Marriott International, Inc. (MAR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la hospitalidad, Marriott International se erige como un gigante imponente, transformando la forma en que los viajeros experimentan alojamiento en todo el mundo. Al aprovechar estratégicamente un lienzo de modelo comercial integral, esta potencia de hospitalidad ha entrelazado magistralmente asociaciones clave, tecnologías innovadoras y enfoques centrados en el cliente para dominar el mercado internacional de hoteles. Desde resorts de lujo hasta estadías presupuestarias, el intrincado plan de negocios de Marriott revela un viaje fascinante de crecimiento estratégico, innovación digital y experiencia de cliente incomparable que continúa reestructurando el panorama de la hospitalidad.

Marriott International, Inc. (MAR) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con compañías de tarjetas de crédito

Marriott tiene asociaciones estratégicas con:

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

Socio de tarjeta de crédito	Tipo de tarjeta	Ingresos anuales de la tarjeta de crédito (2023)
Chase Bank	Marriott Bonvoy ilimitado	$ 387 millones
tarjeta American Express	Marriott Bonvoy brillante	$ 412 millones

Acuerdos de franquicia con propietarios de hoteles independientes

La red de franquicias de Marriott incluye:

• Propiedades franquiciadas totales: 5.226
• Habitaciones franquiciadas: 770,100
• Ingresos de franquicia (2023): $ 1.43 mil millones

Asociaciones del sistema de distribución global

Socio de distribución	Volumen de reserva (2023)	Tarifa de comisión
Expedia	3.2 millones de reservas	12-15%
Booking.com	2.9 millones de reservas	10-14%

Socios tecnológicos

• Microsoft Azure - Infraestructura en la nube
• Salesforce - Gestión de relaciones con el cliente
• Oracle - Planificación de recursos empresariales

Asociaciones de marca compartida

Pareja	Tipo de asociación	Integración del programa de fidelización
United Airlines	Programa de fidelización cruzada	3.2 millones de miembros compartidos
Líneas aéreas delta	Programa de fidelización cruzada	2.8 millones de miembros compartidos

Marriott International, Inc. (MAR) - Modelo de negocios: actividades clave

Gestión y operaciones de hoteles

A partir de 2024, Marriott International administra 8.343 propiedades en 138 países y territorios. La compañía opera 30 marcas con 1,498,685 habitaciones totales a nivel mundial.

Métrico	Número
Propiedades totales	8,343
Habitaciones totales	1,498,685
Número de países	138
Marcas totales	30

Desarrollo y marketing de la marca

Marriott invierte $ 300 millones anuales en estrategias de marketing y desarrollo de marcas. El presupuesto de marketing de la compañía representa el 3.5% de sus ingresos totales.

Gestión del programa de lealtad (Marriott Bonvoy)

La membresía de Marriott Bonvoy a partir de 2024 incluye 180 millones de miembros. El programa de fidelización genera aproximadamente $ 2.5 mil millones en ingresos anuales a través de la redención de puntos y las colaboraciones de socios.

• Miembros de lealtad total: 180 millones
• Ingresos anuales de lealtad: $ 2.5 mil millones
• Socios activos de redención: 45 marcas globales

Apoyo y expansión de la franquicia

Marriott admite 5,700 propiedades franquiciadas, que representan el 72% de su cartera total. Las tarifas de franquicia generan $ 1.2 mil millones en ingresos anuales.

Franquicia métrica	Valor
Propiedades franquiciadas totales	5,700
Porcentaje de cartera franquiciada	72%
Ingresos anuales de franquicia	$ 1.2 mil millones

Innovación digital y mejora de la experiencia del cliente

Marriott asigna $ 250 millones anuales a la tecnología digital y las mejoras de la experiencia del cliente. La compañía procesa más de 500 millones de interacciones digitales mensualmente a través de su aplicación móvil y plataformas de sitios web.

• Inversión digital anual: $ 250 millones
• Interacciones digitales mensuales: 500 millones
• Tasa de descarga de la aplicación móvil: 3.2 millones de nuevos usuarios por trimestre

Marriott International, Inc. (MAR) - Modelo de negocios: recursos clave

Extensa cartera de hoteles globales

A partir del cuarto trimestre de 2023, Marriott International opera 8,415 propiedades totales con 1,546,294 habitaciones en 139 países y territorios. Desglose por cartera de marca incluye:

Categoría de marca	Número de propiedades	Habitaciones totales
Marcas de lujo	1,256	227,412
Marcas premium	3,687	622,145
Seleccionar marcas de servicio	2,845	474,892
Marcas de estadía extendida	627	221,845

Reputación y reconocimiento de la marca

Marriott Bonvoy El programa de fidelización abarca 180 millones de miembros a diciembre de 2023.

Capacidades tecnológicas

• Plataforma digital que admite más de 30 idiomas
• Aplicación móvil con más de 40 millones de descargas
• Infraestructura de servicio al cliente con IA
• Sistema de gestión de reservas e inventario en tiempo real

Recursos financieros

Activos totales a partir del cuarto trimestre 2023: $ 54.3 mil millones Patrimonio neto: $ 15.2 mil millones Ingresos anuales: $ 22.4 mil millones

Capital humano

Total de empleados: 453,000 a nivel mundial Fuerza laboral de gestión: 68,000 Promedio de la tenencia del empleado: 7.3 años

Marriott International, Inc. (MAR) - Modelo de negocios: propuestas de valor

Gama integral de marcas de hoteles para diferentes segmentos de viajero

Marriott International opera 31 marcas de hotel distintas a partir de 2024, que cubren 8 categorías de mercado:

Categoría	Número de marcas	Gama de precios
Lujo	6 marcas	$ 350- $ 1,500 por noche
De primera calidad	8 marcas	$ 200- $ 350 por noche
Seleccionar	9 marcas	$ 100- $ 200 por noche
Estancia más larga	4 marcas	$ 120- $ 250 por noche

Calidad y servicio consistentes en propiedades globales

Marriott mantiene estándares de servicio consistentes en 8.415 propiedades en 139 países a partir de 2024.

• Fuerza laboral global de 413,000 empleados
• Programas de capacitación estandarizados
• Protocolos de garantía de calidad de marca uniforme

Opciones de alojamiento flexible

Inventario total de la habitación: 1,551,018 habitaciones en todo el mundo

Tipo de habitación	Porcentaje
Habitaciones estándar	62%
Suites	23%
Salas de estancia extendidas	15%

Experiencias personalizadas del cliente

Inversiones de personalización digital: $ 187 millones en 2023

• Check-in móvil/check-out para el 98% de las propiedades
• Sistemas de recomendación con IA
• Seguimiento de preferencias de habitación personalizada

Programa de lealtad atractivo con extensas recompensas

Estadísticas del programa Marriott Bonvoy:

Métrico	2024 datos
Totales miembros	180 millones
Puntos anuales emitidos	3.2 billones
Tasa de redención	37%

Marriott International, Inc. (MAR) - Modelo de negocios: relaciones con los clientes

Compromiso digital personalizado a través de la aplicación móvil

Aplicación móvil Marriott Bonvoy con 18.8 millones de usuarios activos a partir del cuarto trimestre 2023. Las características de la aplicación incluyen:

• Capacidades de reserva en tiempo real
• Check-in digital/check-out
• Selección y personalización de la habitación

Programa de lealtad de Marriott Bonvoy

Métricas de programas	2023 estadísticas
Totales miembros	182 millones
Ingresos del programa de fidelización	$ 3.2 mil millones
Tasa de reserva de repetición de miembros	54.6%

Atención al cliente 24/7

Centros de servicio al cliente globales que operan en 15 idiomas con un tiempo de respuesta promedio de 12 minutos en los canales digitales.

Comunicación personalizada y marketing dirigido

• Campañas de correo electrónico personalizadas que llegan a los 142 millones de suscriptores
• Marketing segmentado dirigido a la demografía de los clientes específicos
• Ofertas personalizadas basadas en el historial de reservas anterior

Plataformas digitales de autoservicio

Oferta de plataformas digitales:

• Procesamiento del sistema de reservas en línea 68% de las reservas totales
• Servicios de conserjería virtual
• Chatbots automatizados de atención al cliente

Marriott International, Inc. (MAR) - Modelo de negocios: canales

Plataformas directas de reserva en línea

Marriott.com generó $ 9.3 mil millones en reservas digitales directas en 2022. El sitio web procesa aproximadamente el 50% de las reservas totales de la compañía anualmente. Los ingresos del canal digital aumentaron en un 22% en comparación con el año anterior.

Plataforma	Volumen de reserva anual	Porcentaje de reservas totales
Marriott.com	$ 9.3 mil millones	50%

Aplicación móvil

La aplicación Marriott Bonvoy Mobile tiene 167 millones de miembros registrados a partir de 2023. La aplicación procesa aproximadamente el 30% del total de reservas digitales, que representan $ 5.6 mil millones en ingresos anuales.

• 167 millones de usuarios de aplicaciones registradas
• 30% de las reservas digitales a través de la plataforma móvil
• Ingresos anuales de reserva móvil de $ 5.6 mil millones

Centros de llamadas globales

Marriott opera 12 centros de llamadas globales en 5 continentes. Estos centros manejan aproximadamente el 15% del total de reservas, procesando alrededor de $ 2.8 mil millones en reservas anuales.

Asociaciones de agencia de viajes

Marriott colabora con 250,000 agencias de viajes en todo el mundo. Estas asociaciones generan $ 4.5 mil millones en reservas anuales, lo que representa el 20% del volumen total de reservas.

Tipo de asociación	Número de socios	Ingresos de reserva anual
Agencias de viajes globales	250,000	$ 4.5 mil millones

Agencias de viajes en línea de terceros

Marriott se asocia con 15 principales agencias de viajes en línea, generando $ 3.2 mil millones en reservas anuales. Estas plataformas aportan aproximadamente el 15% de los ingresos totales de reserva.

• 15 principales socios de agencia de viajes en línea
• Ingresos de reservas anuales de $ 3.2 mil millones
• 15% del volumen total de reserva

Marriott International, Inc. (MAR) - Modelo de negocios: segmentos de clientes

Viajeros de negocios

Marriott atiende a 1,4 millones de viajeros de negocios diariamente en 138 países. El segmento de viajes corporativos representa el 43% de los ingresos totales en 2022.

Características de segmento	Estadística clave
Tasa promedio de habitaciones corporativas	$ 189.50 por noche
Miembros del programa de fidelización	161 millones de miembros de Marriott Bonvoy
Cobertura del contrato corporativo	Más de 6.500 acuerdos corporativos

Viajeros de ocio

Los viajeros de ocio constituyen el 57% de la base total de clientes de Marriott en 2022.

• Duración promedio de estadía de ocio: 3.2 noches
• Ingresos del segmento de ocio: $ 24.7 mil millones en 2022
• Destinos de ocio globales: más de 30 países

Viajeros de segmento de lujo

El segmento de lujo representa el 18% de la cartera total de Marriott.

Marca de lujo	Número de propiedades	Tasa de habitación promedio
Ritz-carlton	108 propiedades	$ 495 por noche
San Regis	45 propiedades	$ 425 por noche

Viajeros conscientes del presupuesto

El segmento de presupuesto representa el 22% de la cartera de Marriott.

• Tasa promedio de la habitación: $ 89- $ 129
• Marcas: Fairfield Inn, Springhill Suites
• Ingresos del segmento de presupuesto: $ 8.3 mil millones en 2022

Clientes de eventos corporativos y grupales

El segmento grupal y de eventos generó $ 12.5 mil millones en ingresos durante 2022.

Categoría de eventos	Ingresos anuales	Asistentes promedio
Conferencias corporativas	$ 6.2 mil millones	250-500 participantes
Eventos de boda	$ 3.7 mil millones	100-250 invitados
Reuniones sociales	$ 2.6 mil millones	50-150 asistentes

Marriott International, Inc. (MAR) - Modelo de negocios: Estructura de costos

Adquisición y desarrollo de propiedades

En 2022, Marriott International invirtió $ 1.6 mil millones en propiedades y equipos. Los gastos de capital totales para el desarrollo y la renovación de la propiedad alcanzaron los $ 1.86 mil millones en el año fiscal 2022.

Categoría de costos	Cantidad (2022)
Gastos de capital total	$ 1.86 mil millones
Inversión de propiedades y equipos	$ 1.6 mil millones

Salario de empleados y capacitación

Los costos laborales totales de Marriott en 2022 fueron de aproximadamente $ 6.5 mil millones. La compañía emplea a más de 385,000 asociados a nivel mundial.

• Inversión promedio de capacitación anual por empleado: $ 1,200
• Presupuesto total de capacitación anual: $ 462 millones

Marketing y promoción de la marca

Marriott gastó $ 402 millones en gastos de marketing y ventas en 2022, lo que representa el 3.8% de los ingresos totales.

Métrica de gastos de marketing	Cantidad
Gasto total de marketing	$ 402 millones
Gastos de marketing como % de ingresos	3.8%

Tecnología e infraestructura digital

Las inversiones en tecnología totalizaron $ 257 millones en 2022, centrándose en plataformas digitales y sistemas de reserva.

• Presupuesto de desarrollo de la plataforma digital: $ 135 millones
• Inversión de infraestructura de ciberseguridad: $ 62 millones
• Aplicación móvil y mejora del servicio digital: $ 60 millones

Apoyo y gestión de franquicias

Los gastos relacionados con la franquicia fueron de $ 521 millones en 2022, que cubren apoyo, licencias y asistencia operativa.

Categoría de costos de soporte de franquicia	Cantidad (2022)
Gastos totales de apoyo a la franquicia	$ 521 millones
Gestión de franquicias sobre	$ 178 millones
Licencias y soporte de marca	$ 343 millones

Marriott International, Inc. (MAR) - Modelo de negocios: flujos de ingresos

Reservas de habitaciones en las marcas de hoteles

En 2022, Marriott International reportó ingresos totales de $ 20.99 mil millones, con los ingresos de la habitación que representan una porción significativa. La compañía opera 8,190 propiedades en 30 marcas a nivel mundial, representando 1,487,832 habitaciones al 31 de diciembre de 2022.

Categoría de marca	Número de propiedades	Habitaciones totales
Marcas de lujo	442	95,288
Marcas premium	2,251	456,060
Seleccionar marcas de servicio	3,366	560,876
Marcas de estadía extendida	731	109,358

Ventas de alimentos y bebidas

Los ingresos por alimentos y bebidas para Marriott International en 2022 fueron de aproximadamente $ 4.5 mil millones, lo que representa el 21.4% de los ingresos totales.

Hosting de eventos y conferencias

Los espacios de reunión y eventos de Marriott generaron aproximadamente $ 1.2 mil millones en ingresos en 2022, con más de 500,000 metros cuadrados de espacio en las propiedades globales.

Asociaciones del programa de fidelización

El programa de lealtad de Marriott Bonvoy reportó 173 millones de miembros en 2022, generando ingresos a través de:

• Asociaciones de tarjetas de crédito
• Redención de puntos
• Experiencias de viaje de marca

Tipo de asociación	Ingresos anuales
Asociaciones de tarjetas de crédito	$ 570 millones
Redención de puntos	$ 320 millones

Tarifas de franquicia y regalías

Las tarifas y regalías de franquicias en 2022 totalizaron $ 1.4 mil millones, con el 65% de las propiedades de Marriott que operan bajo acuerdos de franquicia.

Categoría de franquicia	Número de propiedades	Porcentaje de regalías
Marcas de lujo	210	4-6%
Marcas premium	1,350	3-5%
Seleccionar marcas de servicio	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.