What Marriott International, Inc. told the SEC could break it.

Marriott franchises/manages rather than owns (less than 1% of its system), so its unit growth depends on current and potential hotel owners' ability to access capital markets to buy, develop, refurbish and improve hotels; constrained financing for hotel/real-estate investments has limited and could further limit new investment and pipeline conversion.

“Our hotel owners depend on capital to buy, develop, and improve hotels, and they may be unable to access capital when necessary . ... The availability of funds for new investments and improvement of existing hotels by our current and potential hotel owners depends in large measure on their ability to access the capital markets.”

Marriott's results depend on estimates tied to its co-branded credit-card agreements (volume of points/free-night certificates issued, consideration entitled, stand-alone selling prices) and Loyalty Program breakage; a one-percent decrease in its points-breakage estimate could increase the guest-loyalty liability by ~$50 million.

“Based on the conditions existing at December 31, 2025 and holding other factors constant, a one percent decrease in our estimate of the breakage of points could result in an increase in the liability for guest loyalty program of approximately $50 million.”

Of the ~115,000 Marriott associates in the U.S., approximately 19,000 belong to labor unions, and outside the U.S. some associates are represented by trade unions, works councils or employee associations — exposing Marriott to collective-bargaining and labor-disruption risk (beyond the ~266,000 owner-employed associates whose employment it manages).

“Approximately 115,000 of the associates employed by Marriott are located in the U.S., of which approximately 19,000 belong to labor unions. Outside the U.S., some of our associates are represented by trade unions, works councils, or employee associations.”

Marriott's system spans 9,805 properties (1.78M rooms) in 145 countries with Greater China and APEC as distinct reportable segments; over half of its ~265,000-room development pipeline and ~64,000 of its 2025 gross room additions were outside U.S. & Canada — concentrating growth and operating exposure in international (notably Chinese) markets and FX.

“As of year-end 2025, our system included 9,805 properties (1,779,936 rooms) in 145 countries and territories... We discuss our operations in the following reportable business segments: (1) U.S. & Canada, (2) Europe, Middle East & Africa (“EMEA”), (3) Greater China, and (4) Asia Pacific excluding China (“APEC”).”