Marriott International, Inc. (março): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da hospitalidade, o Marriott International fica como um gigante imponente, transformando a maneira como os viajantes experimentam acomodações em todo o mundo. Ao aproveitar estrategicamente uma tela abrangente do modelo de negócios, esta potência de hospitalidade entrelaçou com maestria parcerias-chave, tecnologias inovadoras e abordagens centradas no cliente para dominar o mercado internacional de hotéis. De resorts de luxo a estadias fáceis de fazer orçamento, o intrincado plano comercial do Marriott revela uma jornada fascinante de crescimento estratégico, inovação digital e experiência incomparável ao cliente que continua a remodelar o cenário da hospitalidade.

Marriott International, Inc. (Mar) - Modelo de Negócios: Principais Parcerias

Alianças estratégicas com empresas de cartão de crédito

O Marriott tem parcerias estratégicas com:

• Chase Bank - Marriott Bonvoy Limless Credit Card
• American Express - Marriott Bonvoy Brilliant Card

Parceiro do cartão de crédito	Tipo de cartão	Receita anual de cartão de crédito (2023)
Chase Bank	Marriott Bonvoy Limless	US $ 387 milhões
American Express	Marriott Bonvoy brilhante	US $ 412 milhões

Acordos de franquia com proprietários de hotéis independentes

A rede de franquias da Marriott inclui:

• Total de propriedades franqueadas: 5.226
• Salas franqueadas: 770.100
• Receita de franquia (2023): US $ 1,43 bilhão

Parcerias do sistema de distribuição global

Parceiro de distribuição	Volume de reserva (2023)	Taxa de comissão
Expedia	3,2 milhões de reservas	12-15%
Booking.com	2,9 milhões de reservas	10-14%

Parceiros de tecnologia

• Microsoft Azure - Infraestrutura em nuvem
• Salesforce - Gerenciamento de relacionamento com o cliente
• Oracle - Planejamento de Recursos da Enterprise

Parcerias de co-branding

Parceiro	Tipo de parceria	Integração do programa de fidelidade
United Airlines	Programa de fidelidade Cross-Earn	3,2 milhões de membros compartilhados
Delta Air Lines	Programa de fidelidade Cross-Earn	2,8 milhões de membros compartilhados

Marriott International, Inc. (Mar) - Modelo de Negócios: Atividades -chave

Gerenciamento de hotéis e operações

A partir de 2024, a Marriott International gerencia 8.343 propriedades em 138 países e territórios. A empresa opera 30 marcas com 1.498.685 quartos totais globalmente.

Métrica	Número
Propriedades totais	8,343
Total de quartos	1,498,685
Número de países	138
Total de marcas	30

Desenvolvimento e marketing de marca

A Marriott investe US $ 300 milhões anualmente em estratégias de marketing e desenvolvimento de marcas. O orçamento de marketing da empresa representa 3,5% de sua receita total.

Gerenciamento do Programa de Fidelidade (Marriott Bonvoy)

A associação ao Marriott Bonvoy em 2024 inclui 180 milhões de membros. O programa de fidelidade gera aproximadamente US $ 2,5 bilhões em receita anual por meio de redenção e colaborações de parceiros.

• Membros totais de lealdade: 180 milhões
• Receita anual de fidelidade: US $ 2,5 bilhões
• Parceiros de resgate ativos: 45 marcas globais

Apoio e expansão da franquia

A Marriott suporta 5.700 propriedades franqueadas, representando 72% de seu portfólio total. As taxas de franquia geram US $ 1,2 bilhão em receita anual.

Métrica de franquia	Valor
Propriedades franqueadas totais	5,700
Porcentagem de portfólio franqueado	72%
Receita anual de franquia	US $ 1,2 bilhão

Inovação digital e aprimoramento da experiência do cliente

A Marriott aloca US $ 250 milhões anualmente para a tecnologia digital e as melhorias na experiência do cliente. A empresa processa mais de 500 milhões de interações digitais mensalmente por meio de suas plataformas de aplicativos e sites móveis.

• Investimento digital anual: US $ 250 milhões
• Interações digitais mensais: 500 milhões
• Taxa de download de aplicativos móveis: 3,2 milhões de novos usuários por trimestre

Marriott International, Inc. (mar) - Modelo de negócios: Recursos -chave

Extenso portfólio de hotéis globais

A partir do quarto trimestre de 2023, a Marriott International opera 8.415 propriedades totais com 1.546.294 quartos em 139 países e territórios. A quebra do portfólio de marcas inclui:

Categoria de marca	Número de propriedades	Total de quartos
Marcas de luxo	1,256	227,412
Marcas premium	3,687	622,145
Selecione marcas de serviço	2,845	474,892
Marcas de estadia prolongada	627	221,845

Reputação e reconhecimento da marca

Marriott Bonvoy O programa de fidelidade abrange 180 milhões de membros em dezembro de 2023.

Capacidades tecnológicas

• Plataforma digital suportando mais de 30 idiomas
• Aplicativo móvel com mais de 40 milhões de downloads
• Infraestrutura de Atendimento ao Cliente de AI
• Sistema de Gerenciamento de Reserva e Inventário em tempo real

Recursos financeiros

Total de ativos a partir do quarto trimestre 2023: US $ 54,3 bilhões Patrimônio líquido: US $ 15,2 bilhões Receita anual: US $ 22,4 bilhões

Capital humano

Total de funcionários: 453.000 globalmente Força de trabalho de gerenciamento: 68.000 Posse média dos funcionários: 7,3 anos

Marriott International, Inc. (Mar) - Modelo de Negócios: Proposições de Valor

Gama abrangente de marcas de hotéis para diferentes segmentos de viajantes

A Marriott International opera 31 marcas de hotéis distintas a partir de 2024, cobrindo 8 categorias de mercado:

Categoria	Número de marcas	Faixa de preço
Luxo	6 marcas	$ 350- $ 1.500 por noite
Premium	8 marcas	US $ 200 a US $ 350 por noite
Selecione	9 marcas	US $ 100- $ 200 por noite
Fique mais longo	4 marcas	$ 120- $ 250 por noite

Qualidade e serviço consistentes nas propriedades globais

O Marriott mantém padrões de serviço consistentes em 8.415 propriedades em 139 países a partir de 2024.

• Força de trabalho global de 413.000 funcionários
• Programas de treinamento padronizados
• Protocolos uniformes de garantia de qualidade da marca

Opções de acomodação flexíveis

Inventário total da sala: 1.551.018 quartos em todo o mundo

Tipo de quarto	Percentagem
Salas padrão	62%
Suítes	23%
Quartos de estadia prolongados	15%

Experiências personalizadas do cliente

Investimentos de personalização digital: US $ 187 milhões em 2023

• Check-in/check-out móvel para 98% das propriedades
• Sistemas de recomendação movidos a IA
• Rastreamento de preferências da sala personalizada

Programa de fidelidade atraente com extensas recompensas

Marriott Bonvoy Statistics:

Métrica	2024 dados
Total de membros	180 milhões
Pontos anuais emitidos	3,2 trilhões
Taxa de resgate	37%

Marriott International, Inc. (Mar) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento digital personalizado através do aplicativo móvel

MARRIOTT BONVOY Mobile App com 18,8 milhões de usuários ativos a partir do quarto trimestre 2023. Os recursos do aplicativo incluem:

• Recursos de reserva em tempo real
• Check-in/check-out digital
• Seleção e personalização de quartos

Programa de fidelidade do Marriott Bonvoy

Métricas de programa	2023 Estatísticas
Total de membros	182 milhões
Receita do Programa de Fidelidade	US $ 3,2 bilhões
Membro da taxa de reserva de repetição	54.6%

Suporte ao cliente 24 horas por dia, 7 dias por semana

Centros globais de atendimento ao cliente que operam em 15 idiomas com tempo médio de resposta de 12 minutos nos canais digitais.

Comunicação personalizada e marketing direcionado

• Campanhas de e -mail personalizadas atingindo 142 milhões de assinantes
• Marketing segmentado direcionando dados demográficos específicos do cliente
• Ofertas personalizadas com base no histórico de reservas anteriores

Plataformas digitais de autoatendimento

Oferta de plataformas digitais:

• Processamento de sistema de reservas on -line 68% do total de reservas
• Serviços de Concierge Virtual
• Suporte ao cliente automatizado Chatbots

Marriott International, Inc. (Mar) - Modelo de Negócios: Canais

Plataformas de reserva online diretas

O Marriott.com gerou US $ 9,3 bilhões em reservas digitais diretas em 2022. O site processa aproximadamente 50% do total de reservas da empresa anualmente. A receita do canal digital aumentou 22% em comparação com o ano anterior.

Plataforma	Volume anual de reserva	Porcentagem do total de reservas
Marriott.com	US $ 9,3 bilhões	50%

Aplicativo móvel

O App Mobile do Marriott Bonvoy possui 167 milhões de membros registrados a partir de 2023. O aplicativo processa aproximadamente 30% do total de reservas digitais, representando US $ 5,6 bilhões em receita anual.

• 167 milhões de usuários de aplicativos registrados
• 30% das reservas digitais através da plataforma móvel
• Receita anual de reserva anual de US $ 5,6 bilhões

Call centers globais

A Marriott opera 12 call global em 5 continentes. Esses centros lidam com aproximadamente 15% do total de reservas, processando cerca de US $ 2,8 bilhões em reservas anuais.

Parcerias da agência de viagens

O Marriott colabora com 250.000 agências de viagens em todo o mundo. Essas parcerias geram US $ 4,5 bilhões em reservas anuais, representando 20% do volume total de reservas.

Tipo de parceria	Número de parceiros	Receita anual de reserva
Agências de viagens globais	250,000	US $ 4,5 bilhões

Agências de viagens on-line de terceiros

A Marriott faz parceria com 15 principais agências de viagens on -line, gerando US $ 3,2 bilhões em reservas anuais. Essas plataformas contribuem com aproximadamente 15% da receita total de reserva.

• 15 grandes parceiros da agência de viagens on -line
• Receita anual de reserva anual de US $ 3,2 bilhões
• 15% do volume total de reservas

Marriott International, Inc. (mar) - Modelo de negócios: segmentos de clientes

Viajantes de negócios

A Marriott atende a 1,4 milhão de viajantes de negócios diariamente em 138 países. O segmento de viagem corporativo representa 43% da receita total em 2022.

Características do segmento	Estatísticas -chave
Taxa média de quarto corporativo	US $ 189,50 por noite
Membros do programa de fidelidade	161 milhões de membros do Marriott Bonvoy
Cobertura de contrato corporativo	Mais de 6.500 acordos corporativos

Viajantes de lazer

Os viajantes de lazer constituem 57% da base total de clientes da Marriott em 2022.

• Duração média de lazer: 3,2 noites
• Receita do segmento de lazer: US $ 24,7 bilhões em 2022
• Destinos globais de lazer: mais de 30 países

Viajantes do segmento de luxo

O segmento de luxo representa 18% do portfólio total da Marriott.

Marca de luxo	Número de propriedades	Taxa de ambiente médio
Ritz-Carlton	108 propriedades	US $ 495 por noite
St. Regis	45 propriedades	US $ 425 por noite

Viajantes conscientes do orçamento

O segmento orçamentário é responsável por 22% do portfólio da Marriott.

• Taxa de quarto médio: US $ 89- $ 129
• Marcas: Fairfield Inn, Springhill Suites
• Receita do segmento de orçamento: US $ 8,3 bilhões em 2022

Clientes de eventos corporativos e de grupo

O segmento de grupo e eventos gerou US $ 12,5 bilhões em receita durante 2022.

Categoria de evento	Receita anual	Participantes médios
Conferências corporativas	US $ 6,2 bilhões	250-500 participantes
Eventos de casamento	US $ 3,7 bilhões	100-250 convidados
Reuniões sociais	US $ 2,6 bilhões	50-150 participantes

Marriott International, Inc. (mar) - Modelo de negócios: estrutura de custos

Aquisição e desenvolvimento de propriedades

Em 2022, a Marriott International investiu US $ 1,6 bilhão em propriedades e equipamentos. As despesas totais de capital para desenvolvimento e reforma de propriedades atingiram US $ 1,86 bilhão no ano fiscal de 2022.

Categoria de custo	Valor (2022)
Gastos totais de capital	US $ 1,86 bilhão
Investimento de propriedade e equipamento	US $ 1,6 bilhão

Salários e treinamento de funcionários

Os custos totais de mão -de -obra do Marriott em 2022 foram de aproximadamente US $ 6,5 bilhões. A empresa emprega mais de 385.000 associados globalmente.

• Investimento médio de treinamento anual por funcionário: US $ 1.200
• Orçamento de treinamento anual total: US $ 462 milhões

Marketing e promoção de marca

A Marriott gastou US $ 402 milhões em despesas de marketing e vendas em 2022, representando 3,8% da receita total.

Métrica de despesa de marketing	Quantia
Gastos com marketing total	US $ 402 milhões
Despesa de marketing como % de receita	3.8%

Tecnologia e infraestrutura digital

Os investimentos em tecnologia totalizaram US $ 257 milhões em 2022, com foco em plataformas digitais e sistemas de reserva.

• Orçamento de desenvolvimento de plataformas digitais: US $ 135 milhões
• Investimento de infraestrutura de segurança cibernética: US $ 62 milhões
• App móvel e aprimoramento de serviços digitais: US $ 60 milhões

Suporte e gerenciamento de franquia

As despesas relacionadas à franquia foram de US $ 521 milhões em 2022, cobrindo suporte, licenciamento e assistência operacional.

Categoria de custo de suporte de franquia	Valor (2022)
Despesas totais de suporte de franquia	US $ 521 milhões
Gerenciamento de franquia Overhead	US $ 178 milhões
Licenciamento e suporte de marca	US $ 343 milhões

Marriott International, Inc. (mar) - Modelo de negócios: fluxos de receita

Reservas de quartos em marcas de hotéis

Em 2022, a Marriott International reportou receita total de US $ 20,99 bilhões, com receita de espaço representando uma parcela significativa. A empresa opera 8.190 propriedades em 30 marcas em todo o mundo, representando 1.487.832 quartos em 31 de dezembro de 2022.

Categoria de marca	Número de propriedades	Total de quartos
Marcas de luxo	442	95,288
Marcas premium	2,251	456,060
Selecione marcas de serviço	3,366	560,876
Marcas de estadia prolongada	731	109,358

Vendas de alimentos e bebidas

A receita de alimentos e bebidas para a Marriott International em 2022 foi de aproximadamente US $ 4,5 bilhões, representando 21,4% da receita total.

Hospedagem de eventos e conferências

Os espaços de reunião e eventos da Marriott geraram aproximadamente US $ 1,2 bilhão em receita em 2022, com mais de 500.000 metros quadrados de espaço para reuniões nas propriedades globais.

Parcerias do Programa de Fidelidade

O Programa de Fidelidade do Marriott Bonvoy relatou 173 milhões de membros em 2022, gerando receita através de:

• Parcerias de cartão de crédito
• Pontos Redenção
• Experiências de viagem de marca

Tipo de parceria	Receita anual
Parcerias de cartão de crédito	US $ 570 milhões
Pontos Redenção	US $ 320 milhões

Taxas de franquia e royalties

As taxas e royalties de franquia em 2022 totalizaram US $ 1,4 bilhão, com 65% das propriedades da Marriott operando sob acordos de franquia.

Categoria de franquia	Número de propriedades	Porcentagem de royalties
Marcas de luxo	210	4-6%
Marcas premium	1,350	3-5%
Selecione marcas de serviço	2,100	2-4%

Marriott International, Inc. (MAR) - Canvas Business Model: Value Propositions

Unrivaled global network and brand variety for guests

Marriott International, Inc. encompasses a portfolio of nearly 9,100 properties across more than 30 leading brands in 142 countries and territories as of late 2025. The Luxury Group alone offers a network of more than 550 landmark hotels and resorts in over 70 countries and territories.

Brand Segment	Metric	Number/Amount
Total Global Portfolio	Properties (End of 2025 Estimate)	Nearly 9,100
Total Global Portfolio	Brands	More than 30
Luxury Group	Properties/Resorts (Late 2025)	More than 550
Luxury Group	Countries/Territories Served (Late 2025)	Over 70
Series by Marriott (India Debut)	Hotels Opened (Phase 1)	26
Series by Marriott (India Debut)	Rooms Added (Phase 1)	Over 1,900

Asset-light model offering high-margin fees to shareholders

The business model emphasizes fee generation over asset ownership, supporting significant shareholder returns. Base management and franchise fees totaled $1,190 million in the 2025 third quarter. For the full fiscal year 2025, the projection for gross fee revenues is between $5.365 billion and $5.475 billion. The company continues to expect to return approximately $4.0 billion to shareholders in 2025 through share repurchases and dividends. Franchise fees grew 7% in the first half of 2025, while incentive management fees showed 0% growth over the same period.

Fee Type/Period	Amount/Growth Rate	Source Context
Base Management & Franchise Fees (Q3 2025)	$1,190 million	Quarterly Fee Revenue
Base Management & Franchise Fees (Q2 2025)	$1,200 million	Quarterly Fee Revenue
Base Management & Franchise Fees (Q1 2025)	$1,071 million	Quarterly Fee Revenue
Gross Fee Revenue (FY 2025 Projection)	$5.365 billion to $5.475 billion	Full Year Guidance
Incentive Management Fees (H1 2025)	0% growth	Profitability Linkage
Shareholder Returns (FY 2025 Expectation)	Approximately $4.0 billion	Capital Return Plan

Experiential luxury travel and wellness offerings (e.g., JW Marriott Crete)

The Luxury Group is focusing on experiences that deliver long-term emotional resonance. Over 260 luxury hotels and resorts across Marriott's luxury portfolio are in the global development pipeline, with over 30 properties expected to open in 2025. The JW Marriott brand is slated to open new properties in 2025, including the JW Marriott Crete Resort & Spa. The company currently holds a 16.9% global market share of luxury hotels, leading competitors like Hyatt at 11.4%.

Strong, consistent customer flow for hotel owners via Bonvoy

Marriott Bonvoy is positioned as the largest hotel loyalty program, with nearly 240 million members globally as of mid-2025, and another report citing 248 million members. Loyalty members booked 62% of Marriott and Hilton room nights. Members contribute between 30% and 60% of room revenue for participating hotels. The program base grew to nearly 237 million members by the end of March 2025.

• Marriott Bonvoy Members (Late 2025 Estimate): 248 million
• Marriott Bonvoy Members (March 2025): Nearly 237 million
• Loyalty Member Contribution to Room Revenue: 30% to 60%
• Room Nights Booked by Loyalty Members (Marriott & Hilton): 62%

Technology-driven, seamless booking and in-stay experience

The Marriott Bonvoy travel platform underpins the digital experience. The program offers flexible points redemption and elite perks, which are accessible through mobile app functionalities. The program includes co-branded credit cards that allow earning points through everyday purchases.

Marriott International, Inc. (MAR) - Canvas Business Model: Customer Relationships

You're looking at how Marriott International, Inc. (MAR) manages its vast customer base, which is anchored by the Marriott Bonvoy loyalty program. This relationship strategy is about scale and precision, moving from high-touch service for the very best customers to efficient digital interactions for the majority.

Dedicated Ambassador Elite service for top-tier members

Marriott International, Inc. focuses heavily on retaining its most valuable guests through elite tiers. The entire Marriott Bonvoy platform boasts nearly 248 million members as of the end of the second quarter of 2025, up from nearly 237 million members at the end of the first quarter of 2025. This scale requires tiered service, where the highest tiers receive dedicated attention. The overall success of this relationship strategy is reflected in the company's Net Promoter Score (NPS) of 51, which is well above the hospitality industry average of 44. This score is built on a base where 60% of guests are Promoters and only 9% are Detractors. The goal is to keep that top segment highly engaged.

Automated, personalized communication via the Bonvoy app

Personalization at scale is heavily reliant on technology. Marriott International, Inc. uses AI-driven chatbots to manage over 60% of customer interactions, which significantly cuts down on response times. The Bonvoy app is central to this, enabling mobile bookings, digital room keys, and mobile concierge services, meeting the expectation that 74% of guests prefer hotels offering digital self-service options.

Long-term, high-touch relationships with hotel owners/franchisees

The relationship with hotel owners and franchisees is a core component of Marriott International, Inc.'s asset-light model. This partnership focus drives significant expansion. In 2024, the company signed a record of over 1,200 deals with owners, franchisees, and developers, representing nearly 162,000 rooms globally. Furthermore, the company emphasizes support for these partners, focusing on technology integration to ensure long-term success across the portfolio. Conversions, which rely on strong owner relationships to rebrand existing properties, made up 34% of 2024 room signings.

Global Sales Organization for large corporate and group bookings

For the critical corporate segment, Marriott International, Inc. has introduced the Business Access by Marriott Bonvoy platform. This is designed to streamline travel management for small to medium-sized businesses. This initiative directly addresses a major pain point, as a recent survey showed that 75% of business travelers are frustrated with their current travel booking platforms. The platform offers features like custom travel policies and access to exclusive discounted rates.

Self-service digital tools for reservations and check-in

Digital convenience is now a baseline expectation. The adoption of self-service technology is high, with self-service kiosks reportedly cutting check-in times by 70%. Guests are increasingly using mobile functionality; for instance, Marriott's mobile app saw a 40% increase in contactless payment usage post-pandemic (based on 2023 data). The company is also prioritizing about 10 high-value generative AI use cases in 2025 to further modernize its operations and guest experience.

Here are some key metrics underpinning the scale of these customer relationships as of mid-2025:

Metric	Value	Date/Period
Total Marriott Bonvoy Members	Nearly 248 million	End of Q2 2025 (June)
Global Member Penetration (Occupied Rooms)	61%	Pre-2025 Data
U.S. Member Penetration (Occupied Rooms)	67%	Pre-2025 Data
Marriott NPS	51	Q1 2025
AI Chatbot Interaction Handling	Over 60% of customer interactions	Reported 2025 data
2024 Deals Signed with Owners/Franchisees	Over 1,200	Year-end 2024
Shareholder Returns YTD	Approximately $2.1 billion	Through July 30, 2025

The focus on digital engagement is clear; 86% of guests appreciate AI-based personalization during their stay. Also, the company's development pipeline at the end of Q2 2025 totaled 3,858 properties and more than 590,000 rooms, all of which depend on strong owner relationships for future growth.

Marriott International, Inc. (MAR) - Canvas Business Model: Channels

You're looking at how Marriott International, Inc. gets its rooms in front of customers, which is a mix of high-tech direct engagement and traditional partnerships. The distribution strategy is all about driving guests to the most profitable channels, which, for Marriott International, Inc., means pushing the Marriott Bonvoy ecosystem hard.

Direct booking via Marriott.com and the Bonvoy mobile app

The digital direct channel is the core of Marriott International, Inc.'s distribution efficiency. The company has been highly successful in migrating members to its proprietary platforms. By the end of the third quarter of 2025, the Marriott Bonvoy loyalty program boasted nearly 260 million total global members. This deep loyalty base translates directly into channel preference; member penetration stood strong at 75 percent in the U.S. & Canada and 68 percent globally as of the third quarter of 2025. Historically, this direct share of total room nights reached 76.3 percent in the fourth quarter of 2021, showing a significant, long-term commitment to this channel, partly driven by guests moving from voice to digital bookings. The company has stated that direct bookings are more profitable than Online Travel Agency (OTA) bookings, even on the first transaction when using a member rate.

Global Sales Organization and corporate negotiated channels

This channel captures high-value, high-volume business travel and group bookings. For 2025, Marriott International, Inc. was targeting corporate negotiated rate increases in the 'mid-single-digit' percentages year-over-year. Business transient travel, which flows heavily through these negotiated channels, represented 33 percent of global room nights in the fourth quarter of 2024. The Global Sales Organization works to secure these large corporate contracts, which provide more predictable revenue streams compared to transient leisure demand.

Third-party Online Travel Agencies (OTAs)

While Marriott International, Inc. prioritizes direct bookings, OTAs remain a necessary component for broad market reach and capturing incremental demand. The cost of using these intermediaries is significant, with typical commission fees ranging from 15 to 30 percent per booking. Historically, OTA share of room nights was reported at 14 percent in 2021. The company's strategy involves leveraging OTA visibility to acquire new customers, with the goal of converting them into Bonvoy members who will then book directly on subsequent stays.

Traditional travel agents and wholesalers

This segment includes bookings made through Global Distribution Systems (GDS) and traditional travel advisors. While the search results don't provide a specific 2025 revenue contribution, historical data from late 2021 showed that GDS bookings had seen their percentage share drop by 600 basis points compared to 2019 levels, reflecting a shift toward digital self-service. Wholesalers and traditional agents still play a role, particularly in certain international markets or for specific group blocks, but the trend is toward digital self-service and direct corporate channels.

Co-branded credit card marketing channels

The co-branded credit card portfolio is a powerful, high-margin channel that drives loyalty enrollment and engagement. Revenue derived from these partnerships is captured within Incentive Management Fees. For the third quarter of 2025, Incentive Management Fees related to these programs contributed $148 million. This figure followed $200 million in the second quarter of 2025 and $204 million in the first quarter of 2025, illustrating a consistent, material revenue stream from this channel.

Here's a snapshot of key metrics related to the channels and the Bonvoy platform as of late 2025:

Metric	Value (Latest Available 2025 Data)	Context/Period
Total Marriott Bonvoy Members	Nearly 260 million	End of Q3 2025
Bonvoy Member Penetration (Global)	68 percent	End of Q3 2025
Incentive Management Fees (Credit Card Related)	$148 million	Q3 2025
Business Transient Share of Global Room Nights	33 percent	Q4 2024
Targeted 2025 Corporate Negotiated Rate Increase	'mid-single-digit' percentage	2025 Target
Total Global Rooms in System	Approximately 1,754,000 rooms	End of Q3 2025

The company's overall system size at the end of the third quarter of 2025 included a development pipeline of approximately 3,900 properties and over 596,000 rooms. This pipeline growth suggests future capacity to drive bookings across all these channels.

Marriott International, Inc. (MAR) - Canvas Business Model: Customer Segments

You're looking at the core groups Marriott International, Inc. serves as of late 2025, which directly dictates their asset-light, fee-based revenue model. The sheer scale of their global footprint is the foundation for serving these diverse needs.

As of the end of the third quarter of 2025, Marriott International's global system encompassed over 9,700 properties, totaling approximately 1,754,000 rooms. The loyalty engine driving engagement across these segments, Marriott Bonvoy, reached nearly 260 million members by the end of Q3 2025.

Global hotel owners and real estate investors (B2B)

This is the primary customer for Marriott International's management and franchise operations, the engine of the asset-light model. These partners are focused on maximizing returns on their real estate assets through brand affiliation.

For the second quarter of 2025, base management and franchise fees totaled $1,200 million, representing a nearly 5% increase year-over-year. Incentive management fees for that same quarter reached $200 million. To be specific about geographic focus for this segment, managed hotels in international markets contributed nearly two-thirds of the incentive fees earned in Q2 2025. The overall development pipeline at the end of Q2 2025 stood at a record of more than 590,000 rooms, signaling continued owner appetite for new properties.

High-frequency business transient travelers (large corporates)

These travelers, often under large corporate negotiated rates, are crucial for filling rooms during weekdays, though their demand has shown recent softness in certain key markets. In the U.S. & Canada during the second quarter of 2025, RevPAR was flat year-over-year, which the company attributed in part to weaker business transient demand. Historically, this B2B segment accounted for 34% of global room nights in Q1 2024, giving you a sense of its past weight. Group travel, a related corporate/group demand driver, had projected global revenue increases of 6% for the full year 2025.

Affluent leisure and experiential travelers (Luxury Group focus)

This group drives premium rates and is less sensitive to short-term economic fluctuations, supporting the high-end brands like Ritz-Carlton and St. Regis. The strength of this segment is clear in performance metrics. For the third quarter of 2025, Marriott's luxury segment RevPAR rose 4% globally. The luxury tier makes up 10% of the company's worldwide rooms, with the upper upscale tier adding another 42%. This segment's performance is a key reason Marriott International expects full-year 2025 comparable systemwide RevPAR growth to land between 1.5% to 2.5%.

Small-to-medium enterprise (SME) business travelers

SME travelers often fall into the Select Service or Upscale categories, seeking reliable, standardized experiences for shorter trips. The performance here is mixed; while the luxury segment saw growth, the Select Service properties in the U.S. & Canada experienced a RevPAR decline of 1.5% in Q2 2025. This suggests that while large corporates might be pulling back slightly, the smaller business segment is feeling more pressure from cost-conscious decision-making. Conversions remain a key growth driver, representing approximately 30% of room signings and openings in the first half of 2025.

Value-conscious extended-stay guests (StudioRes segment)

Marriott International, Inc. specifically created the StudioRes brand for the U.S. and Canada to capture this market, focusing on affordable, longer-term stays, often for two to three weeks. This is a new-build, midscale, extended-stay platform designed with a cost-effective operating model and limited amenities to keep prices down. The company planned to break ground on the first few StudioRes locations in Florida, Georgia, and South Carolina by the end of 2024, with the first Canada location likely in the first quarter of 2025.

Here's a quick look at how some key metrics relate to these customer groups:

Customer Segment Focus	Relevant Metric (Latest Available)	Value/Amount
Global Hotel Owners (B2B)	Q2 2025 Base Management & Franchise Fees	$1,200 million
Global Hotel Owners (B2B)	Q2 2025 Incentive Management Fees	$200 million
Affluent Leisure (Luxury Tier)	Q3 2025 Global Luxury Segment RevPAR Growth	4%
Affluent Leisure (Total High-End Rooms)	Luxury (10%) + Upper Upscale (42%) Room Share	52%
Business Transient (U.S. & Canada)	Q2 2025 U.S. & Canada RevPAR Change	Flat (0.1% decrease using actual dollars)
All Segments (Loyalty Base)	Marriott Bonvoy Members (Q3 2025)	Nearly 260 million

The overall system growth expectation for 2025 is net rooms growth approaching 5%. This growth is a direct result of successfully attracting and signing deals with the global hotel owners segment across all brand tiers.

• Marriott Bonvoy membership reached nearly 260 million as of Q3 2025.
• Luxury segment rooms represent 10% of the global room base.
• International markets drove over 5.3% RevPAR growth in Q2 2025.
• Conversions accounted for approximately 30% of room signings in H1 2025.
• The total development pipeline at Q2 2025 end was over 590,000 rooms.

Marriott International, Inc. (MAR) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Marriott International, Inc.'s operational expenses as of late 2025, based on their Q2 2025 filings and outlook. This is where the cash goes before we even talk about growth.

Reimbursed expenses are a major flow, but they are largely a pass-through item. Marriott incurs costs for centralized programs and property-level operating expenses that they run for hotel owners, and these are then offset by corresponding revenue. The financial reporting treats these items-both the revenue and the expenses-as excluded from the adjusted performance metrics, which is key to understanding the core operating costs.

General and administrative (G&A) expenses, which cover corporate overhead, are showing a trend toward efficiency. For the second quarter of 2025, General, administrative, and other expenses totaled $245 million, down from $248 million in the year-ago quarter, largely reflecting lower compensation costs. Looking ahead, Marriott International, Inc. still anticipates the full-year 2025 G&A expense to decline between 8 to 10 percent, landing in the range of $965 to $985 million. This expected decline reflects an initiative to find $80 to $90 million in above-property savings across the enterprise.

The investment in technology and digital platform development remains substantial, reflecting a multi-year push to modernize. Marriott International, Inc. expected about $1.1 billion in total investment spending for fiscal year 2025, with over half of that dedicated to the transformation of property management, reservations, and loyalty systems. It's important to note that the company expects the vast majority of this technology spend will be reimbursed over time.

For marketing and loyalty program operating costs, we look at the scale of Marriott Bonvoy. While specific 2025 operating costs aren't detailed here, the scale is massive. Loyalty liabilities for the entire program stood at $2.4 billion at the end of 2024, with loyalty revenues at $1.2 billion. The cost per occupied room (CPOR) related to loyalty programs averaged $5.46 in 2024, representing about 1.6% of total hotel revenue. The program had over 219 million members as of September 2024.

Financing costs are directly tied to the balance sheet structure. At the end of the second quarter of 2025, Marriott International, Inc.'s total debt was $15.7 billion. The resulting interest expense, net, for that quarter alone was $191 million, up from $164 million in the year-ago quarter, largely due to those higher debt balances.

Here's a quick look at some of these key cost and balance sheet figures from the Q2 2025 period:

Cost/Financial Metric	Amount (Q2 2025 or Latest Available)
Total Debt (End of Q2 2025)	$15.7 billion
Interest Expense, Net (Q2 2025)	$191 million
General and Administrative Expenses (Q2 2025)	$245 million
Projected Full-Year 2025 G&A Expense Range	$965 to $985 million
Projected 2025 Technology Investment Spending	About $1.1 billion

You should keep an eye on the G&A savings target; hitting that $80 to $90 million efficiency goal is central to their 2025 operating leverage story. Also, remember that the technology spend is a capital outlay now, but the expectation of reimbursement reduces the net impact over time.

• Base management and franchise fees for Q2 2025 were $1,200 million.
• Incentive management fees for Q2 2025 were $200 million.
• Owned, leased, and other revenue, net of direct expenses, was $113 million in Q2 2025.
• Marriott Bonvoy members totaled over 219 million as of September 2024.

Finance: draft 13-week cash view by Friday.

Marriott International, Inc. (MAR) - Canvas Business Model: Revenue Streams

You're looking at how Marriott International, Inc. actually books its money, which is key to understanding its asset-light model. The revenue streams are heavily weighted toward fees rather than direct hotel operations, which is by design.

Base management and franchise fees form the bedrock of the fee revenue. These are tied to property revenues, so as rooms grow and RevPAR (Revenue Per Available Room) increases, these fees follow. For the first quarter of 2025, base management fees hit \$325 million, and franchise fees were \$746 million, totaling \$1,071 million for the quarter, which was a 7 percent increase year-over-year. By the second quarter of 2025, this combined stream grew to \$1,200 million.

Incentive management fees (IMFs) are performance-based, tied directly to hotel profitability after a hurdle rate is met. This makes them a sensitive indicator of property-level financial health. In Q1 2025, IMFs were \$204 million, but they dipped slightly in Q2 2025 to \$200 million, and further to \$148 million in Q3 2025, primarily reflecting softer results in the U.S. & Canada. To be fair, managed hotels in international markets contributed roughly three-quarters of the incentive fees earned in Q3 2025, showing where the profit momentum was strongest that quarter.

Co-branded credit card fees are a significant, steady component monetizing the Marriott Bonvoy loyalty program. These fees are explicitly called out as a key contributor to the growth in base management and franchise fees in Q2 and Q3 2025. While a standalone dollar figure for the co-branded fees isn't always broken out, they are bundled within the franchise fees line item.

Owned, leased, and other revenue, net of direct expenses, represents the smaller, more direct operational slice of the business. This stream is less predictable due to property transactions. In Q3 2025, this segment brought in \$94 million net, up from \$81 million in Q3 2024, largely because of the addition of the Sheraton Grand Chicago to the owned portfolio in the prior year's fourth quarter. Here's the quick math on the key quarterly revenue components:

Revenue Component (Net of Direct Expenses where applicable)	Q1 2025 Amount (Millions USD)	Q2 2025 Amount (Millions USD)	Q3 2025 Amount (Millions USD)
Base Management Fees	\$325	N/A (Included in total fees)	N/A (Included in total fees)
Franchise Fees (Royalty/Other)	\$746	N/A (Included in total fees)	N/A (Included in total fees)
Incentive Management Fees (IMFs)	\$204	\$200	\$148
Owned, Leased, and Other Revenue (Net)	\$65 (Net, from Q1 data)	\$113	\$94

The overall expectation for the fee-based business is captured in the full-year guidance. Marriott International, Inc. narrowed its full-year 2025 gross fee revenue guidance to a range of \$5.395 billion to \$5.415 billion. This guidance was updated following the third quarter results, reflecting the current operating environment and the termination of the licensing agreement with Sonder.

The revenue streams are clearly segmented by the nature of the relationship with the hotel owner:

• Base fees tied to gross revenue, providing stability.
• Incentive fees tied to profit, providing upside potential.
• Loyalty program monetization via co-branded cards.
• Direct revenue from a small, strategic portfolio of owned/leased assets.

The company is focused on growing the asset-light segments, as evidenced by the record development pipeline of approximately 3,900 properties and over 596,000 rooms globally at the end of Q3 2025, which will feed future fee revenue growth. Finance: draft 13-week cash view by Friday.