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MAR $244.06

MAR target price
244.06
0
190
Marriott Internationals, Inc.
Type
Public
Traded as
  • NASDAQ: MAR
  • NASDAQ-100 component
  • S&P 500 component
Industry Hospitality
Founded 1927; 90 years ago (1927)
Washington, D.C., U.S.
Headquarters Bethesda, Maryland, U.S.
Area served
Worldwide
Key people
Bill Marriott
(Executive Chairman)
Arne Sorenson
(President and CEO)
Products Hotels, resorts
Revenue Increase US$ 14.486 billion (2015)
Net income
Increase US$ 859 million (2015)
Owner Marriott family (25%)
Number of employees
199,929 (July 2013)
Subsidiaries Marriott
Starwood
Ritz-Carlton
Website marriott.com

Marriott International, Inc. (NASDAQ: MAR) is an American multinational diversified hospitality company that manages and franchises a broad portfolio of hotels and related lodging facilities. Founded by J. Willard Marriott, the company is now led by his son, Executive Chairman Bill Marriott, and President and Chief Executive Officer Arne Sorenson.

Marriott International is headquartered in Bethesda, Maryland, in the Washington, DC metropolitan area. It has more than 5700 properties in over 110 countries and territories around the world, over 1.2 million rooms (as of September 2016), and additional 195,000 rooms in the development pipeline. In 2017, Marriott was ranked #33 on Fortune's "100 Best Companies to Work For" list, its twentieth appearance on the list.

Marriott was founded by John Willard Marriott in 1927 when he and his wife, Alice Sheets Marriott, opened a root beer stand in Washington, D.C. As a Mormon missionary in the humid summers in Washington, D.C, Marriott was convinced that what residents of the city needed was a place to get a cool drink. The Marriotts later expanded their enterprise into a chain of Hot Shoppes restaurants and the company went public in 1953 as Hot Shoppes, Inc.

The company opened its first hotel, the Twin Bridges Marriott Motor Hotel, in Arlington, Virginia, in 1957. Their second hotel, the Key Bridge Marriott in the Rosslyn neighborhood of the same city, is Marriott International’s longest continuously operating hotel, and celebrated its 50th anniversary in 2009. Their son, J.W. (Bill) Marriott, Jr., led the company to spectacular worldwide growth during his more than 50-year career. In March 2012, at age 80, he turned the CEO responsibilities over to Arne Sorenson, while he assumed the title of Executive Chairman.

Hot Shoppes, Inc. was renamed the Marriott Corporation in 1967.

The company opened two theme parks in 1976. One Marriott's Great America was located outside Chicago, the other Marriott's Great America was located outside San Francisco. Marriott sold both properties in 1984.

Marriott International was formed in 1993 when the Marriott Corporation split into two companies, Marriott International and Host Marriott Corporation. In 1995, Marriott was the first hotel company worldwide to offer guests the option to book reservations online, via the company's implementation of MARSHA (Marriott's Automatic Reservation System for Hotel Accommodations).

In April 1995, Marriott International acquired a 49% interest in Ritz-Carlton Hotel Company LLC. Marriott International believed that it could increase sales and profit margins for The Ritz-Carlton, a troubled chain with a significant number of properties either losing money or barely breaking even. The cost to Marriott was estimated to have been about $200 million in cash and assumed debt. The next year, Marriott spent $331 million to take over The Ritz-Carlton, Atlanta and buy a majority interest in two properties owned by William Johnson, a real estate developer who had purchased The Ritz-Carlton, Boston in 1983 and expanded his Ritz-Carlton holdings over the next twenty years.

The Ritz-Carlton began expansion into the lucrative timeshare market and undertook other new initiatives made financially possible by the deep pockets of Marriott, which also lent its own in-house expertise in certain areas. There were other benefits for Ritz-Carlton flowing from its relationship with Marriott, such as being able to take advantage of the parent company's reservation system and buying power. The partnership was solidified in 1998 when Marriott acquired a majority ownership of The Ritz-Carlton. Today, there are 81 Ritz-Carlton properties around the world.

The Marriott World Trade Center was destroyed during the September 11, 2001 attacks.

In 2002 Marriott International began a major restructuring by spinning off many Senior Living Services Communities (which is now part of Sunrise Senior Living) and Marriott Distribution Services, so that it could focus on hotel ownership and management. The changes were completed in 2003.

Marriott International owned Ramada International Hotels & Resorts until its sale on September 15, 2004 to Cendant.

In 2005, Marriott International and Marriott Vacation Club International comprised two of the 53 entities that contributed the maximum of $250,000 to the second inauguration of President George W. Bush.

On July 19, 2006, Marriott announced that all lodging buildings it operated in the United States and Canada would become non-smoking beginning September 2006. "The new policy includes all guest rooms, restaurants, lounges, meeting rooms, public space and employee work areas."

There were bombings at the Islamabad Marriott in 2008 and at the Jakarta Marriott in 2009.

On November 11, 2010, Marriott announced plans to add over 600 hotel properties by 2015. The bulk of the additions will be in emerging markets: India, where it plans to have 100 hotel properties, China, and Southeast Asia.

On January 21, 2011, Marriott said that pornography would not be included in the entertainment offered at new hotels, which will use an internet-based video on demand system.

On December 13, 2011, J.W. Marriott, Jr. announced he would be stepping down as CEO of the company, while assuming the role of executive chairman. It was announced that Arne Sorenson would be taking over as CEO as of March 2012.

U.S. Republican presidential candidate Mitt Romney released his 2011 federal income taxes on September 21, 2012, showing that he declared $260,390 in director's fees from Marriott International, despite the fact that news was released on January 13, 2011, that he had already stepped down from the Marriott International board to run for president. His had released 2010 tax returns showed earnings in 2010 of $113,881 in director's fees from Marriott. In February 2012, Bloomberg reported on Romney's years overseeing tax matters for Marriott, which had included several "scams" (quoting Sen. John McCain) and legal actions brought against Marriott, which Marriott lost in court, over its manipulations of the U.S. Tax Code.

In December 2012, Guinness World Records recognized the five-star JW Marriott Marquis Hotel Dubai as the world's tallest hotel.

On October 3, 2014 the US Federal Communications Commission (FCC) fined Marriott $600,000 for unlawful use of a "containment" feature of a Wi-Fi monitoring system to deliberately interfere with client-owned networks in the convention space of its Gaylord Opryland Resort & Convention Center in Nashville. The scheme disrupted operation of clients' mobile telephone hotspots by sending fraudulent Wi-fi de-authentication packets. Marriott International, Inc., the American Hotel and Lodging Association and Ryman Hospitality Properties responded by unsuccessfully petitioning the FCC to change the rules to allow them to continue the wilful jamming of client-owned networks, a position which they were forced to abandon in early 2015 in response to backlash from clients, mainstream media, major technology companies and national mobile carriers. The incident drew unfavorable publicity to Marriott's practice of charging transient lodgers $13–15/day for wi-fi connections, routinely included in the base price at most discount chains, and to exorbitant wi-fi fees (typically $250–1000 per device) charged to convention-goers at a time when the $2.25 billion annually in ever-increasing "incidental fees" charged by US-based hotels to their lodgers was already drawing criticism and negative media coverage.

On January 27, 2015, Marriott acquired Canadian hotel chain Delta Hotels. Delta operates 40 hotels in Canada.

On November 16, 2015, Marriott announced the acquisition of Starwood Hotels and Resorts Worldwide for $13 billion. A competing offer for Starwood at $14 billion from a consortium led by China's Anbang Insurance Group was announced March 3, 2016, moving Starwood to cease the deal with Marriott and pursue the offer from Anbang Insurance Group. After Marriott raised its bid to $13.6 billion on March 21, Starwood terminated the Anbang agreement and proceeded again with the merger with Marriott. Following all necessary regulatory approvals in the United States and around the world over the course of 2016, Marriott closed the merger with Starwood on September 23, 2016, creating the world's largest hotel company with over 5700 properties, 1.1 million rooms, and a new portfolio of 30 brands.

The Starwood acquisition gives Marriott a larger non-US presence; approximately 75% of Starwood’s revenues are from foreign markets. The acquisition is the largest of its sort since 2007, when Blackstone acquired Hilton for $26 billion. There is a $400 million breakup fee if the transaction is not completed. Executives noted that total transaction and integration expenditures may exceed $100 million.

Marriott is the first hotel chain to serve food that is completely free of trans fats at all of its North American properties.

The hotel is noted for providing copies of the Book of Mormon in addition to the Holy Bible in its rooms.

As of September 23, 2016, Marriott operates 30 brands internationally.

Marriott developed three theme parks, of which two theme parks were opened. They operated as Marriott's Great America from 1976 until 1984. The parks were located in Gurnee, Illinois; Santa Clara, California; and a proposed but never-built location in the Washington, DC area, and were themed celebrating American history. The American-themed areas under Marriott's tenure of ownership included "Carousel Plaza" (the first section beyond the main gates); small-town-themed "Hometown Square"; "The Great Midwest Livestock Exposition At County Fair" with a Turn of the Century rural-fair theme; "Yankee Harbor", inspired by a 19th-century New England port; "Yukon Territory," resembling a Canadian/Alaskan logging camp; and the French Quarter-modeled "Orleans Place". At opening, the parks had nearly identical lay-outs.

In 1984, Marriott disposed of its theme park division; both parks were sold and today are associated with national theme park chains. The Gurnee location was sold to Six Flags Theme Parks where it operates today as Six Flags Great America. The Santa Clara location was sold to the City of Santa Clara, who retained the underlying property and sold the park to Kings Entertainment Company, renamed Paramount Parks in 1993. From 1993 to 2006, the Santa Clara location was known as Paramount's Great America. In 2006, Paramount Parks was acquired by Cedar Fair Entertainment Company; the Santa Clara park operates today as California's Great America. In the years after their sale, the layouts of the parks have diverged substantially.

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q3 2022 2022-11-03 1.69 1.69
Q2 2023 2022-08-02 1.80 1.80
Q2 2022 2022-08-02 1.80 1.80
Q1 2023 2022-05-04 1.25 1.25
Q1 2022 2022-05-04 1.25 1.25
Q4 2022 2022-02-15 1.30 1.30
Q4 2021 2022-02-15 1.30 1.30
Q3 2021 2021-11-03 0.99 0.99
Q2 2021 2021-08-03 0.79 0.79
Q1 2021 2021-05-10 0.10 0.10

Ratings

2016-07-06 Initiated Coverage Wolfe Research Market Perform
2016-06-30 Upgrade Evercore ISI Hold to Buy $75.00
2016-05-20 Reiterated Rating Bank of America Buy $76.00 to $75.00
2016-05-20 Reiterated Rating Bank of America Corp. Buy $76.00 to $75.00
2016-05-04 Reiterated Rating Canaccord Genuity Buy $84.00 to $82.00
2016-04-29 Boost Price Target Telsey Advisory Group Market Perform $72.00 to $74.00
2016-04-28 Reiterated Rating Jefferies Group Sell
2016-04-28 Reiterated Rating Bank of America Buy
2016-04-20 Downgrade Raymond James Outperform to Market Perform
2016-04-20 Downgrade Raymond James Financial Inc. Outperform to Market Perform
2016-03-31 Reiterated Rating Robert W. Baird Hold
2016-03-29 Reiterated Rating Susquehanna Buy $87.00 to $86.00
2016-03-28 Downgrade Robert W. Baird Outperform to Neutral $52.00 to $76.00
2016-03-23 Reiterated Rating Berenberg Bank Buy $90.00 to $86.00
2016-03-22 Reiterated Rating Goldman Sachs Neutral $59.00
2016-03-22 Lower Price Target Susquehanna Positive $88.00 to $87.00
2016-03-22 Reiterated Rating Goldman Sachs Group Inc. Neutral $59.00
2016-03-21 Lower Price Target Canaccord Genuity Buy $84.00 to $82.00
2016-03-15 Boost Price Target Susquehanna Positive $77.00 to $88.00
2016-02-22 Lower Price Target Barclays Equal Weight $77.00 to $74.00
2016-02-22 Lower Price Target Barclays PLC Equal Weight $77.00 to $74.00
2016-02-19 Boost Price Target Nomura Buy $73.00 to $75.00
2016-02-19 Lower Price Target Credit Suisse $90.00 to $85.00
2016-02-19 Boost Price Target Nomura Holdings Inc. Buy $73.00 to $75.00
2016-02-19 Lower Price Target Credit Suisse Group AG $90.00 to $85.00
2016-02-18 Reiterated Rating SunTrust Buy
2016-02-18 Reiterated Rating Raymond James Buy
2016-02-18 Reiterated Rating JPMorgan Chase & Co. Buy
2016-02-18 Reiterated Rating SunTrust Banks Inc. Buy
2016-02-17 Reiterated Rating Canaccord Genuity Buy $88.00
2016-02-16 Lower Price Target Robert W. Baird $83.00 to $73.00
2016-02-16 Lower Price Target Morgan Stanley $75.00 to $73.00
2016-02-16 Lower Price Target Jefferies Group Underperform $61.00 to $56.00
2016-02-16 Reiterated Rating Jefferies Underperform $61.00 to $56.00
2016-02-03 Downgrade Wells Fargo Outperform to Market Perform
2016-02-03 Downgrade Wells Fargo & Co. Outperform to Market Perform
2016-01-29 Lower Price Target Susquehanna Positive $90.00 to $77.00
2016-01-19 Lower Price Target Evercore ISI $77.00 to $70.00
2016-01-14 Downgrade MKM Partners Buy to Neutral $100.00 to $61.00
2016-01-04 Initiated Coverage Telsey Advisory Group Market Perform $72.00
2016-01-04 Reiterated Rating Macquarie Hold
2015-12-29 Reiterated Rating Macquarie Hold $83.00
2015-12-18 Lower Price Target Barclays Equal Weight $79.00 to $77.00
2015-12-08 Initiated Coverage Berenberg Bank Buy $90.00
2015-12-04 Upgrade Canaccord Genuity Hold to Buy $83.00 to $88.00
2015-11-30 Boost Price Target Susquehanna Positive $86.00 to $90.00
2015-11-30 Downgrade Evercore ISI Buy to Hold $88.00 to $79.00
2015-11-16 Reiterated Rating Canaccord Genuity Hold $83.00
2015-11-04 Lower Price Target RBC Capital Outperform $90.00 to $88.00
2015-11-04 Lower Price Target Royal Bank Of Canada Outperform $90.00 to $88.00
2015-11-02 Boost Price Target Evercore ISI Buy $84.00 to $88.00
2015-10-30 Boost Price Target Canaccord Genuity $77.00 to $83.00
2015-10-29 Reiterated Rating Canaccord Genuity Hold $77.00
2015-10-26 Lower Price Target Nomura Buy $95.00 to $84.00
2015-10-21 Boost Price Target JPMorgan Chase & Co. $92.00 to $93.00
2015-10-19 Reiterated Rating Jefferies Group Sell
2015-10-16 Lower Price Target Jefferies Group $61.00
2015-10-13 Upgrade JMP Securities Buy
2015-10-13 Lower Price Target Morgan Stanley $79.00 to $78.00
2015-09-24 Upgrade SunTrust Neutral to Buy $80.00 to $92.00
2015-09-22 Lower Price Target Deutsche Bank Hold $84.00 to $73.00
2015-09-22 Lower Price Target Deutsche Bank AG Hold $84.00 to $73.00
2015-09-20 Reiterated Rating JPMorgan Chase & Co. Overweight
2015-09-10 Lower Price Target Canaccord Genuity $78.00 to $77.00
2015-09-08 Reiterated Rating Evercore ISI Buy $91.00 to $90.00
2015-08-12 Reiterated Rating Deutsche Bank Hold $84.00
2015-08-12 Downgrade Barclays Overweight to Equal Weight $89.00 to $79.00
2015-08-05 Upgrade Evercore Partners Inc. Hold to Buy $85.00 to $91.00
2015-08-05 Upgrade Evercore ISI Hold to Buy $85.00 to $91.00
2015-08-03 Reiterated Rating MLV & Co. Hold $78.00
2015-07-24 Reiterated Rating Brean Capital Hold
2015-07-14 Initiated Coverage Canaccord Genuity Hold $78.00
2015-06-25 Initiated Coverage Brean Capital Hold $83.00
2015-06-09 Reiterated Rating Evercore ISI Hold $90.00 to $87.00
2015-05-09 Reiterated Rating JPMorgan Chase & Co. Overweight $94.00 to $95.00
2015-05-01 Boost Price Target Barclays Overweight $88.00 to $89.00
2015-04-30 Reiterated Rating MLV & Co. Hold $85.00
2015-04-22 Upgrade MKM Partners Neutral to Buy $89.00 to $100.00
2015-03-13 Reiterated Rating Credit Suisse Outperform $93.00
2015-03-03 Initiated Coverage RBC Capital Outperform $94.00
2015-02-23 Boost Price Target Argus Buy $86.00 to $96.00
2015-02-20 Upgrade S&P Equity Research Buy
2015-02-20 Boost Price Target JPMorgan Chase & Co. Overweight $90.00 to $94.00
2015-02-20 Boost Price Target Barclays Overweight $85.00 to $88.00
2015-02-20 Boost Price Target Credit Suisse Outperform $84.00 to $91.00
2015-02-19 Boost Price Target JMP Securities Market Outperform $86.00 to $94.00
2015-02-18 Set Price Target MLV & Co. Hold $84.00
2015-02-04 Downgrade Robert W. Baird Outperform to Neutral $76.00
2014-12-18 Initiated Coverage Evercore ISI Hold $79.00
2014-12-15 Boost Price Target Citigroup Inc. Buy $76.00 to $88.00
2014-11-17 Downgrade UBS Buy to Neutral $78 to $72
2014-10-30 Reiterated Rating Barclays Overweight $70.00 to $85.00
2014-10-30 Reiterated Rating JMP Securities Market Outperform $82.00 to $86.00
2014-10-30 Reiterated Rating Jefferies Group Underperform $45.00 to $58.00
2014-10-29 Boost Price Target MKM Partners Neutral $67.00 to $80.00
2014-10-03 Reiterated Rating Citigroup Inc. Buy $61.00 to $76.00
2014-09-10 Boost Price Target Susquehanna $76.00 to $84.00
2014-09-09 Reiterated Rating Telsey Advisory Group $68.00
2014-09-09 Reiterated Rating FBR & Co. Outperform $73.00 to $76.00
2014-09-09 Boost Price Target Credit Suisse Outperform $74.00 to $80.00
2014-09-09 Reiterated Rating FBR & Co Outperform $73.00 to $76.00
2014-09-04 Boost Price Target JPMorgan Chase & Co. Overweight $74.00 to $84.00
2014-07-31 Reiterated Rating Raymond James Outperform $65.00 to $72.00
2014-07-31 Reiterated Rating Barclays Overweight $62.00 to $70.00
2014-07-31 Boost Price Target SunTrust Neutral $59.00 to $63.00
2014-07-31 Reiterated Rating MLV & Co. Hold $67.00 to $64.00
2014-07-31 Boost Price Target FBR & Co. Outperform $66.00 to $76.00
2014-07-30 Boost Price Target MKM Partners Neutral $60.00 to $67.00
2014-07-30 Reiterated Rating Jefferies Group Market Outperform $65.00 to $71.00
2014-07-23 Boost Price Target Susquehanna $67.00 to $76.00
2014-07-09 Reiterated Rating Deutsche Bank Hold $58.00 to $60.00
2014-07-08 Boost Price Target Argus Buy $70.00 to $75.00
2014-06-27 Initiated Coverage Cleveland Research Neutral
2014-06-18 Reiterated Rating JPMorgan Chase & Co. Overweight $65.00 to $70.00
2014-06-11 Downgrade Macquarie Outperform to Neutral $60.00 to $65.00
2014-05-30 Boost Price Target Nomura $63.00 to $74.00
2014-05-09 Boost Price Target Argus Buy $64.00 to $70.00
2014-05-07 Downgrade Morgan Stanley Overweight to Equal Weight
2014-05-06 Reiterated Rating MKM Partners Fair Value $55.00 to $60.00
2014-05-01 Reiterated MLV & Co Hold $55 to $59
2014-05-01 Reiterated Rating Raymond James Outperform $65.00
2014-05-01 Reiterated Rating FBR & Co. Outperform $66.00
2014-05-01 Boost Price Target MLV & Co. Hold $55.00 to $59.00
2014-04-30 Boost Price Target JMP Securities Outperform $60.00 to $65.00
2014-04-28 Downgrade SunTrust Buy to Neutral $59.00
2014-04-22 Set Price Target Telsey Advisory Group Not Rated $51.00 to $60.00
2014-04-04 Boost Price Target Credit Suisse Outperform $55.00 to $60.00
2014-03-28 Boost Price Target FBR & Co. $54.00 to $59.00
2014-03-24 Boost Price Target JPMorgan Chase & Co. $3.00 to $63.00
2014-03-21 Boost Price Target Robert W. Baird $52.00 to $58.00
2014-03-10 Boost Price Target Jefferies Group $41.00 to $45.00
2014-03-03 Boost Price Target Argus Buy $54.00 to $64.00
2014-02-25 Boost Price Target BMO Capital Markets Market Perform $53.00 to $57.00
2014-02-24 Upgrade Raymond James Market Perform to Outperform $60.00
2014-02-21 Boost Price Target MLV & Co. Hold $50.00 to $55.00
2014-02-21 Boost Price Target Telsey Advisory Group Not Rated $47.00 to $51.00
2014-02-18 Boost Price Target Nomura $57.00 to $61.00
2014-01-21 Upgrade Morgan Stanley Equal Weight to Overweight $45.00 to $62.00
2014-01-21 Upgrade Barclays Equal Weight to Overweight $45.00 to $58.00
2014-01-13 Upgrade JPMorgan Chase & Co. Neutral to Overweight $58.00
2014-01-13 Downgrade Jefferies Group Hold to Underperform
2013-12-18 Boost Price Target MKM Partners Neutral $50.00 to $55.00
2013-12-16 Boost Price Target Nomura Positive $57.00
2013-11-21 Reiterated Rating Argus Buy $54.00
2013-11-18 Upgrade Ned Davis Research Neutral to Buy
2013-11-06 Boost Price Target Argus Buy $50.00 to $54.00
2013-11-01 Boost Price Target JPMorgan Chase & Co. Neutral $43.50 to $49.00
2013-11-01 Boost Price Target FBR & Co. Outperform $48.00 to $54.00
2013-11-01 Boost Price Target Deutsche Bank Hold $40.00 to $47.00
2013-11-01 Boost Price Target Barclays Equal Weight $40.00 to $45.00
2013-11-01 Boost Price Target Telsey Advisory Group Not Rated $41.00 to $47.00
2013-10-31 Boost Price Target Cantor Fitzgerald Buy $49.00 to $51.00
2013-10-29 Boost Price Target Susquehanna Positive $48.00 to $52.00
2013-10-23 Initiated Coverage Morgan Stanley Equal Weight
2013-10-22 Reiterated Rating Credit Suisse Focus List $50.00
2013-10-22 Downgrade MKM Partners Buy to Neutral $50.00
2013-05-03 Reiterated MLV & Co Hold $42 to $45
2013-01-14 Reiterated Cantor Fitzgerald Buy $44 to $48
2016-07-06 Initiated Coverage Wolfe Research Market Perform
2016-06-30 Upgrade Evercore ISI Hold to Buy $75.00
2016-05-20 Reiterated Rating Bank of America Buy $76.00 to $75.00
2016-05-20 Reiterated Rating Bank of America Corp. Buy $76.00 to $75.00
2016-05-04 Reiterated Rating Canaccord Genuity Buy $84.00 to $82.00

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks
MARRIOTT RICHARD E 4.21%  (12223365) HST / MAR / VAC /
MARRIOTT JOHN W III 13D Group Owning more than 10% 0.19%  (543907) MAR / VAC /
Juliana B. Marriott Marital Trust Member of a 10% Group 0.16%  (473896) MAR /
Marriott Juliana B. Member of a 10% Group 0.16%  (473896) MAR / VAC /
MARRIOTT J W JR Chairman of the Board 0.07%  (203286) MAR / VAC /
PEARCE HARRY J 0.03%  (93217) MAR / MDU /
Ryan Edward A EVP & Gen. Counsel 0.02%  (61956) MAR /
Harrison Deborah Marriott Member of 13(d) group 0.02%  (58993) MAR / VAC /
Capuano Anthony EVP- Chief Development Officer 0.02%  (49762) MAR /
COOPER SIMON Pres/Mgn. Dir Asia Pacific 0.02%  (44270) MAR /
SORENSON ARNE M President & CEO 0.01%  (40253) MAR / MSFT /
BERQUIST CARL T EVP & CFO 0.01%  (33031) BECN / HTZ / MAR /
DUNCAN BRUCE W 0.01%  (31900) BXP / FR / HOT / MAR /
HIPPEAU ERIC 0.01%  (29382) HOT / MAR /
MCCARTHY ROBERT EVP & COO 0.01%  (29197) MAR / SC /
LEE DEBRA L 0.01%  (28598) MAR / REV / WGL /
McPherson Amy Pres Mgn Dir European Ldg 0.01%  (25760) MAR / PVH /
Bauduin Val Controller & CAO 0.01%  (24466) MAR /
Reiss Rena Hozore EVP & General Counsel 0.01%  (22881) H / MAR /
Smith Craig S. Pres. Mgn. Dir. Asia Pacific 0.01%  (20477) MAR /
KELLNER LAWRENCE W 0.01%  (18962) ACE / BA / CB / MAR / SABR /
Grissen David Pres. Americas Division 0.01%  (17277) MAR / RGS /
Linnartz Stephanie EVP, Chf. Mktg. & Com. Officer 0.01%  (16446) MAR /
Oberg Kathleen K. CFO 0.01%  (16089) MAR /
Marriott David S 13D Group Owning more than 10% 0.01%  (15568) MAR / VAC /