Marriott International, Inc. (MAR): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'hospitalité, Marriott International est un géant imposant, transformant la façon dont les voyageurs vivent un logement à travers le monde. En tirant stratégiquement une toile complète du modèle commercial, cette puissance hôtelle a magistralement assemblé des partenariats clés, des technologies innovantes et des approches centrées sur le client pour dominer le marché hôtelier international. Des complexes de luxe aux séjours adaptés au budget, le plan commercial complexe de Marriott révèle un parcours fascinant de croissance stratégique, d'innovation numérique et d'expérience client inégalée qui continue de remodeler le paysage hospitalier.

Marriott International, Inc. (MAR) - Modèle commercial: partenariats clés

Alliances stratégiques avec les sociétés de cartes de crédit

Marriott a des partenariats stratégiques avec:

• Chase Bank - Carte de crédit sans limites Marriott Bonvoy
• American Express - Marriott Bonvoy Brilliant Card

Partenaire de carte de crédit	Type de carte	Revenus de cartes de crédit annuelles (2023)
Chase Bank	Marriott Bonvoy illimité	387 millions de dollars
American Express	Marriott bonvoy brillant	412 millions de dollars

Accords de franchise avec des propriétaires d'hôtels indépendants

Le réseau de franchise de Marriott comprend:

• Propriétés totales franchisées: 5 226
• Chambres franchisés: 770,100
• Revenus de franchise (2023): 1,43 milliard de dollars

Partenariats du système de distribution mondial

Partenaire de distribution	Volume de réservation (2023)	Taux de commission
Expedia	3,2 millions de réservations	12-15%
Réservation.com	2,9 millions de réservations	10-14%

Partenaires technologiques

• Microsoft Azure - Infrastructure cloud
• Salesforce - Gestion de la relation client
• Oracle - Planification des ressources d'entreprise

Co-branding des partenariats

Partenaire	Type de partenariat	Intégration du programme de fidélité
United Airlines	Programme de fidélité croisée	3,2 millions de membres partagés
Lignes aériennes delta	Programme de fidélité croisée	2,8 millions de membres partagés

Marriott International, Inc. (MAR) - Modèle d'entreprise: activités clés

Gestion et opérations hôtelières

En 2024, Marriott International gère 8 343 propriétés dans 138 pays et territoires. La société exploite 30 marques avec 1 498 685 salles au total dans le monde.

Métrique	Nombre
Propriétés totales	8,343
Total Rooms	1,498,685
Nombre de pays	138
Marques totales	30

Développement et marketing de marque

Marriott investit 300 millions de dollars par an dans les stratégies de marketing et de développement de marque. Le budget marketing de l'entreprise représente 3,5% de ses revenus totaux.

Gestion du programme de fidélité (Marriott Bonvoy)

L'adhésion à Marriott Bonvoy en 2024 comprend 180 millions de membres. Le programme de fidélité génère environ 2,5 milliards de dollars de revenus annuels grâce au rachat de points et aux collaborations partenaires.

• Membres de fidélité totale: 180 millions
• Revenus de fidélité annuelle: 2,5 milliards de dollars
• Partners de rachat actif: 45 marques mondiales

Support de franchise et expansion

Marriott prend en charge 5 700 propriétés franchisées, ce qui représente 72% de son portefeuille total. Les frais de franchise génèrent 1,2 milliard de dollars de revenus annuels.

Métrique de franchise	Valeur
Propriétés franchisées totales	5,700
Pourcentage de portefeuille franchisé	72%
Revenus de franchise annuelle	1,2 milliard de dollars

Innovation numérique et amélioration de l'expérience client

Marriott alloue 250 millions de dollars par an à la technologie numérique et aux améliorations de l'expérience client. La société traite plus de 500 millions d'interactions numériques chaque mois via ses plates-formes d'application mobile et de site Web.

• Investissement numérique annuel: 250 millions de dollars
• Interactions numériques mensuelles: 500 millions
• Taux de téléchargement des applications mobiles: 3,2 millions de nouveaux utilisateurs par trimestre

Marriott International, Inc. (MAR) - Modèle commercial: Ressources clés

Portefeuille d'hôtel mondial étendu

Au quatrième trimestre 2023, Marriott International exploite 8 415 propriétés totales avec 1 546 294 chambres dans 139 pays et territoires. La rupture par le portefeuille de marques comprend:

Catégorie de marque	Nombre de propriétés	Total Rooms
Marques de luxe	1,256	227,412
Marques premium	3,687	622,145
Sélectionnez des marques de service	2,845	474,892
Marques de séjour prolongées	627	221,845

Réputation et reconnaissance de la marque

Marriott Bonvoy Le programme de fidélité comprend 180 millions de membres en décembre 2023.

Capacités technologiques

• Plateforme numérique prenant en charge plus de 30 langues
• Application mobile avec plus de 40 millions de téléchargements
• Infrastructure de service à la clientèle alimentée par l'IA
• Système de réservation et de gestion des stocks en temps réel

Ressources financières

Actif total au quatrième trimestre 2023: 54,3 milliards de dollars Valeur nette: 15,2 milliards de dollars Revenu annuel: 22,4 milliards de dollars

Capital humain

Total des employés: 453 000 à l'échelle mondiale Travail de gestion: 68 000 Tenure moyenne des employés: 7,3 ans

Marriott International, Inc. (MAR) - Modèle d'entreprise: propositions de valeur

Gamme complète de marques d'hôtels pour différents segments de voyageurs

Marriott International exploite 31 marques d'hôtels distincts à partir de 2024, couvrant 8 catégories de marché:

Catégorie	Nombre de marques	Fourchette
Luxe	6 marques	350 $ - 1 500 $ par nuit
Prime	8 marques	200 $ - 350 $ par nuit
Sélectionner	9 marques	100 $ - 200 $ par nuit
Séjour plus long	4 marques	120 $ - 250 $ par nuit

Qualité et service cohérents dans les propriétés mondiales

Marriott maintient des normes de service cohérentes dans 8 415 propriétés dans 139 pays en 2024.

• Travail mondial de 413 000 employés
• Programmes de formation standardisés
• Protocoles d'assurance de la qualité de marque uniformes

Options d'hébergement flexibles

Inventaire total des chambres: 1 551 018 chambres dans le monde

Type de chambre	Pourcentage
Chambres standard	62%
Suites	23%
Chambres de séjour prolongées	15%

Expériences client personnalisées

Investissements de personnalisation numérique: 187 millions de dollars en 2023

• Enregistrement / paiement mobile pour 98% des propriétés
• Systèmes de recommandation alimentés par l'IA
• Suivi des préférences de pièce personnalisées

Programme de fidélité attrayant avec des récompenses étendues

Statistiques du programme Marriott Bonvoy:

Métrique	2024 données
Total des membres	180 millions
Points annuels émis	3,2 billions
Taux de rachat	37%

Marriott International, Inc. (MAR) - Modèle d'entreprise: relations avec les clients

Engagement numérique personnalisé via l'application mobile

Application mobile Marriott Bonvoy avec 18,8 millions d'utilisateurs actifs au quatrième trimestre 2023. Les fonctionnalités de l'application incluent:

• Capacités de réservation en temps réel
• Enregistrement / paiement numérique
• Sélection et personnalisation des chambres

Programme de fidélité Marriott Bonvoy

Métriques du programme	2023 statistiques
Total des membres	182 millions
Revenus du programme de fidélité	3,2 milliards de dollars
Taux de réservation répétée des membres	54.6%

Support client 24/7

Les centres mondiaux de service client fonctionnant en 15 langues avec un temps de réponse moyen de 12 minutes sur les canaux numériques.

Communication personnalisée et marketing ciblé

• Campagnes par e-mail personnalisées atteignant 142 millions d'abonnés
• Marketing segmenté ciblant les données démographiques des clients spécifiques
• Offres personnalisées basées sur l'historique de la réservation précédent

Plates-formes numériques en libre-service

Offrande de plates-formes numériques:

• Traitement du système de réservation en ligne 68% des réservations totales
• Services de conciergerie virtuelle
• Chatbots de support client automatisé

Marriott International, Inc. (MAR) - Modèle commercial: canaux

Plates-formes de réservation en ligne directes

Marriott.com a généré 9,3 milliards de dollars de réservations numériques directes en 2022. Le site Web traite environ 50% du total des réservations d'entreprise par an. Les revenus des canaux numériques ont augmenté de 22% par rapport à l'année précédente.

Plate-forme	Volume de réservation annuel	Pourcentage de réservations totales
Marriott.com	9,3 milliards de dollars	50%

Application mobile

L'application mobile Marriott Bonvoy compte 167 millions de membres inscrits en 2023. L'application traite environ 30% du total des réservations numériques, ce qui représente 5,6 milliards de dollars de revenus annuels.

• 167 millions d'utilisateurs d'applications enregistrées
• 30% des réservations numériques via la plate-forme mobile
• Revenus de réservation annuelle de 5,6 milliards de dollars

Centres d'appels mondiaux

Marriott exploite 12 centres d'appels mondiaux sur 5 continents. Ces centres gèrent environ 15% du total des réservations, traitant environ 2,8 milliards de dollars de réserves annuelles.

Partenariats de l'agence de voyage

Marriott collabore avec 250 000 agences de voyage dans le monde. Ces partenariats génèrent 4,5 milliards de dollars de réservations annuelles, ce qui représente 20% du volume total de réservation.

Type de partenariat	Nombre de partenaires	Revenus de réservation annuelle
Agences de voyage mondiales	250,000	4,5 milliards de dollars

Agences de voyage en ligne tierces

Marriott s'associe à 15 grandes agences de voyage en ligne, générant 3,2 milliards de dollars de réservations annuelles. Ces plateformes contribuent environ 15% des revenus totaux de réservation.

• 15 partenaires d'agence de voyage en ligne majeurs
• Revenus de réservation annuelle de 3,2 milliards de dollars
• 15% du volume total de réservation

Marriott International, Inc. (MAR) - Modèle d'entreprise: segments de clientèle

Voyageurs d'affaires

Marriott dessert 1,4 million de voyageurs d'affaires par jour dans 138 pays. Le segment des voyages d'entreprise représente 43% des revenus totaux en 2022.

Caractéristiques du segment	Statistiques clés
Tarif de chambre à l'entreprise moyen	189,50 $ par nuit
Membres du programme de fidélité	161 millions de membres de Marriott Bonvoy
Couverture des contrats d'entreprise	Plus de 6 500 accords d'entreprise

Voyageurs de loisir

Les voyageurs de loisirs représentent 57% de la clientèle totale de Marriott en 2022.

• Séjour de loisirs moyen Durée: 3,2 nuits
• Revenu du segment de loisirs: 24,7 milliards de dollars en 2022
• Destinations de loisirs mondiales: 30+ pays

Voyageurs de segment de luxe

Le segment de luxe représente 18% du portefeuille total de Marriott.

Marque de luxe	Nombre de propriétés	Taux de chambre moyen
Ritz-Carlton	108 propriétés	495 $ par nuit
St. Regis	45 propriétés	425 $ par nuit

Voyageurs soucieux du budget

Le segment du budget représente 22% du portefeuille de Marriott.

• Taux de chambre moyen: 89 $ - 129 $
• Marques: Fairfield Inn, Springhill Suites
• Revenu du segment du budget: 8,3 milliards de dollars en 2022

Clients des événements d'entreprise et de groupe

Le segment du groupe et des événements a généré 12,5 milliards de dollars de revenus en 2022.

Catégorie d'événements	Revenus annuels	Participants moyens
Conférences d'entreprise	6,2 milliards de dollars	250-500 participants
Événements de mariage	3,7 milliards de dollars	100-250 invités
Rassemblements sociaux	2,6 milliards de dollars	50-150 participants

Marriott International, Inc. (MAR) - Modèle d'entreprise: Structure des coûts

Acquisition et développement des biens

En 2022, Marriott International a investi 1,6 milliard de dollars dans la propriété et l'équipement. Les dépenses en capital total pour le développement et la rénovation immobilières ont atteint 1,86 milliard de dollars au cours de l'exercice 2022.

Catégorie de coûts	Montant (2022)
Total des dépenses en capital	1,86 milliard de dollars
Investissement de propriété et d'équipement	1,6 milliard de dollars

Salaire et formation des employés

Les coûts totaux de la main-d'œuvre de Marriott en 2022 étaient d'environ 6,5 milliards de dollars. L'entreprise emploie plus de 385 000 associés dans le monde.

• Investissement de formation annuel moyen par employé: 1 200 $
• Budget total de formation annuelle: 462 millions de dollars

Marketing et promotion de la marque

Marriott a dépensé 402 millions de dollars pour les frais de marketing et de vente en 2022, ce qui représente 3,8% des revenus totaux.

Métrique de dépenses de marketing	Montant
Dépenses marketing totales	402 millions de dollars
Les dépenses de marketing en% des revenus	3.8%

Technologie et infrastructure numérique

Les investissements technologiques ont totalisé 257 millions de dollars en 2022, en se concentrant sur les plates-formes numériques et les systèmes de réservation.

• Budget de développement de la plate-forme numérique: 135 millions de dollars
• Investissement d'infrastructure de cybersécurité: 62 millions de dollars
• Application mobile et amélioration des services numériques: 60 millions de dollars

Support et gestion de la franchise

Les dépenses liées à la franchise étaient de 521 millions de dollars en 2022, couvrant le soutien, les licences et l'assistance opérationnelle.

Catégorie de coûts de support de franchise	Montant (2022)
Total des frais de soutien à la franchise	521 millions de dollars
Gestion des franchises au-dessus de la tête	178 millions de dollars
Licence et support de marque	343 millions de dollars

Marriott International, Inc. (MAR) - Modèle commercial: Strots de revenus

Réservations de chambres à travers les marques d'hôtel

En 2022, Marriott International a déclaré un chiffre d'affaires total de 20,99 milliards de dollars, avec des revenus de la salle avec une partie importante. La société exploite 8 190 propriétés sur 30 marques dans le monde, représentant 1 487 832 chambres au 31 décembre 2022.

Catégorie de marque	Nombre de propriétés	Total Rooms
Marques de luxe	442	95,288
Marques premium	2,251	456,060
Sélectionnez des marques de service	3,366	560,876
Marques de séjour prolongées	731	109,358

Ventes de nourriture et de boissons

Les revenus des aliments et des boissons pour Marriott International en 2022 étaient d'environ 4,5 milliards de dollars, ce qui représente 21,4% des revenus totaux.

Événement et hébergement de conférence

Les espaces de réunion et d'événement de Marriott ont généré environ 1,2 milliard de dollars de revenus en 2022, avec plus de 500 000 mètres carrés d'espace de réunion dans les propriétés mondiales.

Partenariats du programme de fidélité

Le programme de fidélité Marriott Bonvoy a rapporté 173 millions de membres en 2022, générant des revenus à travers:

• Partenariats de cartes de crédit
• Rachat de points
• Expériences de voyage de marque

Type de partenariat	Revenus annuels
Partenariats de cartes de crédit	570 millions de dollars
Rachat de points	320 millions de dollars

Frais de franchise et redevances

Les frais de franchise et les redevances en 2022 ont totalisé 1,4 milliard de dollars, avec 65% des propriétés de Marriott opérant en vertu des accords de franchise.

Catégorie de franchise	Nombre de propriétés	Pourcentage de redevances
Marques de luxe	210	4-6%
Marques premium	1,350	3-5%
Sélectionnez des marques de service	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.