Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the...

Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 2020
o
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from XXXXXXXXXXto
Commission File No XXXXXXXXXX

MARRIOTT INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
Delaware XXXXXXXXXX
(State or other jurisdiction of
incorporation or organization)
(IRS Employe
Identification No.)
10400 Fernwood Road Bethesda Maryland 20817
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, Including Area Code XXXXXXXXXX
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered
Class A Common Stock, $0.01 par value MAR Nasdaq Global Select Market
Securities registered pursuant to Section 12(g) of the Act: NONE
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No o
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No ☒
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
days. Yes ☒ No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§
XXXXXXXXXXof this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth
company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange
Act.
Large accelerated file
☒
Accelerated file
o
Non-accelerated filer o Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial
eporting under Section 404(b) of the Sa
anes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
The aggregate market value of shares of common stock held by non-affiliates at June 30, 2020, was $23,156,431,539.
There were 324,414,150 shares of Class A Common Stock, par value $0.01 per share, outstanding at Fe
uary 10, 2021.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Proxy Statement prepared for the 2021 Annual Meeting of Stockholders are incorporated by reference into Part III of this report.
Table of Contents
MARRIOTT INTERNATIONAL, INC.
FORM 10-K TABLE OF CONTENTS
FISCAL YEAR ENDED DECEMBER 31, 2020

Page No.
Part I.
Item 1. Business 3
Item 1A. Risk Factors 11
Item 1B. Unresolved Staff Comments 22
Item 2. Properties 22
Item 3. Legal Proceedings 23
Item 4. Mine Safety Disclosures 24
Part II.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of
Equity Securities 24
Item 6. Selected Financial Data 25
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 25
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 37
Item 8. Financial Statements and Supplementary Data 39
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 77
Item 9A. Controls and Procedures 77
Item 9B. Other Information 77
Part III.
Item 10. Directors, Executive Officers, and Corporate Governance 77
Item 11. Executive Compensation 77
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholde
Matters 77
Item 13. Certain Relationships and Related Transactions, and Director Independence 77
Item 14. Principal Accountant Fees and Services 77
Part IV.
Item 15. Exhibits and Financial Statement Schedules 82
Item 16. Form 10-K Summary 87
Signatures 88
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Luxury offers bespoke and supe
amenities and services. Our Classic Luxury hotel
ands include JW Ma
iott, The Ritz-Carlton, and St. Regis. Ou
Distinctive Luxury hotel
ands include W Hotels, The Luxury Collection, EDITION, and Bulgari.
Premium offers sophisticated and thoughtful amenities and services. Our Classic Premium hotel
ands include Ma
iott Hotels, Sheraton, Delta
Hotels, Ma
iott Executive Apartments, and Ma
iott Vacation Club. Our Distinctive Premium hotel
ands include Westin, Renaissance, Le Méridien,
Autograph Collection, Gaylord Hotels, Tribute Portfolio, and Design Hotels.
Select offers smart and easy amenities and services, with our longer stay
ands offering amenities that mi
or the comforts of home. Our Classic
Select hotel
ands include Courtyard, Residence Inn, Fairfield by Ma
iott, SpringHill Suites, Four Points, TownePlace Suites, and Protea Hotels. Ou
Distinctive Select hotel
ands include Aloft, AC Hotels by Ma
iott, Element, and Moxy.
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The following table shows the geographic distribution of our
ands at year-end 2020:
U.S. &
Canada Europe
Middle East &
Africa Asia Pacific
Cari
ean &
Latin America Total
Luxury
JW Ma
iott
Properties XXXXXXXXXX
Rooms 18,658 2,205 3,325 15,574 3,597 43,359
The Ritz-Carlton
Properties XXXXXXXXXX
Rooms 11,833 3,080 3,523 8,754 2,081 29,271
W Hotels
Properties XXXXXXXXXX
Rooms 7,182 1,423 1,850 4,245 1,752 16,452
The Luxury Collection
Properties XXXXXXXXXX
Rooms 5,090 7,092 2,369 7,715 1,188 23,454
St. Regis
Properties XXXXXXXXXX
Rooms 1,968 1,002 1,788 4, XXXXXXXXXX,017
EDITION
Properties XXXXXXXXXX — 11
Rooms 1, XXXXXXXXXX — 2,697
Bulgari
Properties — 2 1 3 — 6
Rooms — XXXXXXXXXX — 523
Premium
Ma
iott Hotels
Properties XXXXXXXXXX585
Rooms 133,972 25,946 8,110 30,008 7,789 205,825
Sheraton
Properties XXXXXXXXXX442
Rooms 70,245 16,900 9,299 49,399 8,613 154,456
Westin
Properties XXXXXXXXXX
Rooms 52,705 5,686 1,839 17,751 3,819 81,800
Renaissance Hotels
Properties XXXXXXXXXX
Rooms 28,880 7,846 1,035 14,972 2,745 55,478
Le Méridien
Properties XXXXXXXXXX
Rooms 4,748 4,997 6,588 12, XXXXXXXXXX,287
Autograph Collection Hotels
Properties XXXXXXXXXX
Rooms 25,449 6,468 1,640 3,245 3,751 40,553
Delta Hotels by Ma
iott (Delta Hotels )
Properties XXXXXXXXXX — 85
Rooms 18, XXXXXXXXXX — 20,292
Gaylord Hotels
Properties 6 — — — — 6
Rooms 9,918 — — — — 9,918
Ma
iott Executive Apartments
Properties — XXXXXXXXXX
Rooms — 361 1,116 3, XXXXXXXXXX,878
Tribute Portfolio
Properties 26 11 — 8 3 48
Rooms 4,571 1,139 — 1, XXXXXXXXXX,971
Design Hotels
Properties 5 7 — — — 12
Rooms XXXXXXXXXX — — — 1,652
Select
Courtyard by Ma
iott (Courtyard )
Properties 1, XXXXXXXXXX,258
Rooms 146,913 13,551 1,684 18,454 6,717 187,319
Residence Inn by Ma
iott (Residence
Inn )
Properties XXXXXXXXXX — 4 874
Rooms 105,273 1,569 294 — XXXXXXXXXX,680
Fairfield by Ma
iott
Properties 1,061 — — XXXXXXXXXX,132
Rooms 99,901 — — 9,300 1,863 111,064
SpringHill Suites by Ma
iott (SpringHill
Suites )
Properties 488 — — — — 488
Rooms 57,590 — — — — 57,590
Four Points by Sheraton (Four Points )
Properties XXXXXXXXXX
Rooms 23,836 2,913 4,058 21,636 2,500 54,943
TownePlace Suites by Ma
iott
(TownePlace Suites )
Properties 446 — — — — 446
Rooms 45,320 — — — — 45,320
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U.S. &
Canada Europe
Middle East &
Africa Asia Pacific
Cari
ean &
Latin America Total
Aloft Hotels
Properties XXXXXXXXXX
Rooms 19,619 1,614 2,006 6,732 1,679 31,650
AC Hotels by Ma
iott
Properties XXXXXXXXXX
Rooms 12,337 10, XXXXXXXXXX,296 2,254 26,929
Protea Hotels by Ma
iott (Protea
Hotels )
Properties — — 74 — — 74
Rooms — — 7,851 — — 7,851
Element Hotels
Properties XXXXXXXXXX — 65