Skip to Content
Morningstar
Get 14 Days Free

Marriott International Inc Class A MAR

Morningstar Rating
Rating as of

Morningstar’s Analysis

Valuation
Currency in USD
Is it the right time to buy or sell?
Find out with Morningstar Premium
Is it the right time to buy or sell?
Find out with Morningstar Premium

1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Narrow-Moat Marriott’s Demand Recovery Starting To Pick Up, Led Still by the U.S. and China

Dan Wasiolek Senior Equity Analyst

Analyst Note

| Dan Wasiolek |

We may lower our 2021 Marriott International revenue per available room, or revPAR, estimate modestly to around low-60% of 2019, as Europe’s rebound appears to be tracking a few months behind the U.S. We still expect a full revenue recovery by 2023 and don’t expect to materially change our $134 fair value estimate, leaving shares slightly overvalued.

Read Full Analysis

Company Profile

Business Description

Marriott operates over 1.4 million rooms across roughly 30 brands. Luxury represents nearly 9% of total rooms, while full service, limited service, and time-shares are 43%, 46%, and 2% of all units, respectively. Marriott, Courtyard, and Sheraton are the largest brands, while Autograph, Tribute, Moxy, Aloft, and Element are newer lifestyle brands. Managed and franchised represent 97% of total rooms. North America makes up 66% of total rooms. Managed, franchise, and incentive fees represent the vast majority of revenue and profitability for the company.

Contact
10400 Fernwood Road
Bethesda, MD, 20817
T +1 301 380-3000
Sector Consumer Cyclical
Industry Lodging
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Distressed
Employees 121,000

Related

Commentary
Looking Past the Pandemic: Stocks That Will Benefit From Economic Recovery
A few undervalued stocks remain, but many have already surged past fair value.
David Sekera
Stock Strategist Industry Reports
Checking Into Hotel Operators' Economic Moats
We think Marriott and Hilton are the best positioned.
Dan Wasiolek
Market Update
These Sectors Performed Best and Worst in the Pandemic
We look at the industries for those most affected by social-distancing and stay-at-home orders.
Sachin Nagarajan
Our Picks
10 Promising Stocks
These names are among the cheapest in our coverage universe--and they’re growing their competitive advantages.
Susan Dziubinski
Fund Spy
What Medalist Managers Are Buying and Selling
A look at some of the industry leaders' recent moves.
Nicholas Goralka
Commentary
The Week Ahead: Second-Quarter Earnings Calls Continue
We're watching for Disney, Uber, and others this week.
Gabrielle Dibenedetto
Stock Strategist
Wyndham's Brand Advantage Intact
It's enhancing long-term growth prospects in an increasingly uncertain macro environment.
Dan Wasiolek
Premium Article
Stocks for the Next Decade
The future's bright for these 29 companies. Grab the shades.
Susan Dziubinski
US Videos
The Week Ahead: Earnings From Disney, CVS Health
Discovery Communications, Eli Lilly, and Marriott also report. Plus, the Fed meets.
Jeremy Glaser
US Videos
The Week Ahead: Inflation Data on Tap, Coke and Pepsi Report
The consumer price index will be closely watched, and earnings will continue to trickle in.
Jeremy Glaser
Stock Analyst Update
Marriott's Brand Advantage Continues to Strengthen
We are raising our fair value estimate of the narrow moat hotel operator, but see shares as overvalued today.
Dan Wasiolek
Stock Strategist
Hilton's Brand Advantage Gets Stronger
We see evidence in its growing loyalty, direct booking, and pipeline.
Dan Wasiolek
Investing Specialists
Retail Stocks Shellacked Even as Consumers Open Their Wallets
Friday's retail sales report dispelled any notion that the consumer is afraid to spend, writes Morningstar's Bob Johnson.
Robert Johnson, CFA
Commentary
Starwood Acquisition Strengthens Marriott's Brand Advantage
We think Marriott paid a fair price for access to Starwood’s strong international presence and higher-end luxury brands, writes Morningstar’s Dan Wasiolek.
Dan Wasiolek
Fund Spy
Nominees for 2014 Domestic-Stock Fund Manager of the Year
Five candidates who did more than ride the market's currents.
Dan Culloton
US Videos
The Friday Five
WhatsApp with Facebook's big buy? Plus, rumors rev over Apple's next move and budget-focused firms face headwinds.
Jason Stipp
Stock Strategist
Despite Disruptive Forces, Micros' Long-Term Position Remains Attractive
Micros' market-leading position in enterprise application software, hardware, and services supports its narrow economic moat and will protect the company from emerging threats for a significant time.
Andrew Lange
Stock Strategist Industry Reports
Check In to Lodging Operators That Manage as Well as Franchise
Economic moats, stronger growth prospects, and other advantages cause us to favor operators that both manage and franchise hotels.
Chad Mollman
US Videos
Financial Feuds
Morningstar markets editor Jeremy Glaser digs into divergent views on stimulus, Europe's way forward, in the media market, and more.
Jason Stipp
US Videos
Taking Action
Many central bank and corporate leaders were at least talking about, if not taking action this week.
Jason Stipp