Marriott International franchises and manages hotels under numerous brand names spanning luxury, upscale and budget hotel categories, the largest hotel company in the world by number of rooms. Its business model relies heavily on franchising and management contracts rather than owning hotel properties directly, letting Marriott earn fees from franchisees and hotel owners without bearing the capital costs and real estate risk of owning the physical hotel buildings itself. This asset-light franchise and management model generates high-margin fee revenue tied to hotel room revenue and occupancy, giving Marriott more stable earnings than hotel owners who bear the full capital costs and operational risks of the properties themselves. The company's revenue is tied to overall travel demand, hotel occupancy rates and room pricing across its vast portfolio of franchised and managed properties, making it sensitive to broader economic conditions affecting both business and leisure travel.