Marriott International Inc Class A

MAR: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$519.00	Rpk	Stkbdzbt

Marriott’s Demand Set To Increase Further in 2023, Aided by Industry Tailwinds; Shares Fairly Valued

Dan Wasiolek

Feb 14, 2023

Narrow-moat Marriott's fourth-quarter revenue per available room, or revPAR, improved again to 107% of 2019's level from 105% in the prior quarter. And the hotelier expects further growth in 2023, with revPAR guided for a 6%-11% lift, harmonizing with our 8% estimate. We don't plan to materially alter our $180 fair value estimate, leaving shares appropriately valued.

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