023 | vs. 2022 | |||||||||||||||||||||||||||||||||
Comparable Company-Operated Properties | ||||||||||||||||||||||||||||||||||||||
U.S. & Canada | $ | 171.81 | 10.2 | % | 68.9 | % | 3.7 | % | pts. | $ | 249.25 | 4.3 | % | |||||||||||||||||||||||||
Greater China | $ | 88.18 | 80.3 | % | 68.9 | % | 22.4 | % | pts. | $ | 128.03 | 21.7 | % | |||||||||||||||||||||||||
Asia Pacific excluding China | $ | 117.33 | 41.9 | % | 69.5 | % | 11.5 | % | pts. | $ | 168.86 | 18.4 | % | |||||||||||||||||||||||||
Caribbean & Latin America | $ | 168.44 | 13.8 | % | 64.0 | % | 4.4 | % | pts. | $ | 263.19 | 6.0 | % | |||||||||||||||||||||||||
Europe | $ | 183.67 | 21.2 | % | 70.7 | % | 7.7 | % | pts. | $ | 259.65 | 8.0 | % | |||||||||||||||||||||||||
Middle East & Africa | $ | 128.99 | 12.5 | % | 67.6 | % | 3.2 | % | pts. | $ | 190.71 | 7.2 | % | |||||||||||||||||||||||||
International - All (1) | $ | 120.78 | 35.6 | % | 68.8 | % | 13.1 | % | pts. | $ | 175.62 | 9.7 | % | |||||||||||||||||||||||||
Worldwide (2) | $ | 142.69 | 21.2 | % | 68.8 | % | 9.1 | % | pts. | $ | 207.27 | 5.1 | % | |||||||||||||||||||||||||
Comparable Systemwide Properties | ||||||||||||||||||||||||||||||||||||||
U.S. & Canada | $ | 128.25 | 8.9 | % | 69.8 | % | 2.7 | % | pts. | $ | 183.83 | 4.7 | % | |||||||||||||||||||||||||
Greater China | $ | 82.77 | 78.6 | % | 67.9 | % | 22.2 | % | pts. | $ | 121.91 | 20.2 | % | |||||||||||||||||||||||||
Asia Pacific excluding China | $ | 117.89 | 43.2 | % | 69.4 | % | 10.9 | % | pts. | $ | 169.93 | 20.7 | % | |||||||||||||||||||||||||
Caribbean & Latin America | $ | 142.85 | 13.9 | % | 64.7 | % | 4.2 | % | pts. | $ | 220.73 | 6.5 | % | |||||||||||||||||||||||||
Europe | $ | 142.88 | 21.8 | % | 68.7 | % | 8.3 | % | pts. | $ | 207.86 | 7.2 | % | |||||||||||||||||||||||||
Middle East & Africa | $ | 120.67 | 14.7 | % | 66.6 | % | 2.9 | % | pts. | $ | 181.18 | 9.7 | % | |||||||||||||||||||||||||
International - All (1) | $ | 116.81 | 32.6 | % | 67.9 | % | 11.7 | % | pts. | $ | 172.05 | 9.7 | % | |||||||||||||||||||||||||
Worldwide (2) | $ | 124.70 | 14.9 | % | 69.2 | % | 5.5 | % | pts. | $ | 180.24 | 5.8 | % |
($ in millions) | 2023 | 2022 | Change 2023 vs. 2022 | ||||||||||||||||||||
Base management fees | $ | 1,238 | $ | 1,044 | $ | 194 | 19 | % | |||||||||||||||
Franchise fees | 2,831 | 2,505 | 326 | 13 | % | ||||||||||||||||||
Incentive management fees | 755 | 529 | 226 | 43 | % | ||||||||||||||||||
Gross fee revenues | 4,824 | 4,078 | 746 | 18 | % | ||||||||||||||||||
Contract investment amortization | (88) | (89) | 1 | 1 | % | ||||||||||||||||||
Net fee revenues | $ | 4,736 | $ | 3,989 | $ | 747 | 19 | % |
($ in millions) | 2023 | 2022 | Change 2023 vs. 2022 | ||||||||||||||||||||
Owned, leased, and other revenue | $ | 1,564 | $ | 1,367 | $ | 197 | 14 | % | |||||||||||||||
Owned, leased, and other - direct expenses | 1,165 | 1,074 | 91 | 8 | % | ||||||||||||||||||
Owned, leased, and other, net | $ | 399 | $ | 293 | $ | 106 | 36 | % |
($ in millions) | 2023 | 2022 | Change 2023 vs. 2022 | ||||||||||||||||||||
Cost reimbursement revenue | $ | 17,413 | $ | 15,417 | $ | 1,996 | 13 | % | |||||||||||||||
Reimbursed expenses | 17,424 | 15,141 | 2,283 | 15 | % | ||||||||||||||||||
Cost reimbursements, net | $ | (11) | $ | 276 | $ | (287) | (104) | % |
($ in millions) | 2023 | 2022 | Change 2023 vs. 2022 | ||||||||||||||||||||
Depreciation, amortization, and other | $ | 189 | $ | 193 | $ | (4) | (2) | % | |||||||||||||||
General, administrative, and other | 1,011 | 891 | 120 | 13 | % | ||||||||||||||||||
Merger-related charges and other | 60 | 12 | 48 | 400 | % |
($ in millions) | 2023 | 2022 | Change 2023 vs. 2022 | ||||||||||||||||||||
Gains and other income, net | $ | 40 | $ | 11 | $ | 29 | 264 | % | |||||||||||||||
Interest expense | (565) | (403) | (162) | (40) | % | ||||||||||||||||||
Interest income | 30 | 26 | 4 | 15 | % | ||||||||||||||||||
Equity in earnings | 9 | 18 | (9) | (50) | % |
($ in millions) | 2023 | 2022 | Change 2023 vs. 2022 | ||||||||||||||||||||
Provision for income taxes | $ | (295) | $ | (756) | $ | 461 | 61 | % |
($ in millions) | 2023 | 2022 | Change 2023 vs. 2022 | ||||||||||||||||||||
U.S. & Canada | |||||||||||||||||||||||
Segment revenues | $ | 17,696 | $ | 15,753 | $ | 1,943 | 12 | % | |||||||||||||||
Segment profit | 2,724 | 2,446 | 278 | 11 | % | ||||||||||||||||||
International | |||||||||||||||||||||||
Segment revenues | 4,455 | 3,486 | 969 | 28 | % | ||||||||||||||||||
Segment profit | 1,121 | 794 | 327 | 41 | % | ||||||||||||||||||
Properties | Rooms | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | December 31, 2022 | vs. December 31, 2022 | December 31, 2023 | December 31, 2022 | vs. December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||
U.S. & Canada | 5,965 | 5,846 | 119 | 2 | % | 979,631 | 964,412 | 15,219 | 2 | % | |||||||||||||||||||||||||||||||||||||
International | 2,726 | 2,348 | 378 | 16 | % | 594,855 | 538,101 | 56,754 | 11 | % |
Maturities by Period | |||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2024 | 2025 | 2026 | 2027 | 2028 | There- after | Total Carrying Amount | Total Fair Value | |||||||||||||||||||||||||||||||||||||||
Assets - Maturities represent expected principal receipts. Fair values represent assets. | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed-rate notes receivable | $ | 23 | $ | 7 | $ | 6 | $ | 4 | $ | 2 | $ | 15 | $ | 57 | $ | 53 | |||||||||||||||||||||||||||||||
Average interest rate | 1.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
Floating-rate notes receivable | $ | 8 | $ | 73 | $ | 4 | $ | — | $ | 20 | $ | 7 | $ | 112 | $ | 109 | |||||||||||||||||||||||||||||||
Average interest rate | 6.60 | % | |||||||||||||||||||||||||||||||||||||||||||||
Liabilities - Maturities represent expected principal payments. Fair values represent liabilities. | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed-rate debt | $ | — | $ | (1,301) | $ | (1,192) | $ | (987) | $ | (1,435) | $ | (4,861) | $ | (9,776) | $ | (9,445) | |||||||||||||||||||||||||||||||
Average interest rate | 4.20 | % | |||||||||||||||||||||||||||||||||||||||||||||
Floating-rate debt | $ | (545) | $ | — | $ | — | $ | (1,421) | $ | — | $ | — | $ | (1,966) | $ | (1,966) | |||||||||||||||||||||||||||||||
Average interest rate | 6.06 | % |
Page | |||||
/s/ Ernst & Young LLP |
Accounting for the Loyalty Program | ||||||||
Description of the Matter | During 2023 the Company recognized $2,798 million of revenues previously deferred as of December 31, 2022, and had deferred revenue of $7,006 million as of December 31, 2023 associated with the Marriott Bonvoy guest loyalty program (the “Loyalty Program”). As discussed in Note 2 to the financial statements, the Company recognizes revenue for performance obligations relating to Loyalty Program points and free night certificates as they are redeemed and the related performance obligations are satisfied. The Company recognizes a portion of revenue for the Licensed IP performance obligation under the sales-based royalty criteria, with the remaining portion recognized on a straight-line basis over the contract term. Revenue is recognized utilizing complex models based upon the estimated standalone selling price per point and per free night certificate, which includes judgment in making the estimates of variable consideration and breakage of points. | |||||||
Auditing Loyalty Program results is complex due to: (1) the complexity of models and high volume of data used to monitor and account for Loyalty Program results and (2) the complexity and judgment of estimating the standalone selling price per Loyalty Program point, including both the estimate of variable consideration under the Company’s co-branded credit card agreements which has significant estimation uncertainty associated with projecting future cardholder spending and redemption activity, and the estimated breakage of Loyalty Program points which requires the use of specialists. | ||||||||
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s process of accounting for the Loyalty Program. For example, we tested controls over the accounting methods and model used in reporting results of the Loyalty Program, management’s review of the assumptions and data inputs utilized in estimating the standalone selling price per Loyalty Program point, as well as the development of the estimated breakage. | |||||||
To test the recognition of revenues and costs associated with the Loyalty Program, we performed audit procedures that included, among others, testing the clerical accuracy and consistency with US GAAP of the accounting model developed by the Company to recognize revenue and costs associated with the Loyalty Program, and testing significant inputs into the accounting model, including the estimated standalone selling price and recognition of points earned and redeemed during the period. We involved our actuarial professionals to assist in our testing procedures with respect to the estimate of the breakage of Loyalty Program points. We evaluated management’s methodology for estimating the breakage of Loyalty Program points, and we tested underlying data and actuarial assumptions used in estimating the breakage. We evaluated the reasonableness of management’s assumptions, including projections of cash flows, used to estimate variable consideration under the Company’s co-branded credit cards. | ||||||||
Accounting for General and Administrative Expenses and Reimbursed Expenses | ||||||||
Description of the Matter | During 2023 the Company recognized $1,011 million of general and administrative expenses and $17,424 million of reimbursed expenses. As discussed in Note 2 to the financial statements, the Company incurs certain expenses that are for the benefit of, and reimbursable from, hotel owners and franchisees. Such amounts are recorded in the period in which the expense is incurred and include judgment with respect to the allocation of certain costs between general and administrative expenses, which are non-reimbursable, and reimbursed expenses. | |||||||
Auditing the classification of general and administrative expenses and reimbursed expenses is complex due to: (1) judgment associated with testing management’s conclusions regarding the allocation of costs between reimbursable and non-reimbursable expenses and (2) incentives within management’s compensation structure designed to achieve certain financial targets that exclude the impact of reimbursed expenses. | ||||||||
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s process of accounting for reimbursed expenses, general and administrative expenses, and the process for allocating expenses. For example, we tested management’s controls over the review of the allocation of certain costs to determine if they were reasonably classified. | |||||||
To test the recognition of reimbursed expenses for appropriate classification, we performed audit procedures that included, among others, (1) testing manual journal entries made to reimbursed expenses and general and administrative expenses and (2) performing analytical procedures over total reimbursed expenses and general and administrative expenses in order to identify any trends or indicators of material errors in the classification of expenses. | ||||||||
/s/ Ernst & Young LLP |
2023 | 2022 | 2021 | |||||||||||||||
REVENUES | |||||||||||||||||
Base management fees | $ | 1,238 | $ | 1,044 | $ | 669 | |||||||||||
Franchise fees | 2,831 | 2,505 | 1,790 | ||||||||||||||
Incentive management fees | 755 | 529 | 235 | ||||||||||||||
Gross fee revenues | 4,824 | 4,078 | 2,694 | ||||||||||||||
Contract investment amortization | (88) | (89) | (75) | ||||||||||||||
Net fee revenues | 4,736 | 3,989 | 2,619 | ||||||||||||||
Owned, leased, and other revenue | 1,564 | 1,367 | 796 | ||||||||||||||
Cost reimbursement revenue (1) | 17,413 | 15,417 | 10,442 | ||||||||||||||
23,713 | 20,773 | 13,857 | |||||||||||||||
OPERATING COSTS AND EXPENSES | |||||||||||||||||
Owned, leased, and other - direct | 1,165 | 1,074 | 734 | ||||||||||||||
Depreciation, amortization, and other | 189 | 193 | 220 | ||||||||||||||
General, administrative, and other | 1,011 | 891 | 823 | ||||||||||||||
Merger-related charges and other | 60 | 12 | 8 | ||||||||||||||
Reimbursed expenses (1) | 17,424 | 15,141 | 10,322 | ||||||||||||||
19,849 | 17,311 | 12,107 | |||||||||||||||
OPERATING INCOME | 3,864 | 3,462 | 1,750 | ||||||||||||||
Gains and other income, net | 40 | 11 | 10 | ||||||||||||||
Loss on extinguishment of debt | — | — | (164) | ||||||||||||||
Interest expense | (565) | (403) | (420) | ||||||||||||||
Interest income | 30 | 26 | 28 | ||||||||||||||
Equity in earnings (losses) (1) | 9 | 18 | (24) | ||||||||||||||
INCOME BEFORE INCOME TAXES | 3,378 | 3,114 | 1,180 | ||||||||||||||
Provision for income taxes | (295) | (756) | (81) | ||||||||||||||
NET INCOME | $ | 3,083 | $ | 2,358 | $ | 1,099 | |||||||||||
EARNINGS PER SHARE | |||||||||||||||||
Earnings per share – basic | $ | 10.23 | $ | 7.27 | $ | 3.36 | |||||||||||
Earnings per share – diluted | $ | 10.18 | $ | 7.24 | $ | 3.34 |
2023 | 2022 | 2021 | |||||||||||||||
Net income | $ | 3,083 | $ | 2,358 | $ | 1,099 | |||||||||||
Other comprehensive income (loss) | |||||||||||||||||
Foreign currency translation adjustments | 86 | (389) | (212) | ||||||||||||||
Other adjustments, net of tax | (4) | 2 | 5 | ||||||||||||||
Total other comprehensive income (loss), net of tax | 82 | (387) | (207) | ||||||||||||||
Comprehensive income | $ | 3,165 | $ | 1,971 | $ | 892 |
December 31, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and equivalents | $ | 338 | $ | 507 | |||||||
Accounts and notes receivable, net | 2,712 | 2,571 | |||||||||
Prepaid expenses and other | 261 | 235 | |||||||||
3,311 | 3,313 | ||||||||||
Property and equipment, net | 1,581 | 1,585 | |||||||||
Intangible assets | |||||||||||
Brands | 5,907 | 5,812 | |||||||||
Contract acquisition costs and other | 3,283 | 2,935 | |||||||||
Goodwill | 8,886 | 8,872 | |||||||||
18,076 | 17,619 | ||||||||||
Equity method investments | 308 | 335 | |||||||||
Notes receivable, net | 138 | 152 | |||||||||
Deferred tax assets | 673 | 240 | |||||||||
Operating lease assets | 929 | 987 | |||||||||
Other noncurrent assets | 658 | 584 | |||||||||
$ | 25,674 | $ | 24,815 | ||||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | |||||||||||
Current liabilities | |||||||||||
Current portion of long-term debt | $ | 553 | $ | 684 | |||||||
Accounts payable | 738 | 746 | |||||||||
Accrued payroll and benefits | 1,390 | 1,299 | |||||||||
Liability for guest loyalty program | 3,328 | 3,314 | |||||||||
Accrued expenses and other | 1,753 | 1,296 | |||||||||
7,762 | 7,339 | ||||||||||
Long-term debt | 11,320 | 9,380 | |||||||||
Liability for guest loyalty program | 3,678 | 3,280 | |||||||||
Deferred tax liabilities | 209 | 313 | |||||||||
Deferred revenue | 1,018 | 1,059 | |||||||||
Operating lease liabilities | 887 | 1,034 | |||||||||
Other noncurrent liabilities | 1,482 | 1,842 | |||||||||
Stockholders’ (deficit) equity | |||||||||||
Class A Common Stock | 5 | 5 | |||||||||
Additional paid-in-capital | 6,051 | 5,965 | |||||||||
Retained earnings | 14,838 | 12,342 | |||||||||
Treasury stock, at cost | (20,929) | (17,015) | |||||||||
Accumulated other comprehensive loss | (647) | (729) | |||||||||
(682) | 568 | ||||||||||
$ | 25,674 | $ | 24,815 |
2023 | 2022 | 2021 | |||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||
Net income | $ | 3,083 | $ | 2,358 | $ | 1,099 | |||||||||||
Adjustments to reconcile to cash provided by operating activities: | |||||||||||||||||
Depreciation, amortization, and other | 277 | 282 | 295 | ||||||||||||||
Stock-based compensation | 205 | 192 | 182 | ||||||||||||||
Income taxes | (612) | 280 | (281) | ||||||||||||||
Liability for guest loyalty program | 301 | (119) | (28) | ||||||||||||||
Contract acquisition costs | (221) | (149) | (210) | ||||||||||||||
Merger-related charges and other | 47 | (8) | (10) | ||||||||||||||
Working capital changes | 69 | (542) | 110 | ||||||||||||||
Loss on extinguishment of debt | — | — | 164 | ||||||||||||||
Other | 21 | 69 | (144) | ||||||||||||||
Net cash provided by operating activities | 3,170 | 2,363 | 1,177 | ||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||
Capital and technology expenditures | (452) | (332) | (183) | ||||||||||||||
Asset acquisition | (101) | — | — | ||||||||||||||
Dispositions | 71 | 1 | 12 | ||||||||||||||
Loan advances | (77) | (11) | (13) | ||||||||||||||
Loan collections | 61 | 14 | 40 | ||||||||||||||
Other | 33 | 31 | (43) | ||||||||||||||
Net cash used in investing activities | (465) | (297) | (187) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||
Commercial paper/Credit Facility, net | 546 | (182) | 150 | ||||||||||||||
Issuance of long-term debt | 1,918 | 983 | 1,793 | ||||||||||||||
Repayment of long-term debt | (684) | (804) | (2,174) | ||||||||||||||
Issuance of Class A Common Stock | 29 | — | 2 | ||||||||||||||
Debt extinguishment costs | — | — | (155) | ||||||||||||||
Dividends paid | (587) | (321) | — | ||||||||||||||
Purchase of treasury stock | (3,953) | (2,566) | — | ||||||||||||||
Stock-based compensation withholding taxes | (108) | (89) | (90) | ||||||||||||||
Other | (25) | 17 | 11 | ||||||||||||||
Net cash used in financing activities | (2,864) | (2,962) | (463) | ||||||||||||||
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (159) | (896) | 527 | ||||||||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period (1) | 525 | 1,421 | 894 | ||||||||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period (1) | $ | 366 | $ | 525 | $ | 1,421 | |||||||||||
Common Shares Outstanding | Total | Class A Common Stock | Additional Paid-in- Capital | Retained Earnings | Treasury Stock, at Cost | Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||||
324.4 | Balance at December 31, 2020 | $ | 430 | $ | 5 | $ | 5,851 | $ | 9,206 | $ | (14,497) | $ | (135) | ||||||||||||||||||||||||||||
— | Net income | 1,099 | — | — | 1,099 | — | — | ||||||||||||||||||||||||||||||||||
— | Other comprehensive loss | (207) | — | — | — | — | (207) | ||||||||||||||||||||||||||||||||||
1.9 | Stock-based compensation plans | 92 | — | 41 | — | 51 | — | ||||||||||||||||||||||||||||||||||
326.3 | Balance at December 31, 2021 | 1,414 | 5 | 5,892 | 10,305 | (14,446) | (342) | ||||||||||||||||||||||||||||||||||
— | Net income | 2,358 | — | — | 2,358 | — | — | ||||||||||||||||||||||||||||||||||
— | Other comprehensive loss | (387) | — | — | — | — | (387) | ||||||||||||||||||||||||||||||||||
— | Dividends ($1.00 per share) | (321) | — | — | (321) | — | — | ||||||||||||||||||||||||||||||||||
1.1 | Stock-based compensation plans | 104 | — | 73 | — | 31 | — | ||||||||||||||||||||||||||||||||||
(16.8) | Purchase of treasury stock | (2,600) | — | — | — | (2,600) | — | ||||||||||||||||||||||||||||||||||
310.6 | Balance at December 31, 2022 | 568 | 5 | 5,965 | 12,342 | (17,015) | (729) | ||||||||||||||||||||||||||||||||||
— | Net income | 3,083 | — | — | 3,083 | — | — | ||||||||||||||||||||||||||||||||||
— | Other comprehensive income | 82 | — | — | — | — | 82 | ||||||||||||||||||||||||||||||||||
— | Dividends ($1.96 per share) | (587) | — | — | (587) | — | — | ||||||||||||||||||||||||||||||||||
1.4 | Stock-based compensation plans | 126 | — | 86 | — | 40 | — | ||||||||||||||||||||||||||||||||||
(21.5) | Purchase of treasury stock | (3,954) | — | — | — | (3,954) | — | ||||||||||||||||||||||||||||||||||
290.5 | (1) | Balance at December 31, 2023 | $ | (682) | $ | 5 | $ | 6,051 | $ | 14,838 | $ | (20,929) | $ | (647) |
(in millions, except per share amounts) | 2023 | 2022 | 2021 | ||||||||||||||
Computation of Basic Earnings Per Share | |||||||||||||||||
Net income | $ | 3,083 | $ | 2,358 | $ | 1,099 | |||||||||||
Shares for basic earnings per share | 301.5 | 324.4 | 327.2 | ||||||||||||||
Basic earnings per share | $ | 10.23 | $ | 7.27 | $ | 3.36 | |||||||||||
Computation of Diluted Earnings Per Share | |||||||||||||||||
Net income | $ | 3,083 | $ | 2,358 | $ | 1,099 | |||||||||||
Shares for basic earnings per share | 301.5 | 324.4 | 327.2 | ||||||||||||||
Effect of dilutive securities | |||||||||||||||||
Stock-based compensation | 1.4 | 1.4 | 2.1 | ||||||||||||||
Shares for diluted earnings per share | 302.9 | 325.8 | 329.3 | ||||||||||||||
Diluted earnings per share | $ | 10.18 | $ | 7.24 | $ | 3.34 |
2023 | 2022 | 2021 | |||||||||||||||
Stock-based compensation expense (in millions) | $ | 179 | $ | 181 | $ | 171 | |||||||||||
Weighted average grant-date fair value (per unit) | $ | 167 | $ | 168 | $ | 141 | |||||||||||
Aggregate intrinsic value of distributed RSUs (in millions) | $ | 297 | $ | 253 | $ | 205 |
Number of RSUs (in millions) | Weighted Average Grant-Date Fair Value (per unit) | ||||||||||
Outstanding at year-end 2022 | 3.8 | $ | 125 | ||||||||
Granted | 1.1 | 167 | |||||||||
Distributed | (1.6) | 116 | |||||||||
Forfeited | (0.2) | 155 | |||||||||
Outstanding at year-end 2023 | 3.1 | $ | 144 |
(in millions) | 2023 | 2022 | 2021 | ||||||||||||||
U.S. | $ | 2,113 | $ | 2,268 | $ | 890 | |||||||||||
Non-U.S. | 1,265 | 846 | 290 | ||||||||||||||
$ | 3,378 | $ | 3,114 | $ | 1,180 |
(in millions) | 2023 | 2022 | 2021 | |||||||||||||||||
Current | -U.S. Federal | $ | (431) | $ | (364) | $ | 99 | |||||||||||||
-U.S. State | (158) | (82) | 24 | |||||||||||||||||
-Non-U.S. | (249) | (155) | (86) | |||||||||||||||||
(838) | (601) | 37 | ||||||||||||||||||
Deferred | -U.S. Federal | 94 | (129) | (122) | ||||||||||||||||
-U.S. State | 16 | (25) | (37) | |||||||||||||||||
-Non-U.S. | 433 | (1) | 41 | |||||||||||||||||
543 | (155) | (118) | ||||||||||||||||||
$ | (295) | $ | (756) | $ | (81) |
(in millions) | Amount | ||||
Unrecognized tax benefit at beginning of 2021 | $ | 464 | |||
Change attributable to tax positions taken in prior years | (134) | ||||
Change attributable to tax positions taken during the current period | — | ||||
Decrease attributable to settlements with taxing authorities | (48) | ||||
Unrecognized tax benefit at year-end 2021 | 282 | ||||
Change attributable to tax positions taken in prior years | (15) | ||||
Change attributable to tax positions taken during the current period | 3 | ||||
Decrease attributable to settlements with taxing authorities | (15) | ||||
Unrecognized tax benefit at year-end 2022 | 255 | ||||
Change attributable to tax positions taken in prior years | (90) | ||||
Change attributable to tax positions taken during the current period | 16 | ||||
Decrease attributable to settlements with taxing authorities | (9) | ||||
Unrecognized tax benefit at year-end 2023 | $ | 172 |
(in millions) | At Year-End 2023 | At Year-End 2022 | |||||||||
Deferred Tax Assets | |||||||||||
Employee benefits | $ | 265 | $ | 243 | |||||||
Net operating loss carry-forwards | 1,132 | 1,096 | |||||||||
Accrued expenses and other reserves | 219 | 181 | |||||||||
Tax credits | 64 | 55 | |||||||||
Loyalty Program | 277 | 168 | |||||||||
Deferred income | 102 | 66 | |||||||||
Lease liabilities | 266 | 304 | |||||||||
Interest limitation | 67 | 187 | |||||||||
Other | 40 | 12 | |||||||||
Deferred tax assets | 2,432 | 2,312 | |||||||||
Valuation allowance | (1,149) | (1,359) | |||||||||
Deferred tax assets after valuation allowance | 1,283 | 953 | |||||||||
Deferred Tax Liabilities | |||||||||||
Property and equipment | (62) | (58) | |||||||||
Intangibles | (471) | (626) | |||||||||
Right-of-use assets | (248) | (265) | |||||||||
Self-insurance | (22) | (37) | |||||||||
Other | (16) | (40) | |||||||||
Deferred tax liabilities | (819) | (1,026) | |||||||||
Net deferred taxes | $ | 464 | $ | (73) |
2023 | 2022 | 2021 | |||||||||||||||
U.S. statutory tax rate | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||
U.S. state income taxes, net of U.S. federal tax benefit | 2.8 | 2.8 | 2.7 | ||||||||||||||
Non-U.S. income | 0.3 | (0.5) | (0.5) | ||||||||||||||
Change in valuation allowance | (5.8) | 0.4 | (0.7) | ||||||||||||||
Change in uncertain tax positions | (2.3) | 0.3 | (12.0) | ||||||||||||||
Excess tax benefits related to equity awards | (0.8) | (0.7) | (2.8) | ||||||||||||||
U.S. tax on foreign earnings | 1.1 | 0.2 | 0.4 | ||||||||||||||
Intellectual property restructuring | (7.9) | 0.0 | 0.0 | ||||||||||||||
Other, net | 0.3 | 0.8 | (1.3) | ||||||||||||||
Effective rate | 8.7 | % | 24.3 | % | 6.8 | % |
(in millions) Guarantee Type | Maximum Potential Amount of Future Fundings | Recorded Liability for Guarantees | ||||||||||||
Debt service | $ | 57 | $ | 6 | ||||||||||
Operating profit | 172 | 94 | ||||||||||||
Other | 20 | 4 | ||||||||||||
$ | 249 | $ | 104 |
(in millions) | 2023 | 2022 | 2021 | |||||||||||||||||
Operating lease cost | $ | 155 | $ | 165 | $ | 149 | ||||||||||||||
Variable lease cost | 128 | 90 | 51 |
(in millions) | Operating Leases | Finance Leases | |||||||||
2024 | $ | 151 | $ | 14 | |||||||
2025 | 147 | 14 | |||||||||
2026 | 118 | 15 | |||||||||
2027 | 81 | 15 | |||||||||
2028 | 76 | 15 | |||||||||
Thereafter | 727 | 92 | |||||||||
Total minimum lease payments | $ | 1,300 | $ | 165 | |||||||
Less: Amount representing interest | 308 | 34 | |||||||||
Present value of minimum lease payments | $ | 992 | $ | 131 | |||||||
(in millions) | December 31, 2023 | December 31, 2022 | |||||||||||||||||||||
Operating Leases | Finance Leases | Operating Leases | Finance Leases | ||||||||||||||||||||
Current (1) | $ | 105 | $ | 8 | $ | 106 | $ | 8 | |||||||||||||||
Noncurrent (2) | 887 | 123 | 1,034 | 131 | |||||||||||||||||||
$ | 992 | $ | 131 | $ | 1,140 | $ | 139 |
2023 | 2022 | |||||||||||||||||||||||||
Operating Leases | Finance Leases | Operating Leases | Finance Leases | |||||||||||||||||||||||
Weighted Average Remaining Lease Term (in years) | 13 | 10 | 13 | 11 | ||||||||||||||||||||||
Weighted Average Discount Rate | 4.3 | % | 4.4 | % | 4.4 | % | 4.3 | % |
(in millions) | 2023 | 2022 | 2021 | ||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||
Operating cash outflows for operating leases | $ | 240 | $ | 191 | $ | 181 | |||||||||||
Lease assets obtained in exchange for lease obligations: | |||||||||||||||||
Operating leases | 25 | 75 | 463 | ||||||||||||||
(in millions) | At Year-End 2023 | At Year-End 2022 | |||||||||
Senior Notes: | |||||||||||
Series P Notes, interest rate of 3.8%, face amount of $350, maturing October 1, 2025 (effective interest rate of 4.0%) | $ | 349 | $ | 348 | |||||||
Series R Notes, interest rate of 3.1%, face amount of $750, maturing June 15, 2026 (effective interest rate of 3.3%) | 748 | 747 | |||||||||
Series U Notes, interest rate of 3.1%, face amount of $291, matured February 15, 2023 (effective interest rate of 3.1%) | — | 291 | |||||||||
Series V Notes, interest rate of 3.8%, face amount of $318, maturing March 15, 2025 (effective interest rate of 2.8%) | 321 | 324 | |||||||||
Series W Notes, interest rate of 4.5%, face amount of $278, maturing October 1, 2034 (effective interest rate of 4.1%) | 288 | 289 | |||||||||
Series X Notes, interest rate of 4.0%, face amount of $450, maturing April 15, 2028 (effective interest rate of 4.2%) | 447 | 446 | |||||||||
Series Z Notes, interest rate of 4.2%, face amount of $350, matured December 1, 2023 (effective interest rate of 4.4%) | — | 349 | |||||||||
Series AA Notes, interest rate of 4.7%, face amount of $300, maturing December 1, 2028 (effective interest rate of 4.8%) | 298 | 298 | |||||||||
Series CC Notes, interest rate of 3.6%, face amount of $550, maturing April 15, 2024 (effective interest rate of 3.9%) | 545 | 531 | |||||||||
Series EE Notes, interest rate of 5.8%, face amount of $600, maturing May 1, 2025 (effective interest rate of 6.0%) | 598 | 596 | |||||||||
Series FF Notes, interest rate of 4.6%, face amount of $1,000, maturing June 15, 2030 (effective interest rate of 4.8%) | 990 | 988 | |||||||||
Series GG Notes, interest rate of 3.5%, face amount of $1,000, maturing October 15, 2032 (effective interest rate of 3.7%) | 988 | 987 | |||||||||
Series HH Notes, interest rate of 2.9%, face amount of $1,100, maturing April 15, 2031 (effective interest rate of 3.0%) | 1,091 | 1,090 | |||||||||
Series II Notes, interest rate of 2.8%, face amount of $700, maturing October 15, 2033 (effective interest rate of 2.8%) | 694 | 694 | |||||||||
Series JJ Notes, interest rate of 5.0%, face amount of $1,000, maturing October 15, 2027 (effective interest rate of 5.4%) | 987 | 984 | |||||||||
Series KK Notes, interest rate of 4.9%, face amount of $800, maturing April 15, 2029 (effective interest rate of 5.3%) | 785 | — | |||||||||
Series LL Notes, interest rate of 5.5%, face amount of $450, maturing September 15, 2026 (effective interest rate of 5.9%) | 445 | — | |||||||||
Series MM Notes, interest rate of 5.6%, face amount of $700, maturing October 15, 2028 (effective interest rate of 5.9%) | 691 | — | |||||||||
Commercial paper | 1,421 | 871 | |||||||||
Credit Facility | — | — | |||||||||
Finance lease obligations | 131 | 139 | |||||||||
Other | 56 | 92 | |||||||||
$ | 11,873 | $ | 10,064 | ||||||||
Less current portion | (553) | (684) | |||||||||
$ | 11,320 | $ | 9,380 |
Debt Principal Payments (in millions) | Amount | ||||
2024 | $ | 553 | |||
2025 | 1,310 | ||||
2026 | 1,202 | ||||
2027 | 2,419 | ||||
2028 | 1,447 | ||||
Thereafter | 4,942 | ||||
Balance at year-end 2023 | $ | 11,873 |
(in millions) | At Year-End 2023 | At Year-End 2022 | |||||||||
Definite-lived Intangible Assets | |||||||||||
Costs incurred to obtain contracts with customers | $ | 2,246 | $ | 1,995 | |||||||
Contracts acquired in business combinations and other | 2,426 | 2,173 | |||||||||
4,672 | 4,168 | ||||||||||
Accumulated amortization | (1,328) | (1,172) | |||||||||
3,344 | 2,996 | ||||||||||
Indefinite-lived Intangible Brand Assets | 5,846 | 5,751 | |||||||||
$ | 9,190 | $ | 8,747 |
(in millions) | U.S. & Canada | International | Total Goodwill | ||||||||||||||
Balance at year-end 2022 | $ | 5,323 | $ | 3,549 | $ | 8,872 | |||||||||||
Foreign currency translation | 10 | 4 | 14 | ||||||||||||||
Balance at year-end 2023 | $ | 5,333 | $ | 3,553 | $ | 8,886 |
(in millions) | At Year-End 2023 | At Year-End 2022 | |||||||||
Land | $ | 669 | $ | 688 | |||||||
Buildings and leasehold improvements | 1,108 | 1,086 | |||||||||
Furniture and equipment | 622 | 649 | |||||||||
Construction in progress | 72 | 36 | |||||||||
2,471 | 2,459 | ||||||||||
Accumulated depreciation | (890) | (874) | |||||||||
$ | 1,581 | $ | 1,585 |
At Year-End 2023 | At Year-End 2022 | ||||||||||||||||||||||
(in millions) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||
Mezzanine and other loans | $ | 138 | $ | 131 | $ | 152 | $ | 142 | |||||||||||||||
Total noncurrent financial assets | $ | 138 | $ | 131 | $ | 152 | $ | 142 | |||||||||||||||
Senior Notes | $ | (9,720) | $ | (9,393) | $ | (8,322) | $ | (7,627) | |||||||||||||||
Commercial paper | (1,421) | (1,421) | (871) | (871) | |||||||||||||||||||
Other long-term debt | (56) | (52) | (56) | (49) | |||||||||||||||||||
Other noncurrent liabilities | (80) | (80) | (394) | (394) | |||||||||||||||||||
Total noncurrent financial liabilities | $ | (11,277) | $ | (10,946) | $ | (9,643) | $ | (8,941) |
(in millions) | Foreign Currency Translation Adjustments | Other Adjustments | Accumulated Other Comprehensive Loss | ||||||||||||||
Balance at year-end 2020 | $ | (139) | $ | 4 | $ | (135) | |||||||||||
Other comprehensive (loss) income before reclassifications (1) | (212) | 5 | (207) | ||||||||||||||
Reclassification adjustments | — | — | — | ||||||||||||||
Net other comprehensive (loss) income | (212) | 5 | (207) | ||||||||||||||
Balance at year-end 2021 | $ | (351) | $ | 9 | $ | (342) | |||||||||||
Other comprehensive (loss) income before reclassifications (1) | (390) | 11 | (379) | ||||||||||||||
Reclassification adjustments | 1 | (9) | (8) | ||||||||||||||
Net other comprehensive (loss) income | (389) | 2 | (387) | ||||||||||||||
Balance at year-end 2022 | $ | (740) | $ | 11 | $ | (729) | |||||||||||
Other comprehensive income (loss) before reclassifications (1) | 89 | (4) | 85 | ||||||||||||||
Reclassification adjustments | (3) | — | (3) | ||||||||||||||
Net other comprehensive income (loss) | 86 | (4) | 82 | ||||||||||||||
Balance at year-end 2023 | $ | (654) | $ | 7 | $ | (647) |
2023 | 2022 | 2021 | |||||||||||||||||||||||||||||||||
(in millions) | U.S. & Canada | International | Total | U.S. & Canada | International | Total | U.S. & Canada | International | Total | ||||||||||||||||||||||||||
Gross fee revenues | $ | 2,799 | $ | 1,290 | $ | 4,089 | $ | 2,486 | $ | 917 | $ | 3,403 | $ | 1,580 | $ | 568 | $ | 2,148 | |||||||||||||||||
Contract investment amortization | (65) | (22) | (87) | (60) | (29) | (89) | (55) | (20) | (75) | ||||||||||||||||||||||||||
Net fee revenues | 2,734 | 1,268 | 4,002 | 2,426 | 888 | 3,314 | 1,525 | 548 | 2,073 | ||||||||||||||||||||||||||
Owned, leased, and other revenue | 506 | 937 | 1,443 | 479 | 801 | 1,280 | 282 | 467 | 749 | ||||||||||||||||||||||||||
Cost reimbursement revenue | 14,456 | 2,250 | 16,706 | 12,848 | 1,797 | 14,645 | 8,549 | 1,239 | 9,788 | ||||||||||||||||||||||||||
Total reportable segment revenue | $ | 17,696 | $ | 4,455 | $ | 22,151 | $ | 15,753 | $ | 3,486 | $ | 19,239 | $ | 10,356 | $ | 2,254 | $ | 12,610 | |||||||||||||||||
Unallocated corporate and other | 1,562 | 1,534 | 1,247 | ||||||||||||||||||||||||||||||||
Total revenue | $ | 23,713 | $ | 20,773 | $ | 13,857 |
(in millions) | 2023 | 2022 | 2021 | ||||||||||||||
U.S. & Canada (1) | $ | 2,724 | $ | 2,446 | $ | 1,394 | |||||||||||
International (2) | 1,121 | 794 | 258 | ||||||||||||||
Unallocated corporate and other | 68 | 251 | (80) | ||||||||||||||
Interest expense, net of interest income | (535) | (377) | (392) | ||||||||||||||
Provision for income taxes | (295) | (756) | (81) | ||||||||||||||
Net income | $ | 3,083 | $ | 2,358 | $ | 1,099 |
(in millions) | 2023 | 2022 | 2021 | ||||||||||||||
U.S. & Canada | $ | 84 | $ | 81 | $ | 92 | |||||||||||
International | 77 | 85 | 106 | ||||||||||||||
Unallocated corporate and other | 28 | 27 | 22 | ||||||||||||||
$ | 189 | $ | 193 | $ | 220 |
(in millions) | 2023 | 2022 | 2021 | ||||||||||||||
Cost reimbursement revenue | $ | 122 | $ | 104 | $ | 104 | |||||||||||
Reimbursed expenses | (126) | (104) | (105) | ||||||||||||||
Equity in earnings (losses) | 9 | 18 | (24) |
Name and Title | Age | Business Experience | ||||||||||||
Anthony G. (Tony) Capuano President and Chief Executive Officer | 58 | Tony Capuano was appointed Chief Executive Officer (“CEO”) in February 2021 and was additionally designated President in February 2023. Prior to his appointment as CEO, Mr. Capuano was Group President, Global Development, Design and Operations Services, a role he assumed in January 2020. In that role, he was responsible for leading the Company’s global development and design efforts and overseeing the Company’s Global Operations discipline. Mr. Capuano began his Marriott 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. From 2005 to 2008, Mr. Capuano served as Senior Vice President of full-service development for North America. In 2008, his responsibilities expanded to include all of U.S. and Canada and the Caribbean and Latin America, and he became Executive Vice President and Global Chief Development Officer in 2009. Mr. Capuano earned his bachelor’s degree in Hotel Administration from Cornell University. He is a member of the Cornell Hotel Society, The Cornell School of Hotel Administration Dean’s Advisory Board, the Business Roundtable, and the American Hotel and Lodging Association’s IREFAC Council. Additionally, Mr. Capuano serves on the Board of Directors of McDonald’s Corporation and Save Venice, a nonprofit organization dedicated to preserving the artistic heritage of Venice, Italy. | ||||||||||||
Satyajit (Satya) Anand President, Europe, Middle East & Africa | 59 | Satya Anand was appointed President, Europe, Middle East & Africa (EMEA) in October 2020, and is responsible for developing and managing Marriott's portfolio in the region. Mr. Anand began his career with Marriott International in 1988 and prior to assuming his role as President, EMEA, he served as Chief Operations Officer, Luxury & Southern Europe and Global Design EMEA from July 2016. Prior to this, Mr. Anand was Marriott’s Chief Financial Officer for Europe for four years and held Area Vice President roles for Western and Central Europe respectively as well as various Cluster General Manager, operations and finance positions both on and above property. Mr. Anand holds a bachelor’s degree in Accounting from Bangalore’s MES College of Commerce and completed his Diploma in Hotel and Tourism Management from the Institute of Tourism & Hotel Management in Semmering, Austria. | ||||||||||||
Benjamin T. (Ty) Breland Executive Vice President and Chief Human Resources Officer | 48 | Ty Breland was appointed Executive Vice President and Chief Human Resources Officer effective October 2021. Prior to that appointment, Mr. Breland served as Global HR Officer for Talent Development & Organizational Capability, a role he assumed in 2016. In that role, Mr. Breland had executive oversight for talent management, including leadership development, organizational capability, and change management. Mr. Breland also oversaw The Ritz-Carlton Leadership Center and served as the senior Human Resources leader for the Company’s Global Development, Design & Operations Services disciplines. Mr. Breland joined Marriott in 2004 as a member of the Company’s Talent Management and Analytics group and held a variety of other senior human resources leadership positions, including Global HR Integration Officer, responsible for the Human Resources integration for Marriott’s merger with Starwood Hotels & Resorts. From 2011 to 2015, Mr. Breland served as Regional Vice President of Human Resources for the Eastern Region of the U.S. Mr. Breland earned his Bachelor of Science in Psychology and Ph.D. in Industrial/Organizational Psychology from Virginia Tech, where he is a board member for the Virginia Tech Hospitality Business School. | ||||||||||||
Name and Title | Age | Business Experience | ||||||||||||
William P. (Liam) Brown Group President, United States and Canada | 63 | Liam Brown was appointed Group President, United States and Canada effective January 2021, and is responsible for developing and managing Marriott's portfolio in the region. Prior to this role, Mr. Brown served as the President and Managing Director of Europe from 2018 to 2019, followed by Group President of Europe, Middle East & Africa in 2020. Mr. Brown joined Marriott in 1989 and served as President for Franchising, Owner Services and Managed by Marriott Select Brands, North America from 2012 to 2018. Other key positions previously held by Mr. Brown include Chief Operations Officer for the Americas for Select Service & Extended Stay Lodging and Owner & Franchise Services, as well as Senior Vice President and Executive Vice President of Development for Marriott’s Select Service & Extended Stay lodging products. Mr. Brown also serves on the Executive Committee of the American Hotel and Lodging Association. He holds a Hotel Diploma and Business Degree from the Dublin Institute of Technology, Trinity College and earned his Master of Business Administration from the Robert H. Smith School of Management at the University of Maryland. | ||||||||||||
Felitia O. Lee Controller and Chief Accounting Officer | 62 | Felitia Lee was appointed Marriott’s Controller and Chief Accounting Officer and principal accounting officer effective August 2020, with responsibility for the global accounting operations of the Company including oversight of financial reporting and analysis, accounting policy, general accounting, finance and accounting governance, finance shared services, and financial contract compliance. Ms. Lee joined Marriott in May 2020, supporting the management of the Company’s accounting operations. Prior to joining Marriott, Ms. Lee was the Senior Vice President and Controller for Kohl’s Corporation since 2018, and prior to joining Kohl’s Corporation, Ms. Lee held the title of Vice President and Controller of the Pepsi Beverage Company along with a number of other leadership positions with PepsiCo, Inc. She earned her Bachelor of Science in Accounting from Santa Clara University. She is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants. | ||||||||||||
Yibing Mao President, Greater China | 60 | Yibing Mao was appointed President, Greater China in February 2023, and is responsible for developing and managing Marriott's portfolio in the region. Ms. Mao joined Marriott in 1996 and held the title of Senior Vice President & Chief Counsel, Asia Pacific from May 2016 until she stepped down in 2020. From 2021 to February 2023, she was a member of the Board of Directors of Las Vegas Sands Corporation. She currently serves on the Leadership Council of Duke Women’s Impact Network. Ms. Mao received a Bachelor of Laws from Jilin University, Master of Law from Peking University, and a J.D. degree from Duke University School of Law. | ||||||||||||
Rajeev (Raj) Menon President, Asia Pacific Excluding China | 55 | Rajeev Menon was appointed President, Asia Pacific excluding China (APEC) in October 2019, and is responsible for developing and managing Marriott's portfolio in the region. Prior to being appointed President, APEC, Mr. Menon served as the Chief Operating Officer for APEC from March 2015 through September 2019. Mr. Menon joined Marriott International in April 2001 as the General Manager of Renaissance Mumbai Hotel and Convention Center and Marriott Executive Apartments, Mumbai. He completed his education including Hotel Management in New Delhi and is also a graduate of the Advance Management Program (AMP Class 194) at Harvard Business School. | ||||||||||||
Name and Title | Age | Business Experience | ||||||||||||
Kathleen K. (Leeny) Oberg Chief Financial Officer and Executive Vice President, Development | 63 | Leeny Oberg was appointed Executive Vice President and Chief Financial Officer effective January 2016 and was additionally designated Executive Vice President, Business Operations in October 2021. In February 2023, Ms. Oberg began leading the Company’s Global Development organization and was appointed Chief Financial Officer and Executive Vice President, Development. Previously, Ms. Oberg was the Chief Financial Officer for The Ritz-Carlton since 2013. Prior to assuming that role, Ms. Oberg served in a range of financial leadership positions with Marriott, including Senior Vice President, Corporate and Development Finance and Senior Vice President, International Project Finance and Asset Management for Europe and the Middle East and Africa. Ms. Oberg first joined Marriott as part of its Investor Relations group in 1999. Ms. Oberg is an active member of the American Hotel and Lodging Association’s IREFAC Council, and she currently serves on the Board of Directors of Adobe Inc. She earned her Bachelor of Science in Commerce, with concentrations in Finance and Management Information Systems, from the University of Virginia, McIntire School of Commerce and received her Master of Business Administration from Stanford University Graduate School of Business. | ||||||||||||
Drew L. Pinto Executive Vice President and Chief Revenue & Technology Officer | 52 | Drew Pinto was appointed Executive Vice President and Chief Revenue & Technology Officer in February 2023, and is responsible for leading global sales and support channels, revenue management, digital, and information technology strategy for the Company. Since joining the Company in 2004, Mr. Pinto has held various leadership roles, including Global Officer, Global Sales, Distribution, and Revenue Management from January 2021 to February 2023 and Senior Vice President, Distribution & Revenue Strategy from January 2019 to January 2021. Mr. Pinto serves on advisory boards for the American Hotel & Lodging Association and several industry-related ventures. Mr. Pinto earned a Bachelor of Arts degree from Yale University and his Master of Business Administration from The University of Michigan Ross School of Business. | ||||||||||||
Rena Hozore Reiss Executive Vice President and General Counsel | 64 | Rena Hozore Reiss was appointed Executive Vice President and General Counsel effective December 2017. Ms. Reiss previously held the position of Executive Vice President, General Counsel and Corporate Secretary at Hyatt Hotels. Prior to her position with Hyatt, Ms. Reiss was an attorney in Marriott’s law department from 2000 to 2010 building her career in roles with increasing responsibility, ultimately holding the position of Senior Vice President and Associate General Counsel in which she led Marriott’s managed development efforts in the Americas region. Ms. Reiss serves on the Board of Directors of the American Hotel and Lodging Association and of Legal Aid DC. She earned her A.B. from Princeton University and her J.D. from Harvard Law School. | ||||||||||||
Peggy F. Roe Executive Vice President and Chief Customer Officer | 52 | Peggy Roe was appointed Executive Vice President and Chief Customer Officer in February 2023, and is responsible for overseeing development and execution of all aspects of Marriott’s global consumer strategy. Since joining Marriott in 2003, Ms. Roe has held various leadership roles focused on growth and innovation. From January 2020 to February 2023, she served as Global Officer, Customer Experience, Loyalty, and New Ventures, and from October 2013 to December 2019, she served as Chief Sales and Marketing Officer, Asia Pacific. She co-founded the Marriott Women in Leadership initiative in Asia Pacific in 2014 and is a board member of the Hong Kong chapter of the Asian University for Women. She currently leads Marriott’s Women’s Associate Resource Group. Ms. Roe is a graduate of the University of Michigan and holds a Master of Business Administration from Harvard Business School. |
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) | ||||||||||||
3.1 | Restated Certificate of Incorporation. | |||||||||||||
3.2 | Amended and Restated Bylaws. | |||||||||||||
4.1 | Form of Common Stock Certificate. | |||||||||||||
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. | |||||||||||||
4.3 | Description of Registrant’s Securities. | |||||||||||||
10.1 | U.S. $4,500,000 Sixth Amended and Restated Credit Agreement dated as of December 14, 2022 with Bank of America, N.A. as administrative agent and certain banks. | |||||||||||||
10.2.1 | License, Services and Development Agreement entered into on November 17, 2011, among the Company, Marriott Worldwide Corporation, Marriott Vacations Worldwide Corporation, and the other signatories thereto. | |||||||||||||
10.2.2 | First Amendment to License, Services, and Development Agreement for Marriott Projects, dated February 26, 2018, among the Company, Marriott Worldwide Corporation, Marriott Vacations Worldwide Corporation, and the other signatories thereto. | |||||||||||||
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) | ||||||||||||
10.2.3 | Letter of Agreement, effective as of September 1, 2018, among the Company, Marriott Worldwide Corporation, Marriott Rewards, LLC, Starwood Hotels & Resorts Worldwide, LLC, Marriott Vacations Worldwide Corporation, Marriott Ownership Resorts, Inc., Vistana Signature Experiences, Inc. and ILG, LLC. | |||||||||||||
10.2.4 | Letter of Agreement, effective as of January 1, 2022, among the Company, Marriott Worldwide Corporation, Marriott Vacations Worldwide Corporation, Starwood Hotels & Resorts Worldwide, LLC, Marriott Ownership Resorts, Inc., Vistana Signature Experiences, Inc. and ILG, LLC. | |||||||||||||
10.2.5 | Letter of Agreement, dated as of March 4, 2022, among the Company, Marriott Worldwide Corporation, Marriott Vacations Worldwide Corporation, Starwood Hotels & Resorts Worldwide, LLC, Vistana Signature Experiences, Inc. and ILG, LLC. | |||||||||||||
10.2.6 | Amendment to License, Services, and Development Agreement for Marriott Projects, dated May 19, 2022, among the Company, Marriott Worldwide Corporation, Marriott Vacations Worldwide Corporation, Starwood Hotels & Resorts Worldwide, LLC, Vistana Signature Experiences, Inc. and ILG, LLC. | |||||||||||||
10.3.1 | 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. | |||||||||||||
10.3.2 | First Amendment to License, Services, and Development Agreement for Ritz-Carlton Projects, dated February 26, 2018, among The Ritz-Carlton Hotel Company, L.L.C., Marriott Vacations Worldwide Corporation, and the other signatories thereto. | |||||||||||||
10.4.1 | Marriott Bonvoy Affiliation Agreement entered into on November 10, 2021, among the Company, Marriott Rewards, L.L.C., Marriott Vacations Worldwide Corporation and certain of its subsidiaries, Marriott Ownership Resorts, Inc., and the other signatories thereto. | |||||||||||||
†10.5 | Amended and Restated Side Letter Agreement - Program Affiliation, dated February 26, 2018, among the Company, Marriott Vacations Worldwide, and certain of their subsidiaries. | |||||||||||||
*10.6.1 | 2023 Marriott International, Inc. Stock and Cash Incentive Plan. | |||||||||||||
*10.6.2 | United Kingdom Sub-Plan of the 2023 Marriott International, Inc. Stock and Cash Incentive Plan (December 2023). | |||||||||||||
*10.7.1 | Form of Non-Employee Director Deferred Share Award Agreement for the 2023 Marriott International, Inc. Stock and Cash Incentive Plan (June 2023). | |||||||||||||
*10.7.2 | Form of Non-Employee Director Deferred Fee Award Agreement for the 2023 Marriott International, Inc. Stock and Cash Incentive Plan (June 2023). | |||||||||||||
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) | ||||||||||||
*10.8 | Form of Non-Employee Director Stock Appreciation Right Agreement for the 2023 Marriott International, Inc. Stock and Cash Incentive Plan (June 2023). | |||||||||||||
*10.9.1 | Marriott International, Inc. Stock and Cash Incentive Plan, as amended through February 13, 2014. | |||||||||||||
*10.9.2 | Amendment dated August 7, 2014 to the Marriott International, Inc. Stock and Cash Incentive Plan. | |||||||||||||
*10.9.3 | Amendment dated September 23, 2016 to the Marriott International, Inc. Stock and Cash Incentive Plan. | |||||||||||||
*10.9.4 | Amendment dated November 10, 2016 to the Marriott International, Inc. Stock and Cash Incentive Plan. | |||||||||||||
*10.9.5 | Amendment dated May 5, 2017 to the Marriott International, Inc. Stock and Cash Incentive Plan. | |||||||||||||
*10.9.6 | Amendment dated February 15, 2019 to the Marriott International, Inc. Stock and Cash Incentive Plan. | |||||||||||||
*10.9.7 | Amendment dated May 10, 2019 to the Marriott International, Inc. Stock and Cash Incentive Plan. | |||||||||||||
*10.9.8 | Amendment dated May 8, 2020 to the Marriott International, Inc. Stock and Cash Incentive Plan. | |||||||||||||
*10.10.1 | Form of MI Shares Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (March 2019). | |||||||||||||
*10.10.2 | Form of Retention Executive Restricted Stock Unit Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (March 2019). | |||||||||||||
*10.10.3 | Form of Executive Restricted Stock Unit/MI Shares Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (February 2021). | |||||||||||||
*10.10.4 | Form of MI Shares Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (February 2023). | |||||||||||||
*10.11.1 | Form of Stock Appreciation Rights Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (pre-February 2018). | |||||||||||||
*10.11.2 | Form of Stock Appreciation Rights Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (February 2018). | |||||||||||||
*10.11.3 | Form of Stock Appreciation Rights Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (March 2019). | |||||||||||||
*10.11.4 | Form of Stock Appreciation Rights Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (February 2021). | |||||||||||||
*10.11.5 | Form of Stock Appreciation Rights Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (February 2023). | |||||||||||||
*10.12.1 | Form of Non-Employee Director Deferred Fee Award Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan. | |||||||||||||
*10.12.2 | Form of Non-Employee Director Deferred Share Award Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan. | |||||||||||||
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) | ||||||||||||
*10.13.1 | Form of Non-Employee Director Stock Appreciation Right Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (Pre-May 2022). | |||||||||||||
*10.13.2 | Form of Non-Employee Director Stock Appreciation Right Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (May 2022). | |||||||||||||
*10.14.1 | Form of Performance Share Unit Award Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (March 2019). | |||||||||||||
*10.14.2 | Form of Performance Share Unit Award Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (February 2021). | |||||||||||||
*10.14.3 | Form of Performance Share Unit Award Agreement for the Marriott International, Inc. Stock and Cash Incentive Plan (February 2023). | |||||||||||||
*10.15.1 | Marriott International, Inc. Executive Deferred Compensation Plan, amended and restated as of February 11, 2022. | |||||||||||||
*10.15.2 | First Amendment to the Marriott International, Inc. Executive Deferred Compensation Plan, effective as of October 31, 2022. | |||||||||||||
*10.15.3 | Second Amendment to the Marriott International, Inc. Executive Deferred Compensation Plan, effective as of January 1, 2024. | |||||||||||||
*10.16.1 | Starwood 2013 Long-Term Incentive Compensation Plan. | |||||||||||||
*10.16.2 | Amendment dated June 29, 2016 to the Starwood 2013 Long-Term Incentive Compensation Plan. | |||||||||||||
*10.16.3 | Amendment dated September 23, 2016 to the Starwood 2013 Long-Term Incentive Compensation Plan. | |||||||||||||
*10.16.4 | Amendment dated May 5, 2017 to the Starwood 2013 Long-Term Incentive Compensation Plan. | |||||||||||||
*10.17 | Amended and Restated Aircraft Time Sharing Agreement, effective as of September 14, 2023, between Marriott International Administrative Services, Inc. and Anthony Capuano. | |||||||||||||
10.18 | Second Amended and Restated Aircraft Time Sharing Agreement, effective as of September 14, 2023, between Marriott International Administrative Services, Inc. and J. Willard Marriott, Jr. | |||||||||||||
*10.19 | Aircraft Time Sharing Agreement, effective as of February 9, 2023, between Marriott International Administrative Services, Inc. and David Marriott. | |||||||||||||
21 | Subsidiaries of Marriott International, Inc. | |||||||||||||
23 | Consent of Ernst & Young LLP. | |||||||||||||
31.1 | Certification of Chief Executive Officer Pursuant to Rule 13a-14(a). | |||||||||||||
31.2 | Certification of Chief Financial Officer Pursuant to Rule 13a-14(a). | |||||||||||||
32 | Section 1350 Certifications. | |||||||||||||
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) | ||||||||||||
97 | Marriott International, Inc. Rule 10D-1 Clawback Policy. | |||||||||||||
101 | The following financial statements from Marriott International, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2023, formatted in Inline XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Income for the year ended December 31, 2023, December 31, 2022, and December 31, 2021; (ii) the Consolidated Balance Sheets at December 31, 2023, and December 31, 2022; (iii) the Consolidated Statements of Cash Flows for the year ended December 31, 2023, December 31, 2022, and December 31, 2021; (iv) the Consolidated Statements of Comprehensive Income for the year ended December 31, 2023, December 31, 2022, and December 31, 2021; (v) the Consolidated Statements of Stockholders’ (Deficit) Equity for the year ended December 31, 2023, December 31, 2022, and December 31, 2021; and (vi) Notes to Consolidated Financial Statements. | Submitted electronically 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. | ||||||||||||
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. | ||||||||||||
104 | The cover page from Marriott International, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2023, formatted in Inline XBRL (included as Exhibit 101). | Submitted electronically with this report. |
By: | /s/Anthony G. Capuano | |||||||||||||
Anthony G. Capuano | ||||||||||||||
President and Chief Executive Officer |
PRINCIPAL EXECUTIVE OFFICER: | ||||||||
/s/Anthony G. Capuano | President, Chief Executive Officer and Director | |||||||
Anthony G. Capuano | ||||||||
PRINCIPAL FINANCIAL OFFICER: | ||||||||
/s/Kathleen K. Oberg | Chief Financial Officer and Executive Vice President, Development | |||||||
Kathleen K. Oberg | ||||||||
PRINCIPAL ACCOUNTING OFFICER: | ||||||||
/s/Felitia O. Lee | Controller and Chief Accounting Officer | |||||||
Felitia O. Lee | ||||||||
DIRECTORS: | ||||||||
/s/David S. Marriott | /s/Debra L. Lee | |||||||
David S. Marriott, Chairman of the Board | Debra L. Lee, Director | |||||||
/s/Isabella D. Goren | /s/Aylwin B. Lewis | |||||||
Isabella D. Goren, Director | Aylwin B. Lewis, Director | |||||||
/s/Deborah Marriott Harrison | /s/Margaret M. McCarthy | |||||||
Deborah Marriott Harrison, Director | Margaret M. McCarthy, Director | |||||||
/s/Frederick A. Henderson | /s/Grant F. Reid | |||||||
Frederick A. Henderson, Director | Grant F. Reid, Director | |||||||
/s/Eric Hippeau | /s/Horacio D. Rozanski | |||||||
Eric Hippeau, Director | Horacio D. Rozanski, Director | |||||||
/s/Lauren R. Hobart | /s/Susan C. Schwab | |||||||
Lauren R. Hobart, Director | Susan C. Schwab, Director | |||||||
Compensation Grade Level | |||||
For all positions other than those listed below | U.S. Grade / Market Reference Code 11 or higher Grade 53 or higher | ||||
For General Managers | U.S. Operations Grade 85 or higher | ||||
For General Managers of Marriott Select Brands (MSB) | U.S. Operations Grade 84 or higher |
Entity Name | Jurisdiction of Incorporation | ||||
1367357 Alberta ULC | Canada | ||||
14 East Fifty-Fifth Air Parcel, LLC | Delaware | ||||
14 East Fifty-Fifth Street New York LLC | Delaware | ||||
1567 Broadway Condominium | New York | ||||
315 East Dean Street Aspen LLC | Delaware | ||||
333 International, Inc. | Delaware | ||||
3387 Lenox Road LLC | Delaware | ||||
6106 East Camelback LLC | Delaware | ||||
697 Fifth Avenue New York LLC | Delaware | ||||
909 North Michigan Avenue Corporation | Delaware | ||||
9701 Collins Avenue, LLC | Delaware | ||||
Aberdeen Hotel Limited | Jersey | ||||
ACHM Gerenciamento Internacional de Hoteis do Brasil Ltda. | Brazil | ||||
ACHM Global Hospitality Licensing S.à r.l. | Luxembourg | ||||
ACHM International Management Company (French Branch) | France | ||||
ACHM International Management Company S.ar.l, Bertrange, Zurich Branch | Switzerland | ||||
ACHM International Management Company S.àr.l. | Luxembourg | ||||
Adamar International Lodging, Ltd. | Bermuda | ||||
Administracion de Empresas Starwood S de RL de SV | Mexico | ||||
Aeropuerto Shareholder, Inc. | Delaware | ||||
Aloft Hotel Management, Inc. | Delaware | ||||
Aloft International Hotel Management, Inc. | Delaware | ||||
Alpha Steam Acquisition, LLC | Delaware | ||||
Alphaventure Music Publishing Corp. | New York | ||||
Alstar Operating LLC | New York | ||||
Alstar Realty LLC | New York | ||||
AP Arabella (Pty) Ltd | South Africa | ||||
AP Mount Grace (Pty) Limited | South Africa | ||||
Atlanta Acquisition LLC | Delaware | ||||
Bal Harbour Hotel LLC | Delaware | ||||
Baltic Investment Company, L.L.C. | New Jersey | ||||
Baltimore Marriott Inner Harbor, L.L.C. | Delaware | ||||
BCN Hotel Management Company, S.L. | Spain | ||||
Berlin Marriott Hotelmanagement GmbH | Germany | ||||
Betaventure Music Publishing Corp. | New York | ||||
Blue Marble Co., Inc. | Delaware | ||||
Boston Convention Associates, LLC | Delaware | ||||
Branch of the private limited liability company "Luxury Hotels International Management Company" (Moscow Branch) | Russian Federation | ||||
Branch Office of the Private limited liability company "The Ritz-Carlton Hotel Company B.V." (Russian Branch) | Russian Federation | ||||
BW SL 1 Limited | Saint Lucia |
Entity Name | Jurisdiction of Incorporation | ||||
Camelback Country Club, Inc. (d/b/a Camelback Golf Club) | Arizona | ||||
Camelback Properties Inn, Inc. | Delaware | ||||
Canal Street Holdings, Inc. | Delaware | ||||
Capitol Employment Services, LLC | Delaware | ||||
CBM Annex, Inc. | Delaware | ||||
Centerline Georgia Investor LLC | Delaware | ||||
Charleston Marriott, LLC | Delaware | ||||
Chicago Hotel Services, LLC | Delaware | ||||
Ciga Gestioni S.r.l | Italy | ||||
CIGA Hotels GmbH | Austria | ||||
CIGA Immobiliare B.V. | Netherlands | ||||
CIGA International Management B.V. | Netherlands | ||||
Cigahotels Espana S.L.U | Spain | ||||
Cologne MH Operating Company GmbH | Germany | ||||
Colony Club (Barbados) Limited | Barbados | ||||
Colony SL 1 Limited | Saint Lucia | ||||
Columbia Courtyard, Inc. | Maryland | ||||
Companhia Palmares Hoteis E Turismo | Brazil | ||||
Corporate General, Inc. | Delaware | ||||
Courtyard Management LLC | Delaware | ||||
Crystal Cove Hotel Limited | Barbados | ||||
Crystal SL 1 Limited | Saint Lucia | ||||
CTYD III Corporation | Delaware | ||||
CY Paris Gare de Lyon Bercy SAS | France | ||||
Daphne’s Restaurant (St. Lucia) Limited | Saint Lucia | ||||
Design Hotels GmbH | Germany | ||||
Design Hotels Limited | United Kingdom | ||||
Design Hotels New York, Inc | New York | ||||
Design Hotels PTE. LTD. | Singapore | ||||
Destination Services of Scottsdale LLC | Delaware | ||||
Detroit CY, LLC. | Delaware | ||||
Detroit Hotel Services, LLC | Delaware | ||||
Detroit MHS, LLC | Delaware | ||||
Detroit Starwood, LLC | Delaware | ||||
Dominican Hotels (B.V.I.) Ltd. | Virgin Islands, British | ||||
EDITION Management LLC | Delaware | ||||
Elan Hotel Beverage Corporation | Texas | ||||
Elegant Finance (St. Lucia) Limited | Saint Lucia | ||||
Elegant Hotels (Barbados) Management Limited | Barbados | ||||
Elegant Hotels BGI Limited | Barbados | ||||
Elegant Hotels Group Limited | United Kingdom | ||||
Elegant Restaurant Ltd. | Barbados | ||||
Elegant Services (St. Lucia) Limited | Saint Lucia | ||||
Empresa de Servicios Reforma 325, S. de R.L. de C.V. | Mexico | ||||
Emstar Operating LLC | New York | ||||
Emstar Realty LLC | New York | ||||
Essex House Condominium Corporation | Delaware | ||||
F. L. Insurance Corporation | Hawaii |
Entity Name | Jurisdiction of Incorporation | ||||
Fairfield FMC, LLC | Delaware | ||||
Fifth Avenue Hotel Suites, LLC | Delaware | ||||
Fiji Cayman Holdings | Cayman Islands | ||||
FOH Holdco, LLC | Delaware | ||||
Franchise and License (Canadian) Ops Limited Partnership | Canada | ||||
Franchise System Holdings, Inc. | Delaware | ||||
Frankfurt Airport Marriott Hotel Management GmbH | Germany | ||||
Frankfurt Marriott Hotelmanagement GmbH | Germany | ||||
Galaxy Hotel Systems LLC | Delaware | ||||
Gateway Beverages, Inc. | Texas | ||||
Geyex International N.V. | Curacao | ||||
GH Hotel Operating Company Limited | United Kingdom | ||||
Global Connextions LLC | Delaware | ||||
Global Hospitality Licensing S.à r.l. | Luxembourg | ||||
Granton International, Ltd. | Virgin Islands, British | ||||
Guangzhou Gingerroot Information Technology Co., Ltd. | China | ||||
Guangzhou Starwood Customer Contact Centre Co., Ltd. | China | ||||
Hamburg Marriott Hotelmanagement GmbH | Germany | ||||
Headquarters Hotel Management, L.L.C. | New Jersey | ||||
Heidelberg Marriott Hotelmanagement GmbH | Germany | ||||
Hospitality International, Inc. | Texas | ||||
Host Restaurants, Inc. | Delaware | ||||
HOT Finance Luxembourg SARL | Luxembourg | ||||
HOT Finance Luxembourg, LLC | Delaware | ||||
HOT Global Holding SCS | Luxembourg | ||||
HOT International Finance SARL | Luxembourg | ||||
HOT International Holding S.A.R.L., Luxembourg, Zurich Branch | Switzerland | ||||
HOT International Holding SARL | Luxembourg | ||||
HOT Ventures LLC | Delaware | ||||
Hotel Gym Ventures, LLC | Delaware | ||||
Hotel Investors of Michigan, Inc. | Michigan | ||||
Hotel Investors of Nebraska, Inc. | Nebraska | ||||
Hoteles Sheraton del Peru S.A.C. | Peru | ||||
Hoteles Sheraton, S. de R.L. de C.V. | Mexico | ||||
Hudson Sheraton Corporation LLC | Delaware | ||||
Hunt Valley Courtyard, Inc. | Delaware | ||||
IDF Enterprises LLC | Delaware | ||||
Inmobiliaria Valiant, S. de R.L.de C.V. | Mexico | ||||
International Hotel Licensing Company S.à r.l, Luxembourg, Zurich Branch | Switzerland | ||||
International Hotel Licensing Company S.àr.l. | Luxembourg | ||||
International Luxury Hotels (Singapore) Pte. Limited | Singapore | ||||
International Tourism Management Services, LLC | Florida | ||||
ITT Corporation Split Dollar Life/Death Benefits Trust | New York | ||||
Japan Hospitality Service Company | Japan | ||||
Japan Hotel Management Company | Japan | ||||
Kansas Hospitality Services, Inc. | Kansas | ||||
KW Beach Suites Limited Partnership | Florida | ||||
LAX Properties, LLC | Delaware |
Entity Name | Jurisdiction of Incorporation | ||||
Luxury Hotels International Management of Saudi Arabia Limited | Saudi Arabia | ||||
Luxury Hotels International Management St. Kitts Limited | Saint Kitts and Nevis | ||||
Luxury Hotels International Management Switzerland GmbH | Switzerland | ||||
Luxury Hotels International MEA-KSA Limited | Saudi Arabia | ||||
Luxury Hotels International MEA-QFC LLC | Qatar | ||||
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 (Hong Kong Branch) | Hong Kong | ||||
Luxury Hotels International of Hong Kong Limited (Macao Branch) | Macao | ||||
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 of Tunisia SARL | Tunisia | ||||
Luxury Hotels International of Vietnam Limited | Vietnam | ||||
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 International Sweden AB | Sweden | ||||
Luxury Hotels Irish Holding Company Limited | Ireland | ||||
Luxury Hotels Management (BVI) Limited | Virgin Islands, British | ||||
Luxury Hotels Management (BVI) Limited (Guyana Branch) | Guyana | ||||
Luxury Hotels Management (BVI) Limited (Haiti Branch) | Haiti | ||||
Luxury Hotels Management (BVI) Limited Ogranak Beograd | Serbia | ||||
Luxury Hotels Management Bermuda Ltd. | Bermuda | ||||
Luxury Hotels Management Ghana Ltd | Ghana | ||||
Luxury Hotels Management MEA Limited | United Arab Emirates | ||||
Luxury Hotels Management St. Lucia Limited | Saint Lucia | ||||
Luxury Hotels of Costa Rica Management Company, Sociedad de Responsabilidad Limitada | Costa Rica | ||||
Luxury Hotels of Turks & Caicos Ltd | Turks and Caicos Islands | ||||
Luxury Hotels Uluslararasi Otel Isletmeciligi Limited Sirketi | Turkey | ||||
Luxury International Holdings of Canada, ULC | Canada | ||||
Luxury International Management Nigeria Limited | Nigeria | ||||
Luxury Lodging (CMB) Co., Ltd. | Cambodia | ||||
LUXURY MANAGEMENT COMPANY MACEDONIA DOOEL Skopje | North Macedonia, Republic of | ||||
Luxury Reservations Limited | Ireland | ||||
Luxury Residences Management International, Inc. | Delaware | ||||
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 (New Zealand Branch) | New Zealand | ||||
Luxury Swiss Management Company GmbH, Ethiopia International Contracting Office | Ethiopia | ||||
Luxury Switzerland Holding Company GmbH | Switzerland | ||||
LuxuryHotels International of Ecuador Cia. Ltda. | Ecuador | ||||
M.H.S. Realty Sales, LLC | Delaware | ||||
Maguenine SEO | New Caledonia | ||||
Malta Regional Hospitality Licensing Limited | Malta |
Entity Name | Jurisdiction of Incorporation | ||||
Manhattan Sheraton Corporation | New York | ||||
Mar Hoteis de Sao Paulo Ltda. | Brazil | ||||
Marriott (Schweiz) GmbH | Switzerland | ||||
Marriott Acquisition 2002 Subsidiary, LLC | Delaware | ||||
Marriott Acquisition 2002, LLC | Delaware | ||||
Marriott Argentina Licensing Company S.A. | Argentina | ||||
MARRIOTT BRASIL LICENCIAMENTO LTDA | Brazil | ||||
MARRIOTT BRASIL SERVICOS LTDA | Brazil | ||||
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 S.A. | Chile | ||||
Marriott Claims Services Corporation | Texas | ||||
Marriott Crystal City Manager, LLC | Delaware | ||||
Marriott Curacao N.V. | Curacao | ||||
Marriott De Honduras, Sociedad de Responsabilidad Limitada | Honduras | ||||
Marriott Ecuador Licensing Company MLC CIA LTDA | Ecuador | ||||
Marriott Fifth Avenue, LLC | Delaware | ||||
Marriott France Group Companies SAS | France | ||||
Marriott Hong Kong Limited | Hong Kong | ||||
Marriott Hospitality Entertainment, L.L.C. | Delaware | ||||
Marriott Hotel Holding GmbH | Germany | ||||
Marriott Hotel Management Company (Virgin Islands), Inc. | Virgin Islands, U.S. | ||||
Marriott Hotel Services Berlin GmbH | Germany | ||||
Marriott Hotel Services, LLC | Delaware | ||||
Marriott Hotel-Betriebsgesellschaft, m.b.H | Austria | ||||
Marriott Hotelmanagement Cologne GmbH | Germany | ||||
Marriott Hotelmanagement GmbH | Germany | ||||
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, Bolivarian Republic of | ||||
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) | Korea, Republic of | ||||
Marriott Hotels International B.V. (Seoul, South Korea Branch) | Korea, Republic of | ||||
Marriott Hotels International Limited | United Kingdom | ||||
Marriott Hotels International Limited (Belgium Branch) | Belgium | ||||
Marriott Hotels International Limited (French Branch - Liasion Office) | France | ||||
Marriott Hotels Limited | United Kingdom | ||||
Marriott Hotels Maldives Private Limited | Maldives |
Entity Name | Jurisdiction of Incorporation | ||||
Marriott Peru Licensing Company SRL | Peru | ||||
Marriott Ranch Properties, Inc. | Delaware | ||||
Marriott Rewards Subsidiary, Inc. | Delaware | ||||
Marriott Rewards, Inc. | Delaware | ||||
Marriott Rewards, LLC | Arizona | ||||
Marriott RHG Acquisition B.V./S.àr.l. | Luxembourg | ||||
Marriott Senior Holding Co. | Delaware | ||||
Marriott Sharm El Sheikh Management (Egypt Branch) | Egypt | ||||
Marriott Sharm El Sheikh Management, Inc. | Delaware | ||||
Marriott Switzerland Licensing Company GmbH | Switzerland | ||||
Marriott Switzerland Licensing Company II S.ar.l | Switzerland | ||||
Marriott Switzerland Licensing Company S.ar.l (Nevis branch) | Saint Kitts and Nevis | ||||
Marriott Trinidad & Tobago Limited | Trinidad and Tobago | ||||
Marriott Two Flags Member LLC | Delaware | ||||
Marriott Two Flags, LP | Delaware | ||||
Marriott U.S. Virgin Islands Licensing Company LLC | Virgin Islands, U.S. | ||||
Marriott UK Group Company Limited | United Kingdom | ||||
Marriott UK Management Company Limited | United Kingdom | ||||
Marriott Worldwide Corporation | Maryland | ||||
Marriott Worldwide Corporation (Jordan Branch) | Jordan | ||||
Marriott Worldwide Payroll, LLC | Delaware | ||||
Marriott Worldwide Reservation Services, LLC | Delaware | ||||
Marriott's Greenbelt Hotel Services, Inc. | Delaware | ||||
Mars Merger Sub, LLC | Delaware | ||||
MC Lodging Investment Opportunities, Inc. | Delaware | ||||
Meridien India I LLC | Delaware | ||||
Meridien India II LLC | Delaware | ||||
Meridien SAS | France | ||||
Meridien SAS, Egypt Branch | Egypt | ||||
MHS Guam, Inc. | Delaware | ||||
MHSFR II, LLC | Delaware | ||||
MHSFR, LLC | Delaware | ||||
MHSI Conference Centers of Texas, Inc. | Texas | ||||
MHSI Hawaii, LLC | Delaware | ||||
MI CBM Investor LLC | Delaware | ||||
MI Finance Company | Delaware | ||||
MI Fulfillment Services, LLC | Maryland | ||||
MI Georgia Credits, LLC | Delaware | ||||
MI Holding, L. P. | Delaware | ||||
MI Hotels of Las Vegas, Inc. | Nevada | ||||
MI Member, LLC | Delaware | ||||
MI NY Clock Tower, LLC | Delaware | ||||
MI Park 201, LLC | Delaware | ||||
MI Tenant LLC | Delaware | ||||
MI TH4 INVESTOR, LLC | Delaware | ||||
MICC (California), LLC | Delaware | ||||
MICC SPE I Corp. | Delaware | ||||
Midnight Lakeshore LLC | Delaware |
Entity Name | Jurisdiction of Incorporation | ||||
Midnight Mexico, LLC | Delaware | ||||
Midnight Midland LLC | Delaware | ||||
Midnight Oil Company, LLC | Delaware | ||||
Midnight Sky, L.L.C. | Delaware | ||||
Midnight Square, LLC | Delaware | ||||
Midnight Star, L.L.C. | Delaware | ||||
MIF, L.L.C. | Delaware | ||||
MII Conference Center, Inc. | Maryland | ||||
Mission Hills Timeshare, L.L.C. | Delaware | ||||
MQ Services Ltd. | Bermuda | ||||
MRC I Funding, LLC | Delaware | ||||
Munich CY Schwanthaler Operating Company GmbH | Germany | ||||
Nara Hospitality Service Company | Japan | ||||
North Dallas Holding Co. | Delaware | ||||
North Dallas Hotel Company | Delaware | ||||
North Wharf Restaurant (Pty) Ltd | South Africa | ||||
Operadora Marriott, S.A. de C.V. | Mexico | ||||
Osaka St. Regis Hotel Co., Ltd. | Japan | ||||
Paynes Bay Investments Limited | Barbados | ||||
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 Hazyview (Pty) Ltd | South Africa | ||||
PH Marine (Pty) Ltd | South Africa | ||||
PH Roodepoort (Pty) Ltd | South Africa | ||||
PH Victoria Junction (Pty) Ltd | South Africa | ||||
Preferred Guest, Inc. | Delaware | ||||
Protea Hotels (International) Limited | United Kingdom | ||||
Protea Hotels and Inns (Pty) Limited | South Africa | ||||
Protea Hotels Empowerment Consortium (Pty) Ltd | South Africa | ||||
PT Indo Pacific Sheraton | Indonesia | ||||
PT Luxury Hotels International Indonesia | Indonesia | ||||
PT Marriott International Indonesia | Indonesia | ||||
PT Ritz Carlton Indonesia | Indonesia | ||||
Punta Mita Holding Company, S. de R.L. de C.V. | Mexico | ||||
Ramasia International Limited | Virgin Islands, British | ||||
Ramcap SAS | France | ||||
RC Hotel Holding Company Limited | Virgin Islands, British | ||||
RC Hotel Holding Company Limited (Cayman Islands Branch) | Cayman Islands | ||||
RC Marriott II, Inc. | Delaware | ||||
RC Marriott III, Inc. | Delaware | ||||
RC Marriott, Inc. | Delaware | ||||
RC Paradise Valley Development, LLC | Delaware | ||||
RC Rose Holding Company Limited | Virgin Islands, British | ||||
RC-UK, Inc. | Delaware | ||||
REN Boston Hotel Management LLC | Delaware | ||||
REN Boston LP | Delaware | ||||
REN Boston Waterfront Hotel, LLC | Delaware |
Entity Name | Jurisdiction of Incorporation | ||||
Renaissance Cleveland Hotel, LLC | Delaware | ||||
Renaissance Cleveland IOSA, LLC | Delaware | ||||
Renaissance do Brasil Hotelaria Ltda (Development branch) | Brazil | ||||
Renaissance do Brasil Hotelaria Ltda. | Brazil | ||||
Renaissance do Brasil Hotelaria Ltda. (JW Sao Paulo branch) | Brazil | ||||
Renaissance do Brasil Hotelaria Ltda. (Porto Maravilha branch) | Brazil | ||||
Renaissance do Brasil Hotelaria Ltda. (Recife Branch) | Brazil | ||||
Renaissance do Brasil Hotelaria Ltda. (Sao Paulo Branch) | Brazil | ||||
Renaissance Dusseldorf Hotelmanagement GmbH | Germany | ||||
Renaissance Hamburg Hotelmanagement GmbH | Germany | ||||
Renaissance Hollywood Payroll Company, LLC | Delaware | ||||
Renaissance Hotel Holdings, Inc. | Delaware | ||||
Renaissance Hotel Management Company, LLC | Delaware | ||||
Renaissance Hotel Operating Company | Delaware | ||||
Renaissance Hotels International B.V. | Netherlands | ||||
Renaissance Hotels International B.V. (Kazakhstan Branch) | Kazakhstan | ||||
Renaissance Hotels International Corporation Limited | Virgin Islands, British | ||||
Renaissance Hotels International Corporation Limited (Malaysia Branch) | Malaysia | ||||
Renaissance Hotels International Corporation Limited (Philippine Branch) | Philippines | ||||
Renaissance Hotels International Management Belgium SRL | Belgium | ||||
Renaissance Hotels Marketing Services Limited | Virgin Islands, British | ||||
Renaissance International Lodging Ltd. | Bermuda | ||||
Renaissance International Lodging N.V. | Curacao | ||||
Renaissance International Management Company B.V. | Netherlands | ||||
Renaissance International, Inc. | Delaware | ||||
Renaissance International, Inc. (Egyptian Branch) | Egypt | ||||
Renaissance Le Parc SAS | France | ||||
Renaissance Oakbrook Hotel, LLC | Delaware | ||||
Renaissance Services B.V. | Netherlands | ||||
Renaissance Services B.V. (Bahrain Representative Office) | Bahrain | ||||
Renaissance Special Purposes B.V. | Netherlands | ||||
Renaissance St. Louis Grand, LLC | Delaware | ||||
Renaissance St. Louis Suites, LLC | Delaware | ||||
Residence Inn by Marriott, LLC | Delaware | ||||
RG Holdings LLC | Delaware | ||||
RHG Holding N.V. | Curacao | ||||
RHG Investments, LLC | Delaware | ||||
RHIL Limited | Hong Kong | ||||
RHOC Consolidation, LLC | Delaware | ||||
RI BWI Airport, L.L.C. | Delaware | ||||
Rio Hotel Brasil Empreendimentos Imobiliários Ltda. | Brazil | ||||
Ritz-Carlton (Virgin Islands), Inc. | Delaware | ||||
Rockville Hotel Associates LLC | Delaware | ||||
Roissy CYBM SAS | France | ||||
Ronevsorg Hotel Operating Company Limited | United Kingdom | ||||
S Collection, Inc. | Delaware | ||||
Sabrina Operators, Inc. | Wisconsin | ||||
San Diego Sheraton LLC | Delaware |
Entity Name | Jurisdiction of Incorporation | ||||
San Fernando Sheraton Corporation | Delaware | ||||
SC Orlando, L.L.C. | Delaware | ||||
Schaumberg/Oakbrook Marriott Hotels, LLC | Delaware | ||||
Scoops, Inc. | Kansas | ||||
Seattle Management LLC | Delaware | ||||
Seattle Union Street Associates LLP | Washington | ||||
Senior Living Limited Partnership | Delaware | ||||
Servicios Hoteleros Starwood Limitada | Chile | ||||
Seville Acquisition, LLC | Delaware | ||||
SF Museum Tower LLC | Delaware | ||||
Shanghai Gingerroot Enterprise Management Co., Ltd. | China | ||||
Shanghai Gingerroot Enterprise Management Co., Ltd., Beijing Branch | China | ||||
Shanghai Gingerroot Enterprise Management Co., Ltd., Guangzhou Branch | China | ||||
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 | ||||
Sheraton (Bermuda) Limited | Bermuda | ||||
Sheraton Asia-Pacific Corporation | Delaware | ||||
Sheraton Beijing LLC | Delaware | ||||
Sheraton Centre Toronto Limited Partnership | Canada | ||||
Sheraton Crescent LLC | Delaware | ||||
Sheraton de Venezuela CA | Venezuela, Bolivarian Republic of | ||||
Sheraton Florida LLC | Delaware | ||||
Sheraton Forty-Five Park LLC | Delaware | ||||
Sheraton Gaming (Peru) LLC | Delaware | ||||
Sheraton Gaming Corporation | Nevada | ||||
Sheraton Gateway Limited Partnership | Canada | ||||
Sheraton Grand Phoenix LLC | Delaware | ||||
Sheraton Hawaii Hotels Corporation | Hawaii | ||||
Sheraton Hotels (England) Ltd. | United Kingdom | ||||
Sheraton Hotels (U.K.) Limited | United Kingdom | ||||
Sheraton Intercontinental Limited | Bahamas | ||||
Sheraton Intercontinental Ltd. - Israel Branch | Israel | ||||
Sheraton International (Hong Kong) Limited | Hong Kong | ||||
Sheraton International de Mexico LLC | Delaware | ||||
Sheraton International del Paraguay S.A.C. | Paraguay | ||||
Sheraton International GmbH | Austria | ||||
Sheraton International IP, LLC | Delaware | ||||
Sheraton International, LLC | Delaware | ||||
Sheraton IPCO (Italy) LLC | Delaware | ||||
Sheraton Key West LLC | Delaware | ||||
Sheraton License Company Russia, Inc. | Delaware | ||||
Sheraton License Operating Company, LLC | Delaware | ||||
Sheraton Management Company Limited | Bahamas | ||||
Sheraton Management GmbH | Germany | ||||
Sheraton Management, LLC | Delaware | ||||
Sheraton Miami LLC | Delaware |
Entity Name | Jurisdiction of Incorporation | ||||
Sheraton Middle East Management LLC | Delaware | ||||
Sheraton New Jersey Corporation | New Jersey | ||||
Sheraton New York LLC | Delaware | ||||
Sheraton on the Park Pty Ltd | Australia | ||||
Sheraton Operating LLC | Delaware | ||||
Sheraton Overseas Company Limited | Bahamas | ||||
Sheraton Overseas Company Limited, Egypt Branch | Egypt | ||||
Sheraton Overseas Management Corporation | Delaware | ||||
Sheraton Overseas Management Corporation - Tunis Branch | Tunisia | ||||
Sheraton Overseas Management Corporation (Argentina Branch) | Argentina | ||||
Sheraton Overseas Management Corporation (Thailand Branch) | Thailand | ||||
Sheraton Overseas Technical Services LLC | Delaware | ||||
Sheraton Peachtree LLC | Delaware | ||||
Sheraton Puerto Rico Management LLC | Delaware | ||||
Sheraton San Antonio Holdings LLC | Delaware | ||||
Sheraton SGC Sub Corporation | Nevada | ||||
Sheraton Suites LLC | Delaware | ||||
Sheraton Texas LLC | Delaware | ||||
Sheraton Vermont Corporation | Vermont | ||||
Sheraton West Houston Beverage, LLC | Texas | ||||
SII Real Estate Holdings, Inc. | Delaware | ||||
SJMEC, Inc. | California | ||||
SJMFB, LLC | California | ||||
SLC Acquisition LLC | Delaware | ||||
SLC Atlanta LLC | Delaware | ||||
SLC Indianapolis LLC | Delaware | ||||
SLC Management LLC | Delaware | ||||
SLC Mexico, LLC | Delaware | ||||
SLC Operating Limited Partnership | Delaware | ||||
Socho, S.A. | Argentina | ||||
Societe des Hotels de Noumea | New Caledonia | ||||
Societe des Hotels Meridien | France | ||||
Solar International Holdings Limited | Cayman Islands | ||||
SPG Holding, Inc. | Arizona | ||||
Spice Market Holdings, Inc. | Delaware | ||||
SPRINGHILL SMC, LLC | Delaware | ||||
Square 369 Hotel Associates, LLC | Delaware | ||||
SRH Chicago LLC | Illinois | ||||
St. Francis Hotel Corporation | Delaware | ||||
St. Regis New York Holdings LLC | Delaware | ||||
St. Regis New York Operating LLC | Delaware | ||||
St. Regis San Francisco Hotel LLC | Delaware | ||||
St. Regis Sheraton LLC | Delaware | ||||
Star Real Estate Licensing LLC | Delaware | ||||
Starwood (M) France Holdings SAS | France | ||||
Starwood (M) Hotels Holding Corporation | Delaware | ||||
Starwood (M) International Inc. | Delaware | ||||
Starwood (M) Middle East I, LLC | Delaware |
Entity Name | Jurisdiction of Incorporation | ||||
Starwood (M) Middle East II, LLC | Delaware | ||||
Starwood (M) Services Company, Inc. | Delaware | ||||
Starwood (Ukraine) Management Company, Inc. | Delaware | ||||
Starwood Alfonso XIII Hotel Company, S.L.U. | Spain | ||||
Starwood Asia Pacific Hotels & Resorts Pte. Ltd. | Singapore | ||||
Starwood Asia Pacific Hotels & Resorts Pte. Ltd. (Maldives Branch) | Maldives | ||||
Starwood Aspen Realty LLC | Delaware | ||||
Starwood Atlanta Colony Square Realty LLC | Delaware | ||||
Starwood Atlantic LLC | Delaware | ||||
Starwood Australia Hotels Pty Ltd | Australia | ||||
Starwood BPP Holdings LLC | Delaware | ||||
Starwood Canada ULC | Canada | ||||
Starwood Cayman Holdings | Cayman Islands | ||||
Starwood Checkmate Holdings, Inc. | Delaware | ||||
Starwood Chicago City Center Realty LLC | Delaware | ||||
Starwood Chicago Lakeshore Realty LLC | Delaware | ||||
Starwood Chicago Special Manager I, LLC | Delaware | ||||
Starwood Chicago Special Manager II, LLC | Delaware | ||||
Starwood Chile Holdings, S.A. | Chile | ||||
Starwood CMBS I LLC | Delaware | ||||
Starwood CMBS II LLC | Delaware | ||||
Starwood Customer Contact Centre (AP) Pte. Ltd. | Singapore | ||||
Starwood Development Consulting Services (AP) Pte. Ltd. | Singapore | ||||
Starwood EAME License and Services Company BV | Belgium | ||||
Starwood EAME Services Company BV | Belgium | ||||
Starwood Edison GP Holdings LLC | Delaware | ||||
Starwood Edison LP Holdings LLC | Delaware | ||||
Starwood Egypt Management Company SAE | Egypt | ||||
Starwood ESPP Funding, Inc. | Delaware | ||||
Starwood Fiji LLC | Delaware | ||||
Starwood Finance Luxembourg SARL | Luxembourg | ||||
Starwood Flight Operations, Inc. | Pennsylvania | ||||
Starwood Holdings (HK) Limited | Hong Kong | ||||
Starwood Hong Kong Holdings | Cayman Islands | ||||
Starwood Hotel Management Company Greece S.A. | Greece | ||||
Starwood Hotels & Resorts (SEA) Sdn. Bhd. | Malaysia | ||||
Starwood Hotels & Resorts (Shanghai) Co., Ltd. | China | ||||
Starwood Hotels & Resorts (Shanghai) Co., Ltd., Beijing Branch | China | ||||
Starwood Hotels & Resorts (Shanghai) Co., Ltd., Guangzhou Branch | China | ||||
Starwood Hotels & Resorts India Private Limited | India | ||||
Starwood Hotels & Resorts Management Company, LLC | Delaware | ||||
Starwood Hotels & Resorts Worldwide, LLC | Maryland | ||||
Starwood Hotels (Thailand) Company Limited | Thailand | ||||
Starwood Hotels Japan Company | Japan | ||||
Starwood India Private Limited | India | ||||
Starwood International Finance Ltd | Ireland | ||||
Starwood International Holding SARL | Luxembourg | ||||
Starwood International Licensing Company S.ar.l | Luxembourg |
Entity Name | Jurisdiction of Incorporation | ||||
Starwood Israel Hotel Management - Israel Branch | Israel | ||||
Starwood Israel Hotel Management Inc. | Delaware | ||||
Starwood Italia S.R.L. | Italy | ||||
Starwood Lahaina LLC | Delaware | ||||
Starwood Latin America, Inc. | Delaware | ||||
Starwood Lexington Realty LLC | Delaware | ||||
Starwood Los Angeles Payroll Company, LLC | Delaware | ||||
Starwood Luxembourg Holding SARL | Luxembourg | ||||
Starwood Mexico II, LLC | Delaware | ||||
Starwood Mexico Servicios Compartidos SA de CV | Mexico | ||||
Starwood Mexico, LLC | Delaware | ||||
Starwood Nevada Holdings, LLC | Delaware | ||||
Starwood Newton Realty LLC | Delaware | ||||
Starwood Omaha Realty LLC | Delaware | ||||
Starwood Operator I LLC | Delaware | ||||
Starwood Operator II LLC | Delaware | ||||
Starwood Pacific Hotels Pty Limited | Australia | ||||
Starwood Park Ridge GP Holdings LLC | Delaware | ||||
Starwood Park Ridge LP Holdings LLC | Delaware | ||||
Starwood Philadelphia Airport Realty I LLC | Delaware | ||||
Starwood Philadelphia Airport Realty II LLC | Delaware | ||||
Starwood Rancho Mirage Fee Owner, LLC | Delaware | ||||
Starwood Reservations (Canada) Co. | Canada | ||||
Starwood Reservations LLC | Delaware | ||||
Starwood Resventure LLC | Delaware | ||||
Starwood San Francisco Aloft Realty LLC | Delaware | ||||
Starwood Seattle Sixth Avenue Realty LLC | Delaware | ||||
Starwood Services (UK) Ltd. | United Kingdom | ||||
Starwood Services Poland Sp. z.o.o. | Poland | ||||
Starwood Sierra Suites License Company, LLC | Delaware | ||||
Starwood Taiwan Co. Ltd. | Taiwan (Province of China) | ||||
Starwood Wakefield Realty LLC | Delaware | ||||
Starwood Weststate LLC | Delaware | ||||
Starwood-Charlotte Management LLC | Delaware | ||||
Stuttgart Sindelfingen Hotel Management GmbH | Germany | ||||
Suites Management LLC | Delaware | ||||
SW Business Services, LLC | Arizona | ||||
Tamarind Cove Hotel Co. Limited | Barbados | ||||
Tamcove SL 1 Limited | Saint Lucia | ||||
The Dining Room Corporation | Georgia | ||||
The House SL 1 Limited | Saint Lucia | ||||
The R.C. Management Company of Mexico, S.A. de C.V. | Mexico | ||||
The Ritz-Carlton Hotel Company (Berlin) GmbH | Germany | ||||
The Ritz-Carlton Hotel Company B.V. | Netherlands | ||||
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 |
Entity Name | Jurisdiction of Incorporation | ||||
The Ritz-Carlton Hotel Company of Mexico, S.A. de C.V. | Mexico | ||||
The Ritz-Carlton Hotel Company of Puerto Rico, Inc. | Delaware | ||||
The Ritz-Carlton Hotel Company of Qatar Limited | Qatar | ||||
The Ritz-Carlton Hotel Company of Singapore Pte Ltd | Singapore | ||||
The Ritz-Carlton Hotel Company of the Cayman Islands, Ltd. | Cayman Islands | ||||
The Ritz-Carlton Hotel Company, L.L.C. | Delaware | ||||
The Ritz-Carlton Hotel Company, L.L.C. (Egyptian Branch) | Egypt | ||||
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 Management GmbH | Germany | ||||
The Ritz-Carlton International Construction Services, Inc. | Delaware | ||||
The Ritz-Carlton International Licensing Company B.V. | Netherlands | ||||
The Ritz-Carlton International Licensing Company, LLC | Delaware | ||||
The Ritz-Carlton International Management Company B.V. | Netherlands | ||||
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 Residences Management Company LLC | Delaware | ||||
The Ritz-Carlton Residential Management Company of Singapore Pte. Ltd. | Singapore | ||||
The Sheraton LLC | Delaware | ||||
The Westin Building Company | Washington | ||||
Tokyo Hospitality Service Company | Japan | ||||
Torriam Hotel Operating Company Limited | Ireland | ||||
Torriam International Lodging N.V. | Curacao | ||||
Toulouse Operating Company SAS | France | ||||
TownePlace Management, LLC | Delaware | ||||
Townhouse Management Realty LLC | Delaware | ||||
Transamerican Hoteles, S.A.S | Dominican Republic | ||||
Treasure SL 1 Limited | Saint Lucia | ||||
Treasure SL 1 Limited. (Barbados Branch) | Barbados | ||||
Tribute Portfolio IP, LLC | Delaware | ||||
TSQ2, LLC | Delaware | ||||
Turtle Beach Resort Limited | Barbados | ||||
Turtle SL 1 Limited | Saint Lucia | ||||
Victory Beverages, Inc | Texas | ||||
W Atlanta Buckhead Beverage LLC | Delaware | ||||
W Atlanta Midtown Beverage, LLC | Delaware | ||||
W Hotel Limited Partnership | Canada | ||||
W Hotel Management, Inc. | Delaware | ||||
W Hotels Management, LLC | Delaware | ||||
W Hotels Music LLC | Delaware | ||||
W Hotels Real Estate, LLC | Delaware | ||||
W Hotels TCI GP Ltd. | Turks and Caicos Islands | ||||
W Hotels Turks & Caicos LP | Turks and Caicos Islands | ||||
W International Hotel Management, Inc. | Delaware | ||||
W International Inc. | Delaware | ||||
W IPCO (Italy) LLC | Delaware |
Entity Name | Jurisdiction of Incorporation | ||||
W Leicester Square Ltd. | United Kingdom | ||||
W Miami Beach Holdings LLC | Delaware | ||||
W Montreal Opco Inc. | Canada | ||||
W Operating Company LLC | Delaware | ||||
W PR Management LLC | Delaware | ||||
W San Diego Hotel, LLC | Delaware | ||||
W Scottsdale Beverage LLC | Delaware | ||||
W Turks & Caicos GP, LLC | Delaware | ||||
Washington Sheraton LLC | Delaware | ||||
Water Acquisition, LLC | Delaware | ||||
Waves Hotel Limited | Barbados | ||||
Waves SL 1 Limited | Saint Lucia | ||||
WEC 99C-1 LLC | Delaware | ||||
WEC 99C-10 LLC | Delaware | ||||
WEC 99C-11 LLC | Delaware | ||||
WEC 99C-12 LLC | Delaware | ||||
WEC 99C-13 LLC | Delaware | ||||
WEC 99C-14 LLC | Delaware | ||||
WEC 99C-2 LLC | Delaware | ||||
WEC 99C-3 LLC | Delaware | ||||
WEC 99C-4 LLC | Delaware | ||||
WEC 99C-5 LLC | Delaware | ||||
WEC 99C-6 LLC | Delaware | ||||
WEC 99C-7 LLC | Delaware | ||||
WEC 99C-8 LLC | Delaware | ||||
WEC 99C-9 LLC | Delaware | ||||
West Virginia Marriott Hotels, Inc. | West Virginia | ||||
Western Host, Inc. | California | ||||
Westin 200, Inc. | Delaware | ||||
Westin Arizona LLC | Delaware | ||||
Westin Aruba Hotel Advisors, LLC | Delaware | ||||
Westin Aruba Hotel Management LLC | Delaware | ||||
Westin Asia Management Co., LLC | Delaware | ||||
Westin Asset Management Co. | Delaware | ||||
Westin Beverage Services LLC | Texas | ||||
Westin Birmingham Operator, LLC | Delaware | ||||
Westin Chicago at North River Payroll Company | Delaware | ||||
Westin CP Beverage Company, Inc. | Delaware | ||||
Westin Crown Plaza Hotel Company | Delaware | ||||
Westin DIA Operator, LLC | Delaware | ||||
Westin Hotel Management, L.P. | Delaware | ||||
Westin Hotels Ireland Ltd. | Ireland | ||||
Westin Hotels Management, LLC | Delaware | ||||
Westin Hotels PRC, LLC | Delaware | ||||
Westin International (Malta) Limited | Malta | ||||
Westin International Europe B.V. | Netherlands | ||||
Westin IPCO (Italy) LLC | Delaware | ||||
Westin Kierland, LLC | Delaware |
Entity Name | Jurisdiction of Incorporation | ||||
Westin License Holding, LLC | Delaware | ||||
Westin Montreal Airport Hotel Company | Delaware | ||||
Westin O'Hare Hotel Company | Delaware | ||||
Westin Ontario (London) Hotel Company | Delaware | ||||
Westin Operator, LLC | Delaware | ||||
Westin Ottawa Management Co., LLC | Delaware | ||||
Westin Portland L.L.C. | Delaware | ||||
Westin Realty Corp. | Delaware | ||||
Westin River North, Chicago Beverage Company | Delaware | ||||
Westin San Antonio Resort Company | Delaware | ||||
Westin Savannah Holdings, LLC | Delaware | ||||
Westin St. Lucia Management LLC | Delaware | ||||
Westin Two Hundred L.L.C. | Delaware | ||||
Westin Washington Operator L.L.C. | Delaware | ||||
Wetbar New York, LLC | Delaware | ||||
WHC Payroll Company | Nevada | ||||
Whiskey Blue Boston, LLC | Delaware | ||||
Whiskey Blue New Orleans, LLC | Delaware | ||||
WHLP Acquisition, LLC | Delaware | ||||
WHR Colorado Beverage Company | Delaware | ||||
WHR Ireland Holding Company Ltd. | Ireland | ||||
Windward Investments Limited | Barbados | ||||
Witty Restaurant Group, Inc. | Delaware | ||||
Worldwide Franchise Systems, Inc. | Delaware | ||||
Yokohama Hospitality Service Company | Japan |
/s/ Ernst & Young LLP |
February 13, 2024 | /s/ Anthony G. Capuano | ||||
Anthony G. Capuano President and Chief Executive Officer (Principal Executive Officer) |
February 13, 2024 | /s/ Kathleen K. Oberg | ||||
Kathleen K. Oberg Chief Financial Officer and Executive Vice President, Development (Principal Financial Officer) |
February 13, 2024 | /s/ Anthony G. Capuano | ||||
Anthony G. Capuano President and Chief Executive Officer (Principal Executive Officer) |
February 13, 2024 | /s/ Kathleen K. Oberg | ||||
Kathleen K. Oberg Chief Financial Officer and Executive Vice President, Development (Principal Financial Officer) |