Marriott is the world's largest hotel company by rooms, operating nearly 9,800 properties and roughly 1.78M rooms across 145 countries under more than 30 brands. Marriott's model is almost entirely asset-light — Marriott directly owns less than 1% of its properties, instead earning fees as a franchisor, manager, and licensor of hotel brands. Brands span four tiers: luxury (Ritz-Carlton, St. Regis, W Hotels), premium (Marriott Hotels, Sheraton, Westin), select service (Courtyard, Fairfield, Residence Inn), and midscale (City Express, StudioRes), a segment Marriott entered only recently. Franchise fees, typically 4%–7% of room revenues, are the most predictable revenue stream and scale directly with system size and RevPAR. Management fees add a base fee on total hotel revenues plus an incentive fee tied to hotel profitability. A growing non-RevPAR fee stream comes from co-branded credit card partnerships with JPMorgan Chase and American Express, which generated ~$716M in fees in FY25. The Marriott Bonvoy loyalty program, with 271M members, is central to the model — it drives roughly 68% of global room nights and funds the co-branded card program, reducing owner dependence on OTAs. Marriott's primary growth lever is expanding its room count through franchising and management agreements, targeting ~4.5%–5% net rooms growth, with conversions accounting for roughly one-third of openings. International markets, particularly APEC and Greater China, represent a disproportionate share of the development pipeline.