Hotel Online
News for the Hospitality Executive

advertisement
 
 

Marriott Lost $10 million in the 4th Qtr of 2008 Compared to Year-earlier
Net Income of $176 million, Worldwide REVPAR Declined 8.4%
.

BETHESDA, Md., Feb. 12, 2009 - Marriott International, Inc. (NYSE: MAR) today reported fourth quarter 2008 adjusted income from continuing operations of $121 million, a 49 percent decline over the year-ago quarter, and adjusted diluted earnings per share ("EPS") from continuing operations of $0.34, down 45 percent.

Adjusted results for the 2008 fourth quarter exclude $192 million pretax ($124 million after-tax and $0.35 per diluted share) of restructuring and other charges resulting from the significant economic decline affecting worldwide lodging and timeshare demand and the turmoil in the financial markets. Restructuring charges totaled $55 million pretax and included severance costs, facilities exit costs and the write-off of capitalized costs associated with discontinued development projects. Other charges totaled $137 million pretax and primarily included charges against timeshare and lodging assets, guarantee charges and reserves for loan losses and accounts receivable. Of the total $192 million of restructuring costs and other charges, $152 million were non-cash. 

Adjusted results for the 2008 fourth quarter also exclude $7 million of charges ($0.02 per diluted share) in the provision for taxes largely due to state taxes related to a settlement reached in May 2008 with the IRS regarding a 1995 leasing transaction.

The reported loss from continuing operations was $10 million in the fourth quarter of 2008 compared to reported income from continuing operations of $236 million in the year-ago quarter. Reported diluted losses per share from continuing operations was $0.03 in the fourth quarter of 2008 compared to diluted EPS from continuing operations of $0.62 in the fourth quarter of 2007.

J.W. Marriott, Jr., chairman and chief executive officer of Marriott International, said, "Results in the fourth quarter of 2008 demonstrated the impact of economic disruption to our business. Despite these highly challenging times, our priorities are straightforward. First, we are focusing on driving higher market share at the property level and through new room additions. Second, we are enhancing our cash flow by reducing investments in new projects. And third, we are reducing costs in all areas of our business to reflect the realities of the marketplace.

"While none of these tasks will ever be fully complete, we can see that our approach is working. In 2008, we added 26,000 net hotel rooms to our system and we expect to do the same this year. With strong guest satisfaction, we increased our market share at our existing hotels. While worldwide REVPAR declined over 8 percent during the fourth quarter, our actions to reduce costs limited our house profit margin declines to just 210 basis points. In our timeshare business, we closed less productive sales offices, substantially reduced overhead and dramatically scaled back development, and we will do more if needed. We expect our timeshare business to remain profitable and to produce positive cash flow in 2009. Across our company, we reduced annualized general and administrative spending by about $100 million, making cuts in every department. Finally, we reduced our 2009 investment spending estimate by $400 million year-over-year. All in all, despite a weak economic climate, we anticipate reducing our debt by $600 to $700 million this year and maintaining our investment grade credit rating. These are the kinds of steps that will position us to seize new opportunities when they arise."

Marriott's 2008 fiscal year ended on January 2, 2009 and included 53 weeks compared to 52 weeks in 2007. Similarly, the fourth quarter ended on January 2, 2009 and included 17 weeks compared to 16 weeks in the 2007 fiscal quarter. Key lodging statistics are included in the schedules accompanying the press release beginning on page A-6. While fiscal fourth quarter revenue per available room (REVPAR) statistics for North America are included, they are not comparable due to differences in the length and seasonality of the reporting periods. As a result, the company has also provided North American and worldwide REVPAR statistics excluding the 53rd week, which the company believes are more meaningful year-over-year statistics.

Excluding the 53rd week in the 2008 fourth quarter, REVPAR for the company's comparable worldwide company-operated properties declined 8.4 percent (7.3 percent using constant dollars) and REVPAR for the company's worldwide systemwide properties declined 7.5 percent (6.8 percent using constant dollars). 

Outside North America, the fourth quarter included the months from September to December in both years. International comparable company-operated REVPAR declined 8.8 percent (5.3 percent using constant dollars), including a 1.2 percent decline in average daily rate (a 2.5 percent increase using constant dollars) in the fourth quarter of 2008.

In North America, excluding the 53rd week in the fourth quarter of 2008, comparable company-operated REVPAR declined 8.3 percent. REVPAR at the company's comparable company-operated North American full-service and luxury hotels (including Marriott Hotels & Resorts, The Ritz-Carlton and Renaissance Hotels & Resorts) was down 7.8 percent with a 3.1 percent decline in average daily rate.
Marriott added 78 new properties (11,451 rooms) to its worldwide lodging portfolio in the 2008 fourth quarter, including 59 limited-service hotels. Five properties (1,194 rooms) exited the system during the quarter. Rooms converted from competitor hotels accounted for 22 percent of gross room additions during the quarter. At year-end, the company's lodging group encompassed 3,178 properties and timeshare resorts for a total of over 560,000 rooms.

The company's worldwide pipeline of hotels under construction, awaiting conversion or approved for development totaled over 125,000 rooms. Nearly 30 percent of the development pipeline rooms are Marriott, Ritz-Carlton, Renaissance or Edition rooms, of which nearly 70 percent are located outside North America. 

Reported results for the 2008 fourth quarter, the adjusted results and the associated reconciliations are shown on pages A-1 and A-12 of the accompanying schedules. The following paragraphs reflect adjusted results where indicated.

MARRIOTT REVENUES totaled approximately $3.8 billion in the 2008 fourth quarter compared to $4.1 billion for the fourth quarter of 2007. Base management and franchise fees declined 6 percent to $320 million reflecting lower REVPAR and a stronger U.S. dollar, offset in part by fees from new hotels. Base management fees reflected $4 million in proceeds from business interruption insurance in the 2007 fourth quarter. With continued soft lodging demand trends in the United States, fourth quarter incentive management fees declined 35 percent. The percentage of company-operated hotels earning incentive management fees decreased to 39 percent in the 2008 fourth quarter compared to 62 percent in the year-ago quarter. Approximately 55 percent of incentive management fees came from hotels outside of North America in the 2008 quarter compared to about 40 percent in the 2007 quarter, reflecting more favorable incentive fee calculations internationally. The 2007 fourth quarter incentive management fees reflected $9 million in proceeds from business interruption insurance.

Worldwide comparable company-operated house profit margins declined 210 basis points in the fourth quarter reflecting the weak REVPAR environment, offset in part by significant cost savings. House profit margins for comparable company-operated properties outside North America declined 120 basis points and house profit per available room ("HP-PAR") declined nearly 8 percent. North American comparable company-operated house profit margins declined 260 basis points from the year-ago quarter and HP-PAR declined about 16 percent.

Owned, leased, corporate housing and other revenue, net of direct expenses, declined $20 million in the 2008 fourth quarter, to $45 million, primarily reflecting the impact of lower profits in owned and leased hotels partially driven by the conversion of formerly owned hotels to managed, lower revenue from a services contract terminated at the end of 2007 and a reduction in branding and other fee income.

Fourth quarter Timeshare segment contract sales declined to $103 million reflecting weak demand. Contract sales were also reduced by allowances totaling $115 million for previously signed contracts now expected to cancel.

In the fourth quarter, adjusted timeshare sales and services revenue declined 28 percent to $386 million and, net of expenses, totaled $10 million for the quarter. Softer demand across all product lines continued to constrain development revenue. Financing revenue declined largely as a result of the absence of a note sale in the fourth quarter of 2008, compared to a $36 million note sale gain recognized in the fourth quarter of 2007, partially offset by increased interest income in the 2008 quarter.

Adjusted Timeshare segment results, which includes timeshare sales and services revenue, net of direct expenses, as well as base management fees, equity earnings, minority interest and general, administrative and other expenses associated with the timeshare business, totaled a loss of $2 million in the 2008 fourth quarter compared to income of $116 million in the prior year quarter.

ADJUSTED GENERAL, ADMINISTRATIVE and OTHER expenses for the 2008 fourth quarter totaled $238 million, compared to $250 million in the year-ago quarter. The 2008 fourth quarter included a $16 million favorable impact associated with deferred compensation (offset by a similar increase in the provision for taxes) and $4 million of lower legal costs partially offset by $3 million of higher receivables reserves, $4 million in foreign exchange losses and the roughly $5 million impact of the 53rd week. The company's outlook for 2009 general, administrative and other expenses includes anticipated annual cost savings of approximately $95 million to $115 million. 

ADJUSTED GAINS AND OTHER INCOME totaled $28 million and included a $28 million gain on the extinguishment of debt and $7 million of gains on the sale of real estate offset by a $4 million loss on the sale of an investment and $3 million unfavorable impact of preferred returns from joint venture investments and other income. The prior year's fourth quarter gains totaled $20 million and included $10 million of gains on the sale of real estate, an $8 million gain from the sale of a stock investment and $2 million of preferred returns from joint venture investments and other income.

INTEREST EXPENSE decreased $7 million in the fourth quarter primarily due to lower interest rates.

After adjustments, there was no provision for loan losses in the fourth quarter. The provision for loan losses totaled $17 million in the fourth quarter of 2007 reflecting a $12 million reserve for a loan at one property and a $5 million reserve for a leveraged aircraft lease.
ADJUSTED EQUITY IN EARNINGS totaled $5 million in the quarter compared to $6 million in the year-ago quarter.

ADJUSTED INCOME TAXES
The adjusted provision for taxes reflected a $17 million unfavorable impact associated with deferred compensation (offset by a similar benefit in general, administrative and other expenses).

FULL YEAR 2008 RESULTS
For the full year 2008, adjusted income from continuing operations totaled $555 million, a decline of 26 percent, and adjusted diluted EPS from continuing operations was $1.51, a decline of 20 percent. Adjusted income from continuing operations and adjusted diluted EPS from continuing operations for 2008 exclude the $192 million pretax ($124 million after-tax and $0.34 per diluted share) restructuring and other charges discussed above. See the table on page A-15 of the accompanying schedules for the detail of these charges and their placement on the Consolidated Statements of Income.

Adjusted results for full year 2008 also exclude the $72 million ($0.20 per diluted share) impact of items included in the tax provision. Those items, $67 million of which were non-cash, reflected a $29 million charge primarily related to a 1994 tax planning transaction, a $24 million tax reserve related to the treatment of funds received from foreign subsidiaries that is in ongoing discussions with the Internal Revenue Service ("IRS"), and a $19 million expense due primarily to prior years' tax adjustments, including a settlement with the IRS that resulted in a lower than expected refund of taxes associated with a 1995 leasing transaction.

Adjusted income from continuing operations and adjusted diluted EPS from continuing operations for 2007 exclude the $54 million after-tax charge ($0.14 per diluted share) for the Employee Stock Ownership Plan ("ESOP") settlement agreement reached with the IRS and the Department of Labor in the 2007 second quarter.

Reported income from continuing operations was $359 million for full year 2008 compared to reported income of $697 million a year ago. Reported diluted EPS from continuing operations was $0.98 for 2008 compared to diluted EPS from continuing operations of $1.75 for 2007.

Excluding the 53rd week of 2008, REVPAR for the company's comparable worldwide company-operated properties increased 0.6 percent (a decline of 0.4 percent using constant dollars). REVPAR for the company's comparable worldwide systemwide properties increased 0.1 percent (a decline of 0.6 percent using constant dollars) over the prior year.

International comparable company-operated REVPAR for 2008 grew 6.7 percent (3.3 percent using constant dollars), including a 10.0 percent increase in average daily rate (6.5 percent increase using constant dollars).

In North America, excluding the 53rd week in fiscal 2008, comparable company-operated REVPAR declined 2.0 percent. REVPAR at the company's comparable company-operated North American full-service and luxury hotels (including Marriott Hotels & Resorts, The Ritz-Carlton and Renaissance Hotels & Resorts) was down 1.3 percent with average daily rate growth of 1.0 percent.

Reported results for full year 2008, the adjusted results and the associated reconciliations are shown on pages A-2 and A-13 of the accompanying schedules. The following paragraphs reflect adjusted results where indicated.

MARRIOTT REVENUES totaled nearly $13 billion in 2008, roughly flat with 2007. Total fees in 2008 were $1,397 million, a decrease of 2 percent over the prior year. Base management and franchise fees grew $27 million in 2008, reflecting international REVPAR gains and worldwide unit growth offset in part by declines in North American REVPAR. Franchise relicensing fees declined by $13 million in 2008. Base management fees in 2007 included $6 million in proceeds from business interruption insurance. Incentive management fees declined 16 percent reflecting lower property-level margins due to North American REVPAR declines and increased wages and utility costs. In 2007, incentive management fees included $17 million that were based on prior period results but not earned and due until 2007 and $13 million in proceeds from business interruption insurance.

Owned, leased, corporate housing and other revenue, net of direct expenses, totaled $137 million in 2008 compared to $178 million in 2007. Results were primarily impacted by lower operating results at owned and leased properties, the conversion of some owned properties to management agreements, the impact of properties undergoing renovation, as well as $17 million lower revenue from a services contract terminated at the end of 2007.

Timeshare segment contract sales in 2008 declined 23 percent to $1,076 million reflecting significantly lower demand, the impact of projects approaching sellout and anticipated contract cancellations. The allowance for anticipated contract cancellations reduced contract sales by $115 million for the year.

Adjusted Timeshare sales and services revenue declined 15 percent to $1,484 million in 2008 reflecting lower revenue from projects approaching sell-out, a decline in demand for all Timeshare products, and lower reportability. Adjusted Timeshare sales and services revenue, net of direct expenses, totaled $147 million in 2008, a decrease of 58 percent. Adjusted Timeshare note sale gains totaled $28 million in 2008 compared to $81 million in 2007. Two note sale transactions were completed in 2007 compared to only one transaction in 2008. Timeshare direct expenses also included the $22 million impairment charge at the fractional and residential joint venture project referred to below.

Adjusted Timeshare segment results, which includes timeshare sales and services revenue, net of direct expenses, as well as base management fees, equity earnings, minority interest and general, administrative and other expenses associated with the timeshare business, totaled $121 million in 2008 compared to $306 million in the prior year. The segment results reflected a third quarter $10 million net pretax impairment charge for a fractional and residential consolidated joint venture project, adjusting the carrying value of the real estate to its estimated fair market value. The $10 million charge included a $22 million negative adjustment in timeshare direct expenses discussed above partially offset by a $12 million pretax ($8 million after-tax) benefit associated with the joint venture partner's share, which is reflected in minority interest.

ADJUSTED GENERAL, ADMINISTRATIVE and OTHER expenses increased 3 percent to $751 million in 2008 and included a $4 million increase in foreign exchange losses and the $5 million unfavorable impact of the 53rd week, $28 million favorable impact associated with deferred compensation (offset by a similar increase in the provision for taxes) and $39 million of increased expenses largely associated with unit growth and development, systems improvements and initiatives to enhance our global brands. Adjusted general, administrative and other expenses in 2007 included an $11 million unfavorable impact associated with deferred compensation (offset by a similar decrease in the provision for taxes), as well as a $9 million benefit from the reversal of reserves established several years earlier that were no longer required.

ADJUSTED GAINS AND OTHER INCOME totaled $47 million in 2008 and included gains of $14 million from the sale of real estate, a $28 million gain on the extinguishment of debt, $6 million of preferred returns from several joint venture investments and other income and $3 million of gains on the sale of the company's interests in two joint ventures partially offset by a $4 million loss on the sale of an investment. Gains of $97 million in 2007 included gains of $39 million from the sale of real estate, $12 million of gains associated with the forgiveness of debt, an $18 million gain from the sale of a stock investment, $13 million of gains on the sale of the company's interests in five joint ventures and $15 million of preferred returns from several joint venture investments and other income.

ADJUSTED INTEREST EXPENSE declined $8 million to $163 million partially due to lower interest rates in 2008 and the maturity of our Series E Senior Notes in early 2008.

ADJUSTED EQUITY IN EARNINGS totaled $31 million in 2008, an increase of $16 million largely due to a $15 million gain on the sale of a joint venture's assets.

ADJUSTED INCOME TAXES
The adjusted provision for taxes reflected the $29 million unfavorable impact associated with deferred compensation (offset by a similar benefit in general, administrative and other expenses).

MINORITY INTEREST, NET OF TAX increased $14 million in 2008. The increase largely reflected the adjustment of the carrying value of the fractional and residential project noted earlier. Since the project is a consolidated joint venture, the partner's share of the adjustment was an $8 million after-tax benefit to minority interest.

BALANCE SHEET
At year-end 2008, total debt was $3,095 million and cash balances totaled $134 million, compared to $2,965 million in debt and $332 million of cash at year-end 2007. The company repurchased $109 million of its Senior Notes in 2008. At year-end 2008, Marriott had drawn down $969 million under its $2.4 billion bank revolver.

The company repurchased 11.9 million shares of common stock in 2008 at a cost of $371 million. Weighted average fully diluted shares outstanding totaled 359.4 million in the 2008 fourth quarter compared to 383.1 million in the year-ago quarter. The remaining share repurchase authorization, as of January 2, 2009, totaled 21.3 million shares. No share repurchases are planned in 2009.

OUTLOOK
While Marriott typically provides a range of guidance for future performance, the current global economic and financial climate makes predictions very difficult. For the first quarter of 2009, the company expects North American comparable company-operated REVPAR to decline roughly 17 percent, including the benefit of the shifting fiscal calendar, and comparable company-operated REVPAR outside North America to decline roughly 15 percent. Based on those assumptions, total fee revenue could decline 20 to 25 percent and owned, leased, corporate housing and other, net of direct expenses, could total $5 million to $10 million.

In the first quarter, the company expects Timeshare sales and services revenue, net of direct expenses, to total a loss of about $10 million. First quarter Timeshare contract sales are expected to total $150 million to $160 million.

General, administrative and other expenses are expected to total $145 million to $150 million in the first quarter of 2009, a decline of roughly $15 million from 2008.

Based upon the above assumptions, the company expects diluted EPS from continuing operations for the 2009 first quarter to total $0.13 to $0.15.

For the full year 2009, the company expects the business environment to remain unpredictable and, therefore, is unable to give its typical annual guidance. Instead, the company is providing a broad range of assumptions, which it's using for internal planning purposes. For company-operated hotels outside North America, the company assumes an 8 to 13 percent decline in REVPAR on a constant dollar basis. For North American comparable company operated hotels, the company assumes a 12 to 17 percent decline in REVPAR. Room growth is expected to total over 30,000 rooms in 2009 as most hotels expected to open are already under construction or undergoing conversion from other brands. All in all, fee revenue under these assumptions could total roughly $1,075 million to $1,175 million in 2009. The company estimates that incentive management fees in 2009 would derive largely from international markets. Owned, leased, corporate housing and other revenue, net of direct expenses, could total $65 million to $85 million in 2009.

The timeshare business is more complex to forecast and model, particularly in this weak economic environment. In 2009, if Timeshare segment contract sales total roughly $800 million, consistent with recent performance, then Timeshare sales and services revenue, net of direct expenses, could total approximately $70 million. Base management fees associated with the timeshare business are likely to increase and timeshare site, regional and corporate overhead is likely to decline in 2009. While the company expects to complete timeshare note sales in 2009, pricing is likely to remain unfavorable, so no note sale gains are assumed. Under this scenario, Timeshare segment results for 2009 could total approximately $45 million.

The company's general, administrative and other expenses are expected to total about $640 million to $665 million reflecting substantial savings compared to 2008 as a result of restructuring efforts and cost controls.

While the company cannot forecast results with any certainty, based upon the above assumptions, diluted EPS from continuing operations for 2009 could total $0.86 to $1.04 and, assuming the investment spending levels below, debt levels could decline $600 million to $700 million by year-end 2009.

The company expects investment spending to decline from approximately $950 million in 2008 to approximately $500 million to $600 million in 2009, including $30 million for maintenance capital spending, $130 million to $170 million for capital expenditures, $120 million to $140 million for net timeshare development, $130 million to $150 million in new mezzanine financing and mortgage loans for hotels developed by owners and franchisees, $50 million to $70 million for contract acquisition costs and $40 million in equity and other investments (including timeshare equity investments).

Marriott International, Inc. (NYSE: MAR) will conduct its quarterly earnings review for the investment community and news media on Thursday, February 12, 2009 at 10 a.m. Eastern Time (ET). The conference call will be webcast simultaneously via Marriott's investor relations website at http://www.marriott.com/investor, click the "Recent and Upcoming Events" tab and click on the quarterly conference call link. A replay will be available at that same website until February 12, 2010. The webcast will also be available as a podcast from the same site.

The telephone dial-in number for the conference call is 719-325-4831. A telephone replay of the conference call will be available from 1 p.m. ET, Thursday, February 12, 2009 until 8 p.m. ET, Thursday, February 19, 2009. To access the replay, call 719-457-0820. The reservation number for the recording is 7210547.
 
                           MARRIOTT INTERNATIONAL, INC.
                         CONSOLIDATED STATEMENTS OF INCOME
                      (in millions, except per share amounts)

                                                   Adjustments
                                                  -------------
                                   As Reported
                                     17 Weeks
                                      Ended      Restructuring
                                    January 2,   Costs & Other   Certain
                                       2009          Charges     Tax Items
                                   ------------  --------------  ---------
 

    REVENUES
    Base management fees                   $183            $-         $-
    Franchise fees                          137             -          -
    Incentive management fees                82             -          -
    Owned, leased, corporate
     housing and other revenue (1)          376             -          -
    Timeshare sales and services (2)        325            61          -
    Cost reimbursements (3)               2,681             -          -
                                          -----           ---        ---
       Total Revenues                     3,784            61          -

    OPERATING COSTS AND EXPENSES
    Owned, leased and corporate
     housing - direct (4)                   331             -          -
    Timeshare - direct                      373             3          -
    Reimbursed costs                      2,681             -          -
    Restructuring costs (5)                  55           (55)         -
    General, administrative and
     other (6)                              270           (32)         -
                                            ---           ---        ---
       Total Expenses                     3,710           (84)         -
                                          -----           ---        ---

    OPERATING INCOME                         74           145          -
 

    Gains and other income (includes
     gains on debt extinguishment of
     $28M) (7)                               19             9          -
    Interest expense                        (50)            -          -
    Interest income                          11             -          -
    (Provision for) reversal of
     loan losses                            (22)           22          -
    Equity in earnings (losses) (8)         (11)           16          -
                                            ---           ---        ---

    INCOME FROM CONTINUING OPERATIONS
     BEFORE INCOME TAXES AND MINORITY
     INTEREST                                21           192          -
    Provision for income taxes              (33)          (68)         7
    Minority interest, net of tax             2             -          -
                                            ---           ---        ---

    INCOME / (LOSS) FROM
     CONTINUING OPERATIONS                  (10)          124          7

    Discontinued operations -
     Synthetic Fuel, net of tax (9)           -             -          -
                                            ---           ---        ---

    NET INCOME / (LOSS)                    $(10)         $124         $7
                                           ====          ====        ===

    EARNINGS PER SHARE - Basic
       Earnings from continuing
        operations (10)                  $(0.03)        $0.35      $0.02
       Earnings from discontinued
        operations (9)                        -             -          -
                                            ---           ---        ---
       Earnings per share (10)           $(0.03)        $0.35      $0.02
                                         ======         =====      =====

    EARNINGS PER SHARE - Diluted
       Earnings from continuing
        operations                       $(0.03)        $0.35      $0.02
       Earnings from discontinued
        operations (9)                        -             -          -
                                            ---           ---        ---
       Earnings per share                $(0.03)        $0.35      $0.02
                                         ======         =====      =====
 

    Basic Shares                          349.3         349.3      349.3
    Diluted Shares                        349.3         359.4      359.4
 
 

                                                  Adjustments
                                                  -----------
                                                                    Percent
                                                                    Better/
                                   As Adjusted    As Reported      (Worse)
                                     17 Weeks       16 Weeks       Adjusted
                                      Ended          Ended         2008 vs.
                                    January 2,    December 28,       2007
                                      2009 **         2007        As Reported
                                   ------------   -------------   -----------
 

    REVENUES
    Base management fees                 $183            $203           (10)
    Franchise fees                        137             136             1
    Incentive management fees              82             126           (35)
    Owned, leased, corporate
     housing and other revenue (1)        376             416           (10)
    Timeshare sales and services (2)      386             536           (28)
    Cost reimbursements (3)             2,681           2,672             -
                                        -----           -----
       Total Revenues                   3,845           4,089            (6)

    OPERATING COSTS AND EXPENSES
    Owned, leased and corporate
     housing - direct (4)                 331             351             6
    Timeshare - direct                    376             410             8
    Reimbursed costs                    2,681           2,672             -
    Restructuring costs (5)                 -               -             *
    General, administrative and
     other (6)                            238             250             5
                                          ---             ---
       Total Expenses                   3,626           3,683             2
                                        -----           -----

    OPERATING INCOME                      219             406           (46)
 

    Gains and other income (includes
     gains on debt extinguishment
     of $28M) (7)                          28              20            40
    Interest expense                      (50)            (57)           12
    Interest income                        11              12            (8)
    (Provision for) reversal of
     loan losses                            -             (17)          100
    Equity in earnings (losses) (8)         5               6           (17)
                                          ---             ---

    INCOME FROM CONTINUING OPERATIONS
     BEFORE INCOME TAXES AND MINORITY
     INTEREST                             213             370           (42)
    Provision for income taxes            (94)           (134)           30
    Minority interest, net of tax           2               -             *
                                          ---             ---

    INCOME / (LOSS) FROM
     CONTINUING OPERATIONS                121             236           (49)

    Discontinued operations -
     Synthetic Fuel, net of tax (9)         -             (60)          100
                                          ---             ---

    NET INCOME / (LOSS)                  $121            $176           (31)
                                         ====            ====

    EARNINGS PER SHARE - Basic
       Earnings from continuing
        operations (10)                 $0.35           $0.65           (46)
       Earnings from discontinued
        operations (9)                      -           (0.17)          100
                                          ---           -----
       Earnings per share (10)          $0.35           $0.48           (27)
                                        =====           =====

    EARNINGS PER SHARE - Diluted
       Earnings from continuing
        operations                      $0.34           $0.62           (45)
       Earnings from discontinued
        operations (9)                      -           (0.16)          100
                                          ---           -----
       Earnings per share               $0.34           $0.46           (26)
                                        =====           =====
 

    Basic Shares                        349.3           363.6
    Diluted Shares                      359.4           383.1
 
 

    *  Percent can not be calculated.
    ** Denotes non-GAAP financial measures.  Please see page A-16 for
       additional information about our reasons for providing these
       alternative financial measures and the limitations on their use.

    (1)- Owned, leased, corporate housing and other revenue includes revenue
         from the properties we own or lease, revenue from our corporate
         housing business, termination fees and other revenue.
    (2)- Timeshare sales and services includes total timeshare revenue except
         for base management fees, cost reimbursements, real estate gains and
         joint venture earnings.
         Timeshare sales and services includes gains on the sale of timeshare
         note receivable securitizations.
    (3)- Cost reimbursements include reimbursements from lodging properties
         for Marriott-funded operating expenses.
    (4)- Owned, leased and corporate housing - direct expenses include
         operating expenses related to our owned or leased hotels, including
         lease payments, pre-opening expenses and depreciation, plus expenses
         related to our corporate housing business.
    (5)- Restructuring costs include the write-off of capitalized development
         costs related to certain projects that we discontinued, severance
         charges as a result of Timeshare and above-property personnel
         reductions, and facilities exit costs arising from the reduction in
         personnel.
    (6)- General, administrative and other expenses include the overhead
         costs allocated to our segments, and our corporate overhead costs
         and general expenses.
    (7)- Gains and other income includes gains and losses on the sale of real
         estate, gains on note sales or repayments (except timeshare note
         securitization gains),  sale of joint ventures, gains on debt
         extinguishment and income from cost method joint ventures.
    (8)- Equity in earnings (losses) includes our equity in earnings (losses)
         of unconsolidated equity method joint ventures.
    (9)- Discontinued operations relates to our Synthetic Fuel business which
         was shut down and substantially all the assets liquidated at
         December 28, 2007.
    (10)- Earnings per share as reported plus earnings per share from
          Restructuring Costs & Other Charges and Certain Tax Items may not
          sum to earnings per share as adjusted due to rounders.

                                      A-1
 
 

                            MARRIOTT INTERNATIONAL, INC.
                         CONSOLIDATED STATEMENTS OF INCOME
                      (in millions, except per share amounts)
 

                                             Adjustments
                                             -----------
                        As Reported                               As Adjusted
                         53 Weeks                                   53 Weeks
                           Ended      Restructuring                  Ended
                        January 2,    Costs & Other    Certain     January 2,
                            2009          Charges      Tax Items     2009 **
                        ------------  --------------   ---------  ------------
    REVENUES
    Base management fees     $635              $-          $-          $635
    Franchise fees            451               -           -           451
    Incentive management
     fees                     311               -           -           311
    Owned, leased,
     corporate housing
     and other revenue (1)  1,225               -           -         1,225
    Timeshare sales
     and services (2)       1,423              61           -         1,484
    Cost
     reimbursements (3)     8,834               -           -         8,834
                            -----             ---         ---         -----
       Total Revenues      12,879              61           -        12,940

    OPERATING COSTS AND
     EXPENSES
    Owned, leased and
     corporate housing
     - direct (4)           1,088               -           -         1,088
    Timeshare - direct      1,334               3           -         1,337
    Reimbursed costs        8,834               -           -         8,834
    Restructuring
     costs (5)                 55             (55)          -             -
    General, administrative
     and other (6)            783             (32)          -           751
                              ---             ---         ---           ---
       Total Expenses      12,094             (84)          -        12,010
                           ------             ---         ---        ------

    OPERATING INCOME          785             145           -           930
 

    Gains and other income
     (includes gains on debt
     extinguishment of
     $28M) (7)                 38               9           -            47
    Interest expense         (163)              -           -          (163)
    Interest income            39               -           -            39
    (Provision for) reversal
     of loan losses           (20)             22           -             2
    Equity in earnings
     (losses) (8)              15              16           -            31
                              ---             ---         ---           ---

    INCOME FROM CONTINUING
     OPERATIONS BEFORE INCOME
     TAXES AND MINORITY
     INTEREST                 694             192           -           886
    Provision for income
     taxes                   (350)            (68)         72          (346)
    Minority interest, net
     of tax                    15                                        15
                              ---                                       ---

    INCOME FROM CONTINUING
     OPERATIONS               359             124          72           555

    Discontinued operations -
     Synthetic Fuel, net of
     tax (9)                    3               -           -             3
                              ---             ---         ---           ---

    NET INCOME               $362            $124         $72          $558
                             ====            ====         ===          ====

    EARNINGS PER SHARE
     - Basic
       Earnings from
        continuing
        operations (10)     $1.02           $0.35       $0.20         $1.58
       Earnings from
        discontinued
        operations (9)       0.01               -           -          0.01
                             ----             ---         ---          ----
       Earnings per
        share (10)          $1.03           $0.35       $0.20         $1.59
                            =====           =====       =====         =====

    EARNINGS PER SHARE
    - Diluted
       Earnings from
        continuing
        operations (10)     $0.98           $0.34       $0.20         $1.51
       Earnings from
        discontinued
        operations (9)       0.01               -           -          0.01
                             ----             ---         ---          ----
       Earnings per
        share (10)          $0.99           $0.34       $0.20         $1.52
                            =====           =====       =====         =====
 

    Basic Shares            351.8           351.8       351.8         351.8
    Diluted Shares          366.9           366.9       366.9         366.9
 
 
 

                                                          As
                                                       Adjusted     Percent
                        As Reported                    52 Weeks      Better/
                         52 Weeks                       Ended       (Worse)
                           Ended                       December     Adjusted
                       December 28,        ESOP           28,       2008 vs.
                           2007        Adjustment      2007 **   Adjusted 2007
                       -------------    ----------    ---------- -------------
    REVENUES
    Base management fees    $620              $-        $620             2
    Franchise fees           439               -         439             3
    Incentive management
     fees                    369               -         369           (16)
    Owned, leased, corporate
     housing and other
     revenue (1)           1,240               -       1,240            (1)
    Timeshare sales
     and services (2)      1,747               -       1,747           (15)
    Cost reimbursements(3) 8,575               -       8,575             3
                           -----             ---       -----
       Total Revenues     12,990               -      12,990             *

    OPERATING COSTS AND
     EXPENSES
    Owned, leased and
     corporate housing
     - direct (4)          1,062               -       1,062            (2)
    Timeshare - direct     1,397               -       1,397             4
    Reimbursed costs       8,575               -       8,575            (3)
    Restructuring
     costs (5)                 -               -           -             *
    General, administrative
     and other (6)           768             (35)        733            (3)
                             ---             ---         ---
       Total Expenses     11,802             (35)     11,767            (2)
                          ------             ---      ------

    OPERATING INCOME       1,188              35       1,223           (24)
 

    Gains and other income
     (includes gains on
     debt extinguishment of
     $28M) (7)                97               -          97           (52)
    Interest expense        (184)             13        (171)            5
    Interest income           38               -          38             3
    (Provision for) reversal
     of loan losses          (17)              -         (17)          112
    Equity in earnings
     (losses) (8)             15               -          15           107
                             ---             ---         ---

    INCOME FROM CONTINUING
     OPERATIONS BEFORE INCOME
     TAXES AND MINORITY
     INTEREST              1,137              48       1,185           (25)
    Provision for
     income taxes           (441)              6        (435)           20
    Minority interest,
     net of tax                1               -           1         1,400
                             ---             ---         ---

    INCOME FROM CONTINUING
     OPERATIONS              697              54         751           (26)

    Discontinued
     operations -
     Synthetic Fuel,
     net of tax (9)           (1)              -          (1)          400
                              --             ---          --

    NET INCOME              $696             $54        $750           (26)
                            ====             ===        ====

    EARNINGS PER SHARE
     - Basic
       Earnings from
        continuing
        operations (10)    $1.85           $0.14       $1.99           (21)
       Earnings from
        discontinued
        operations (9)         -               -           -             *
                             ---             ---         ---
       Earnings per
        share (10)         $1.85           $0.14       $1.99           (20)
                           =====           =====       =====

    EARNINGS PER SHARE
     - Diluted
       Earnings from
        continuing
        operations (10)    $1.75           $0.14       $1.89           (20)
       Earnings from
        discontinued
        operations (9)         -               -           -             *
                             ---             ---         ---
       Earnings per
        share (10)         $1.75           $0.14       $1.89           (20)
                           =====           =====       =====
 

    Basic Shares           376.1           376.1       376.1
    Diluted Shares         397.3           397.3       397.3

    *  Percent can not be calculated.
    ** Denotes non-GAAP financial measures.  Please see page A-16 for
       additional information about our reasons for providing these
       alternative financial measures and the limitations on their use.

    (1)- Owned, leased, corporate housing and other revenue includes revenue
         from the properties we own or lease, revenue from our corporate
         housing business, termination fees and other revenue.
    (2)- Timeshare sales and services includes total timeshare revenue except
         for base management fees, cost reimbursements, real estate gains and
         joint venture earnings.
         Timeshare sales and services includes gains on the sale of timeshare
         note receivable securitizations.
    (3)- Cost reimbursements include reimbursements from lodging properties
         for Marriott-funded operating expenses.
    (4)- Owned, leased and corporate housing - direct expenses include
         operating expenses related to our owned or leased hotels, including
         lease payments, pre-opening expenses and depreciation, plus expenses
         related to our corporate housing business.
    (5)- Restructuring costs include the write-off of capitalized development
         costs related to certain projects that we discontinued, severance
         charges as a result of Timeshare and above-property personnel
         reductions, and facilities exit costs arising from the reduction in
         personnel.
    (6)- General, administrative and other expenses include the overhead
         costs allocated to our segments, and our corporate overhead costs
         and general expenses.
    (7)- Gains and other income includes gains and losses on the sale of
         real estate, gains on note sales or repayments (except timeshare
         note securitization gains), sale of joint ventures, gains on debt
         extinguishment and income from cost method joint ventures.
    (8)- Equity in earnings (losses) includes our equity in earnings
         (losses) of unconsolidated equity method joint ventures.
    (9)- Discontinued operations relates to our Synthetic Fuel business
         which was shut down and substantially all the assets liquidated at
         December 28, 2007.
    (10)- Earnings per share as reported plus earnings per share from
          Restructuring Costs & Other Charges and Certain Tax Items may not
          sum to earnings per share as adjusted due to rounders.

                                      A-2
 
 

                             MARRIOTT INTERNATIONAL, INC.
                                  BUSINESS SEGMENTS
                                   ($ in millions)
                                                 Quarter Ended (3)
                                                 -----------------  Percent
                                               January   December   Better/
                                               2, 2009   28, 2007   (Worse)
                                               --------  ---------  -------

    REVENUES

    North American Full-Service                 $1,714     $1,709        -
    North American Limited-Service                 663        657        1
    International                                  451        538      (16)
    Luxury                                         512        528       (3)
    Timeshare                                      424        627      (32)
                                                   ---        ---
      Total segment revenues (1)                 3,764      4,059       (7)
    Other unallocated corporate                     20         30      (33)
                                                   ---        ---
      Total                                     $3,784     $4,089       (7)
                                                ======     ======
 

    INCOME / (LOSS) FROM CONTINUING OPERATIONS

    North American Full-Service                   $129       $154      (16)
    North American Limited-Service                  94        124      (24)
    International                                   67        105      (36)
    Luxury                                          12         28      (57)
    Timeshare (2)                                  (95)       116     (182)
                                                   ---        ---
      Total segment financial results (1)          207        527      (61)
    Other unallocated corporate                   (121)       (95)     (27)
    Interest income, provision for loan losses
     and interest expense                          (61)       (62)       2
    Income taxes (2)                               (35)      (134)      74
                                                   ---       ----
      Total                                       $(10)      $236     (104)
                                                  ====       ====
 
 

    (1) We consider segment revenues and segment financial results to be
        meaningful indicators of our performance because they measure our
        growth in profitability as a lodging company and enable investors to
        compare the revenues and results of our lodging operations to those
        of other lodging companies.

    (2) We allocate minority interest of our consolidated subsidiaries to
        our segments.  Accordingly, minority interest of our consolidated
        subsidiaries of $2 million for the 2008 fourth quarter as reflected
        in our income statement, was allocated as follows:
        $4 million to our Timeshare segment and $(2) million to Provision
        for income taxes.

    (3) There were 17 weeks in the quarter ended January 2, 2009 and 16
        weeks in the quarter ended December 28, 2007.

                                      A-3
 
 

                             MARRIOTT INTERNATIONAL, INC.
                                  BUSINESS SEGMENTS
                                   ($ in millions)

                                                  Year Ended (3)
                                                  --------------    Percent
                                               January   December   Better/
                                                2, 2009   28, 2007 (Worse)
                                               --------  --------- -------

    REVENUES

    North American Full-Service                 $5,631     $5,476        3
    North American Limited-Service               2,233      2,198        2
    International                                1,544      1,594       (3)
    Luxury                                       1,659      1,576        5
    Timeshare                                    1,750      2,065      (15)
                                                 -----      -----
      Total segment revenues (1)                12,817     12,909       (1)
    Other unallocated corporate                     62         81      (23)
                                                   ---        ---
      Total                                    $12,879    $12,990       (1)
                                               =======    =======
 

    INCOME FROM CONTINUING OPERATIONS

    North American Full-Service                   $419       $478      (12)
    North American Limited-Service                 395        461      (14)
    International (2)                              246        271       (9)
    Luxury                                          78         72        8
    Timeshare (2)                                   28        306      (91)
                                                    --        ---
      Total segment financial results (1)        1,166      1,588      (27)
    Other unallocated corporate                   (304)      (287)      (6)
    Interest income, provision for loan losses
      and interest expense                        (144)      (163)      12
    Income taxes (2)                              (359)      (441)      19
                                                  ----       ----
      Total                                       $359       $697      (48)
                                                  ====       ====
 
 

    (1)  We consider segment revenues and segment financial results to be
         meaningful indicators of our performance because they measure our
         growth in profitability as a lodging company and enable investors
         to compare the revenues and results of our lodging operations to
         those of other lodging companies.

    (2)  We allocate minority interest of our consolidated subsidiaries to
         our segments.  Accordingly, minority interest of our consolidated
         subsidiaries of $15 million for the 2008 fourth quarter year-to-date
         as reflected in our income statement, was allocated as follows: $25
         million to our Timeshare segment, $(1) million to our International
         segment, and $(9) million to Provision for income taxes.

    (3)  There were 53 weeks in the year ended January 2, 2009 and 52 weeks
         in the year ended December 28, 2007.

                                      A-4
 
 

                         MARRIOTT INTERNATIONAL, INC.
                           TOTAL LODGING PRODUCTS (1)
 
 

                                            Number of Properties
                                            --------------------
                                                                   vs.
                                     January 2, December 28,  December 28,
    Brand                               2009         2007          2007
    -----                            ---------- ------------- -------------

    Domestic Full-Service
    ---------------------
        Marriott Hotels & Resorts         348           342             6
        Renaissance Hotels &
         Resorts                           76            71             5
    Domestic Limited-Service
    ------------------------
        Courtyard                         728           693            35
        Fairfield Inn                     560           529            31
        SpringHill Suites                 207           176            31
        Residence Inn                     555           528            27
        TownePlace Suites                 163           141            22
    International
    -------------
        Marriott Hotels & Resorts         183           178             5
        Renaissance Hotels &
         Resorts                           65            70            (5)
        Courtyard                          80            74             6
        Fairfield Inn                       9             8             1
        SpringHill Suites                   1             1             -
        Residence Inn                      18            18             -
        Marriott Executive
         Apartments                        20            18             2
        Ramada                              -             2            (2)
    Luxury
    ------
        The Ritz-Carlton -
         Domestic                          37            36             1
        The Ritz-Carlton -
         International                     33            32             1
        Bulgari Hotels & Resorts            2             2             -
        The Ritz-Carlton
         Residential                       23            17             6
        The Ritz-Carlton Serviced
         Apartments                         3             2             1
    Timeshare (2)
    -------------
        Marriott Vacation Club             49            46             3
        The Ritz-Carlton Club -
         Fractional                        10             7             3
        The Ritz-Carlton Club -
         Residential                        3             3             -
        Grand Residences by Marriott
         - Fractional                       2             2             -
        Grand Residences by Marriott
         - Residential                      1             1             -
        Horizons by Marriott
         Vacation Club                      2             2             -
                                          ---           ---           ---
    Sub Total Timeshare                    67            61             6
                                          ---           ---           ---

    Total                               3,178         2,999           179
                                        =====         =====           ===
 

                                           Number of Rooms/Suites
                                           ----------------------
                                                                 vs.
                                  January 2,  December 28,  December 28,
    Brand                             2009         2007          2007
    -----                         ----------- ------------- -------------

    Domestic Full-Service
    ---------------------
        Marriott Hotels & Resorts     138,613       136,348         2,265
        Renaissance Hotels &
         Resorts                       27,774        26,117         1,657
    Domestic Limited-Service
    ------------------------
        Courtyard                     101,743        96,759         4,984
        Fairfield Inn                  49,678        46,930         2,748
        SpringHill Suites              24,027        20,445         3,582
        Residence Inn                  66,252        62,805         3,447
        TownePlace Suites              16,328        14,122         2,206
    International
    -------------
        Marriott Hotels & Resorts      54,617        52,196         2,421
        Renaissance Hotels &
         Resorts                       21,615        22,817        (1,202)
        Courtyard                      15,515        14,021         1,494
        Fairfield Inn                   1,109           947           162
        SpringHill Suites                 124           124             -
        Residence Inn                   2,665         2,611            54
        Marriott Executive
         Apartments                     3,217         2,905           312
        Ramada                              -           332          (332)
    Luxury
    ------
        The Ritz-Carlton -
         Domestic                      11,629        11,627             2
        The Ritz-Carlton -
         International                 10,204         9,591           613
        Bulgari Hotels & Resorts          117           117             -
        The Ritz-Carlton
         Residential                    2,269         1,707           562
        The Ritz-Carlton Serviced
         Apartments                       478           387            91
    Timeshare (2)
    -------------
        Marriott Vacation Club         11,353        10,896           457
        The Ritz-Carlton Club -
         Fractional                       456           388            68
        The Ritz-Carlton Club -
         Residential                      148           144             4
        Grand Residences by Marriott
         - Fractional                     241           248            (7)
        Grand Residences by Marriott
         - Residential                     65            65             -
        Horizons by Marriott
         Vacation Club                    444           444             -
                                          ---           ---           ---
    Sub Total Timeshare                12,707        12,185           522
                                       ------        ------           ---

    Total                             560,681       535,093        25,588
                                      =======       =======        ======
 
 

      Number of Timeshare Interval, Fractional and
                  Residential Resorts (2)
      --------------------------------------------
                                            In Active
                                  Total (3)   Sales
                                  ---------    -----
    100% Company-Developed
    ----------------------
        Marriott Vacation Club         49        26
        The Ritz-Carlton Club and
         Residences                    10         8
        Grand Residences by Marriott
         and Residences                 3         3
        Horizons by Marriott
         Vacation Club                  2         2

    Joint Ventures
    --------------
        The Ritz-Carlton Club and
         Residences                     3         3
                                      ---       ---

    Total                              67        42
                                      ===       ===
 

    (1) Total Lodging Products excludes the 2,332 and 2,156 corporate housing
        rental units as of January 2, 2009 and December 28, 2007,
        respectively.
    (2) Includes products in active sales which may not be ready for
        occupancy.
    (3) Includes resorts that are in active sales and those that are sold out.
        Residential properties are captured once they possess a certificate
        of occupancy.

                                      A-5
 

                      MARRIOTT INTERNATIONAL, INC.
                        KEY LODGING STATISTICS
                                Constant $

          Comparable Company-Operated International Properties (1)
          --------------------------------------------------------

                                Four Months Ended December 31, 2008
                                       and December 31, 2007
                                -----------------------------------
                                    REVPAR           Occupancy
                                    ------           ---------
    Region                       2008   vs. 2007  2008     vs. 2007
    ------                       ----   --------  ----     --------
    Caribbean & Latin America  $131.36     10.2%  69.1%    -3.3% pts.
    Continental Europe         $136.17     -7.8%  70.8%    -6.0% pts.
    United Kingdom             $116.32     -7.3%  74.1%    -3.0% pts.
    Middle East & Africa       $122.07      6.6%  71.3%    -0.4% pts.
    Asia Pacific (2)            $96.63    -12.5%  66.0%    -9.6% pts.

    Regional Composite (3)     $119.70     -5.7%  69.8%    -5.7% pts.

    International Luxury (4)   $194.15     -3.8%  63.5%    -5.5% pts.

    Total International (5)    $128.17     -5.3%  69.1%    -5.7% pts.

    Worldwide (6)              $109.45     -9.4%  65.7%    -5.1% pts.

    Worldwide (7)              $111.91     -7.3%  66.7%    -4.1% pts.
     (excluding 53rd week for North America)
 

                                Four Months Ended December 31, 2008
                                       and December 31, 2007
                                -----------------------------------
                                Average Daily
                                     Rate
                                -------------
    Region                       2008   vs. 2007
    ------                       ----   --------
    Caribbean & Latin America  $189.98     15.5%
    Continental Europe         $192.23      0.0%
    United Kingdom             $156.94     -3.5%
    Middle East & Africa       $171.22      7.3%
    Asia Pacific (2)           $146.31      0.2%

    Regional Composite (3)     $171.54      2.1%

    International Luxury (4)   $305.89      4.6%

    Total International (5)    $185.58      2.5%

    Worldwide (6)              $166.52     -2.3%

    Worldwide (7)              $167.74     -1.6%
      (excluding 53rd week for North America)
 
 

             Comparable Systemwide International Properties (1)
             --------------------------------------------------

                                Four Months Ended December 31, 2008
                                       and December 31, 2007
                                -----------------------------------
                                    REVPAR           Occupancy
                                    ------           ---------
    Region                       2008   vs. 2007  2008      vs. 2007
    ------                       ----   --------  ----      --------
    Caribbean & Latin America  $113.41      6.6%  66.4%     -4.0% pts.
    Continental Europe         $136.09     -4.9%  69.7%     -5.3% pts.
    United Kingdom             $114.47     -7.7%  73.4%     -3.5% pts.
    Middle East & Africa       $122.07      6.6%  71.3%     -0.4% pts.
    Asia Pacific (2)           $102.56    -10.8%  67.3%     -8.9% pts.

    Regional Composite (3)     $119.14     -4.9%  69.1%     -5.6% pts.

    International Luxury (4)   $194.15     -3.8%  63.5%     -5.5% pts.

    Total International (5)    $126.10     -4.7%  68.6%     -5.6% pts.

    Worldwide (6)               $92.29     -9.3%  64.7%     -5.3% pts.

    Worldwide (7)               $94.75     -6.8%  65.9%     -4.1% pts.
       (excluding 53rd week for North America)
 

                                Four Months Ended December 31, 2008
                                       and December 31, 2007
                                -----------------------------------
                                Average Daily
                                     Rate
                                -------------
    Region                       2008   vs. 2007
    ------                       ----   --------
    Caribbean & Latin America  $170.78     13.1%
    Continental Europe         $195.36      2.3%
    United Kingdom             $155.91     -3.2%
    Middle East & Africa       $171.22      7.3%
    Asia Pacific (2)           $152.41      1.0%

    Regional Composite (3)     $172.31      2.9%

    International Luxury (4)   $305.89      4.6%

    Total International (5)    $183.78      3.1%

    Worldwide (6)              $142.71     -1.9%

    Worldwide (7)              $143.84     -1.1%
     (excluding 53rd week for North America)

    (1) International financial results are reported on a period basis, while
        International statistics are reported on a monthly basis.
        Statistics are in constant dollars for September through December.
        International includes properties located outside the Continental
        United States and Canada, except for Worldwide which also includes
        North America.
    (2) Does not include Hawaii.
    (3) Regional information includes the Marriott Hotels & Resorts,
        Renaissance Hotels & Resorts and Courtyard brands.  Includes Hawaii.
    (4) International Luxury includes The Ritz-Carlton properties outside of
        North America and Bulgari Hotels & Resorts.
    (5) Includes Regional Composite and International Luxury.
    (6) Includes international statistics for the four calendar months ended
        December 31, 2008 and December 31, 2007, and North American statistics
        for the seventeen weeks ended January 2, 2009 and sixteen weeks ended
        December 28, 2007.  Includes the Marriott Hotels & Resorts,
        Renaissance Hotels & Resorts, The Ritz-Carlton, Bulgari Hotels &
        Resorts, Residence Inn, Courtyard, Fairfield Inn, TownePlace Suites
        and SpringHill Suites brands.
    (7) Includes international statistics for the four calendar months ended
        December 31, 2008 and December 31, 2007, and North American statistics
        for the sixteen weeks ended December 26, 2008 and sixteen weeks ended
        December 28, 2007.  Includes the Marriott Hotels & Resorts,
        Renaissance Hotels & Resorts, The Ritz-Carlton, Bulgari Hotels &
        Resorts, Residence Inn, Courtyard, Fairfield Inn, TownePlace Suites
        and SpringHill Suites brands.

                                      A-6
 

                      MARRIOTT INTERNATIONAL, INC.
                        KEY LODGING STATISTICS
                                Constant $

               Comparable Company-Operated International Properties (1)
               --------------------------------------------------------

                                    Twelve Months Ended December 31, 2008
                                             and December 31, 2007
                                    -------------------------------------
                                           REVPAR         Occupancy
                                           ------         ---------
    Region                            2008    vs. 2007  2008  vs. 2007
    ------                            ----    --------  ----  --------
    Caribbean & Latin America        $145.05    10.2%   74.1%  -0.9% pts.
    Continental Europe               $144.82     1.2%   71.0%  -3.3% pts.
    United Kingdom                   $131.15    -1.4%   74.8%  -2.0% pts.
    Middle East & Africa             $125.01    14.4%   75.4%   2.5% pts.
    Asia Pacific (2)                 $109.65    -0.2%   70.6%  -4.0% pts.

    Regional Composite (3)           $131.00     2.6%   72.5%  -2.4% pts.

    International Luxury (4)         $220.60     6.6%   69.8%  -0.5% pts.

    Total International (5)          $141.18     3.3%   72.2%  -2.2% pts.

    Worldwide (6)                    $119.88    -1.1%   70.4%  -2.3% pts.

    Worldwide (7)                    $120.80    -0.4%   70.8%  -1.9% pts.
     (excluding 53rd week for North America)
 
 
 

                                    Twelve Months Ended December 31, 2008
                                             and December 31, 2007
                                    -------------------------------------
                                          Average Daily
                                               Rate
                                          -------------
    Region                                 2008   vs. 2007
    ------                                 ----   --------
    Caribbean & Latin America            $195.63     11.6%
    Continental Europe                   $203.88      5.9%
    United Kingdom                       $175.32      1.3%
    Middle East & Africa                 $165.72     10.6%
    Asia Pacific (2)                     $155.27      5.5%

    Regional Composite (3)               $180.81      6.0%

    International Luxury (4)             $315.83      7.4%

    Total International (5)              $195.65      6.5%

    Worldwide (6)                        $170.20      2.1%

    Worldwide (7)                        $170.59      2.4%
     (excluding 53rd week for North America)
 
 

                  Comparable Systemwide International Properties (1)
                  --------------------------------------------------

                                         Twelve Months Ended December 31, 2008
                                                 and December 31, 2007
                                         -------------------------------------
                                              REVPAR           Occupancy
                                              ------           ---------
    Region                             2008   vs. 2007  2008   vs. 2007
    ------                             ----   --------  ----   --------
    Caribbean & Latin America        $126.71      7.4%  70.4%   -1.6% pts.
    Continental Europe               $144.97      4.4%  69.8%   -2.1% pts.
    United Kingdom                   $129.09     -1.7%  74.2%   -2.3% pts.
    Middle East & Africa             $125.01     14.4%  75.4%    2.5% pts.
    Asia Pacific (2)                 $111.52     -0.8%  71.0%   -3.9% pts.

    Regional Composite (3)           $129.21      3.1%  71.4%   -2.2% pts.

    International Luxury (4)         $220.60      6.6%  69.8%   -0.5% pts.

    Total International (5)          $137.69      3.6%  71.2%   -2.1% pts.

    Worldwide (6)                    $101.48     -1.5%  69.5%   -2.6% pts.

    Worldwide (7)                    $102.40     -0.6%  70.0%   -2.1% pts.
     (excluding 53rd week for North America)
 

                                         Twelve Months Ended December 31, 2008
                                                 and December 31, 2007
                                         -------------------------------------
                                          Average Daily
                                               Rate
                                          -------------
    Region                                 2008   vs. 2007
    ------                                 ----   --------
    Caribbean & Latin America           $179.94      9.8%
    Continental Europe                  $207.79      7.4%
    United Kingdom                      $174.06      1.4%
    Middle East & Africa                $165.72     10.6%
    Asia Pacific (2)                    $157.13      4.7%

    Regional Composite (3)              $181.02      6.3%

    International Luxury (4)            $315.83      7.4%

    Total International (5)             $193.29      6.7%

    Worldwide (6)                       $146.02      2.2%

    Worldwide (7)                        $146.38      2.4%
       (excluding 53rd week for North America)

    (1) International financial results are reported on a period basis, while
        International statistics are reported on a monthly basis. Statistics
        are in constant dollars for January through December.  International
        includes properties located outside the Continental United States and
        Canada, except for Worldwide which also includes North America.
    (2) Does not include Hawaii.
    (3) Regional information includes the Marriott Hotels & Resorts,
        Renaissance Hotels & Resorts and Courtyard brands.  Includes Hawaii.
    (4) International Luxury includes The Ritz-Carlton properties outside of
        North America and Bulgari Hotels & Resorts.
    (5) Includes Regional Composite and International Luxury.
    (6) Includes international statistics for the twelve calendar months ended
        December 31, 2008 and December 31, 2007, and North American statistics
        for the fifty-three weeks ended January 2, 2009 and fifty-two weeks
        ended December 28, 2007.  Includes the Marriott Hotels & Resorts,
        Renaissance Hotels & Resorts, The Ritz-Carlton, Bulgari Hotels &
        Resorts, Residence Inn, Courtyard, Fairfield Inn, TownePlace Suites
        and SpringHill Suites brands.
    (7) Includes international statistics for the twelve calendar months ended
        December 31, 2008 and December 31, 2007, and North American statistics
        for the fifty-two weeks ended December 26, 2008 and fifty-two weeks
        ended December 28, 2007.  Includes the Marriott Hotels & Resorts,
        Renaissance Hotels & Resorts, The Ritz-Carlton, Bulgari Hotels &
        Resorts, Residence Inn, Courtyard, Fairfield Inn, TownePlace Suites
        and SpringHill Suites brands.

                                      A-7
 

                         MARRIOTT INTERNATIONAL, INC.
                           KEY LODGING STATISTICS

             Comparable Company-Operated North American Properties (1)
             ---------------------------------------------------------

                                 Seventeen Weeks Ended January 2, 2009 and
                                   Sixteen Weeks Ended December 28, 2007
                                 -----------------------------------------
                                           REVPAR         Occupancy
                                           ------         ---------
    Brand                               2008  vs. 2007  2008   vs. 2007
    -----                               ----  --------  ----   --------
    Marriott Hotels & Resorts        $117.19    -8.7%   65.5%   -4.2% pts.
    Renaissance Hotels & Resorts     $106.51    -8.2%   64.1%   -3.7% pts.
    Composite North American Full-
     Service (2)                     $115.29    -8.6%   65.3%   -4.1% pts.
    The Ritz-Carlton (3)             $195.88   -16.4%   60.1%   -8.3% pts.
    Composite North American Full-
     Service & Luxury (4)            $122.79   -10.2%   64.8%   -4.5% pts.
    Residence Inn                     $85.52    -9.0%   69.5%   -4.6% pts.
    Courtyard                         $76.83   -13.7%   61.7%   -5.6% pts.
    TownePlace Suites                 $56.75    -6.9%   66.0%   -4.6% pts.
    SpringHill Suites                 $65.91   -12.6%   62.1%   -7.2% pts.
    Composite North American Limited-
     Service (5)                      $77.18   -12.0%   64.1%   -5.3% pts.
    Composite - All (6)              $102.55   -10.9%   64.5%   -4.8% pts.
 

                                 Seventeen Weeks Ended January 2, 2009 and
                                   Sixteen Weeks Ended December 28, 2007
                                 -----------------------------------------
                                          Average Daily
                                               Rate
                                          -------------
    Brand                                 2008    vs. 2007
    -----                                 ----    --------
    Marriott Hotels & Resorts           $178.81     -2.8%
    Renaissance Hotels & Resorts        $166.26     -2.9%
    Composite North American Full-
     Service (2)                        $176.62     -2.8%
    The Ritz-Carlton (3)                $325.88     -4.9%
    Composite North American Full-
     Service & Luxury (4)               $189.51     -4.0%
    Residence Inn                       $122.97     -3.0%
    Courtyard                           $124.49     -5.8%
    TownePlace Suites                    $86.00     -0.4%
    SpringHill Suites                   $106.08     -2.4%
    Composite North American Limited-
     Service (5)                        $120.36     -4.7%
    Composite - All (6)                 $159.00     -4.2%
 
 

                 Comparable Systemwide North American Properties (1)
                 ---------------------------------------------------

                                 Seventeen Weeks Ended January 2, 2009 and
                                   Sixteen Weeks Ended December 28, 2007
                                 -----------------------------------------
                                             REVPAR           Occupancy
                                             ------           ---------
    Brand                                 2008  vs. 2007  2008   vs. 2007
    -----                                 ----  --------  ----   --------
    Marriott Hotels & Resorts          $101.81    -9.1%   63.0%   -4.6% pts.
    Renaissance Hotels & Resorts        $97.66    -9.7%   63.8%   -4.3% pts.
    Composite North American Full-
     Service (2)                       $101.14    -9.2%   63.2%   -4.5% pts.
    The Ritz-Carlton (3)               $195.88   -16.4%   60.1%   -8.3% pts.
    Composite North American Full-
     Service & Luxury (4)              $106.30   -10.3%   63.0%   -4.7% pts.
    Residence Inn                       $86.03    -7.4%   70.3%   -4.5% pts.
    Courtyard                           $77.37   -11.5%   63.1%   -5.5% pts.
    Fairfield Inn                       $53.76   -10.8%   60.5%   -6.3% pts.
    TownePlace Suites                   $56.28    -8.1%   64.2%   -5.3% pts.
    SpringHill Suites                   $66.62    -9.9%   63.2%   -5.7% pts.
    Composite North American Limited-
     Service (5)                        $73.08    -9.9%   64.5%   -5.4% pts.
    Composite - All (6)                 $86.04   -10.1%   63.9%   -5.1% pts.
 

                                 Seventeen Weeks Ended January 2, 2009 and
                                   Sixteen Weeks Ended December 28, 2007
                                 -----------------------------------------
                                         Average Daily
                                              Rate
                                         -------------
    Brand                                 2008   vs. 2007
    -----                                 ----   --------
    Marriott Hotels & Resorts           $161.48     -2.5%
    Renaissance Hotels & Resorts        $153.18     -3.5%
    Composite North American Full-
     Service (2)                        $160.13     -2.7%
    The Ritz-Carlton (3)                $325.88     -4.9%
    Composite North American Full-
     Service & Luxury (4)               $168.74     -3.5%
    Residence Inn                       $122.42     -1.4%
    Courtyard                           $122.65     -3.7%
    Fairfield Inn                        $88.83     -1.5%
    TownePlace Suites                    $87.59     -0.4%
    SpringHill Suites                   $105.44     -1.8%
    Composite North American Limited-
     Service (5)                        $113.23     -2.3%
    Composite - All (6)                 $134.56     -2.9%
 

    (1) North America includes properties located in the Continental United
        States and Canada.
    (2) Includes the Marriott Hotels & Resorts, and Renaissance Hotels &
       Resorts brands.
    (3) Statistics for The Ritz-Carlton are for September through December.
    (4) Includes the Marriott Hotels & Resorts, Renaissance Hotels & Resorts
       and The Ritz-Carlton brands.
    (5) Includes the Residence Inn, Courtyard, Fairfield Inn, TownePlace
        Suites and SpringHill Suites brands.
    (6) Includes the Marriott Hotels & Resorts, Renaissance Hotels & Resorts,
        The Ritz-Carlton, Residence Inn, Courtyard, Fairfield Inn, TownePlace
         Suites, and SpringHill Suites brands.

                                      A-8
 
 

                      MARRIOTT INTERNATIONAL, INC.
                        KEY LODGING STATISTICS

             Comparable Company-Operated North American Properties (1)
             ---------------------------------------------------------

                                         Fifty-three Weeks Ended January 2,
                                          2009 and Fifty-two Weeks Ended
                                                 December 28, 2007
                                         ----------------------------------
                                            REVPAR           Occupancy
                                            ------           ---------
    Brand                               2008   vs. 2007  2008   vs. 2007
    -----                               ----   --------  ----   --------
    Marriott Hotels & Resorts         $125.69    -1.6%   70.5%   -2.1% pts.
    Renaissance Hotels & Resorts      $116.05    -1.5%   69.4%   -1.4% pts.
    Composite North American Full-
     Service (2)                      $123.98    -1.6%   70.3%   -2.0% pts.
    The Ritz-Carlton (3)              $230.13    -4.7%   68.6%   -3.1% pts.
    Composite North American Full-
     Service & Luxury (4)             $133.52    -2.2%   70.2%   -2.1% pts.
    Residence Inn                      $94.32    -2.7%   74.8%   -2.2% pts.
    Courtyard                          $85.71    -4.9%   67.0%   -2.8% pts.
    TownePlace Suites                  $60.12    -5.4%   68.7%   -4.7% pts.
    SpringHill Suites                  $75.29    -3.8%   69.1%   -2.9% pts.
    Composite North American Limited-
     Service (5)                       $85.83    -4.2%   69.4%   -2.7% pts.
    Composite - All (6)               $112.31    -2.9%   69.8%   -2.4% pts.
 

                                         Fifty-three Weeks Ended January 2,
                                          2009 and Fifty-two Weeks Ended
                                                 December 28, 2007
                                         ----------------------------------
                                        Average Daily
                                             Rate
                                        -------------
    Brand                               2008   vs. 2007
    -----                               ----   --------
    Marriott Hotels & Resorts         $178.24      1.3%
    Renaissance Hotels & Resorts      $167.17      0.4%
    Composite North American Full-
     Service (2)                      $176.30      1.2%
    The Ritz-Carlton (3)              $335.52     -0.4%
    Composite North American Full-
     Service & Luxury (4)             $190.29      0.7%
    Residence Inn                     $126.06      0.2%
    Courtyard                         $127.86     -1.0%
    TownePlace Suites                  $87.46      1.0%
    SpringHill Suites                 $109.00      0.2%
    Composite North American Limited-
     Service (5)                      $123.69     -0.5%
    Composite - All (6)               $160.85      0.4%
 

                Comparable Systemwide North American Properties (1)
                ---------------------------------------------------

                                        Fifty-three Weeks Ended January 2,
                                          2009 and Fifty-two Weeks Ended
                                                 December 28, 2007
                                        -----------------------------------
                                            REVPAR           Occupancy
                                            ------           ---------
    Brand                               2008   vs. 2007  2008  vs. 2007
    -----                               ----   --------  ----  --------
    Marriott Hotels & Resorts         $111.02    -2.2%   68.0%  -2.5% pts.
    Renaissance Hotels & Resorts      $107.08    -2.1%   68.9%  -1.7% pts.
    Composite North American Full-
     Service (2)                      $110.38    -2.2%   68.1%  -2.3% pts.
    The Ritz-Carlton (3)              $230.13    -4.7%   68.6%  -3.1% pts.
    Composite North American Full-
     Service & Luxury (4)             $116.67    -2.5%   68.1%  -2.4% pts.
    Residence Inn                      $94.70    -1.1%   75.4%  -2.0% pts.
    Courtyard                          $86.07    -3.4%   68.3%  -2.7% pts.
    Fairfield Inn                      $60.78    -3.5%   66.2%  -3.9% pts.
    TownePlace Suites                  $61.88    -3.4%   69.4%  -3.4% pts.
    SpringHill Suites                  $74.85    -3.6%   68.8%  -3.2% pts.
    Composite North American Limited-
     Service (5)                       $81.24    -2.8%   69.9%  -2.8% pts.
    Composite - All (6)                $95.04    -2.7%   69.2%  -2.7% pts.
 

                                        Fifty-three Weeks Ended January 2,
                                          2009 and Fifty-two Weeks Ended
                                                 December 28, 2007
                                        -----------------------------------
                                         Average Daily
                                              Rate
                                         -------------
    Brand                                2008    vs. 2007
    -----                                ----    --------
    Marriott Hotels & Resorts          $163.37      1.4%
    Renaissance Hotels & Resorts       $155.35      0.3%
    Composite North American Full-
     Service (2)                       $162.07      1.2%
    The Ritz-Carlton (3)               $335.52     -0.4%
    Composite North American Full-
     Service & Luxury (4)              $171.24      0.9%
    Residence Inn                      $125.62      1.5%
    Courtyard                          $126.01      0.4%
    Fairfield Inn                       $91.75      2.1%
    TownePlace Suites                   $89.22      1.3%
    SpringHill Suites                  $108.78      0.9%
    Composite North American Limited-
     Service (5)                       $116.29      1.2%
    Composite - All (6)                $137.36      1.1%
 

    (1) North America includes properties located in the Continental United
        States and Canada.
    (2) Includes the Marriott Hotels & Resorts, and Renaissance Hotels &
        Resorts brands.
    (3) Statistics for The Ritz-Carlton are for January through December.
    (4) Includes the Marriott Hotels & Resorts, Renaissance Hotels & Resorts
        and The Ritz-Carlton brands.
    (5) Includes the Residence Inn, Courtyard, Fairfield Inn, TownePlace
        Suites and SpringHill Suites brands.
    (6) Includes the Marriott Hotels & Resorts, Renaissance Hotels & Resorts,
        The Ritz-Carlton, Residence Inn, Courtyard, Fairfield Inn, TownePlace
        Suites, and SpringHill Suites brands.

                                      A-9
 
 

                      MARRIOTT INTERNATIONAL, INC.
                        KEY LODGING STATISTICS
              (Excludes 53rd week of 2008 for North America

           Comparable Company-Operated North American Properties (1)
           ---------------------------------------------------------

                                   Sixteen Weeks Ended December 26, 2008
                                           and December 28, 2007
                                   -------------------------------------
                                        REVPAR         Occupancy
                                        ------         ---------
    Brand                           2008   vs. 2007  2008  vs. 2007
    -----                           ----   --------  ----  --------
    Marriott Hotels & Resorts     $120.36    -6.2%   66.8%   -2.9% pts.
    Renaissance Hotels & Resorts  $109.69    -5.4%   65.3%   -2.4% pts.
    Composite North American
     Full-Service (2)             $118.47    -6.1%   66.5%   -2.8% pts.
    The Ritz-Carlton (3)          $195.88   -16.4%   60.1%   -8.3% pts.
    Composite North American
     Full-Service & Luxury (4)    $126.08    -7.8%   65.9%   -3.4% pts.
    Residence Inn                  $87.86    -6.5%   71.0%   -3.2% pts.
    Courtyard                      $79.65   -10.5%   63.4%   -4.0% pts.
    TownePlace Suites              $58.47    -4.1%   67.6%   -3.0% pts.
    SpringHill Suites              $67.90   -10.0%   63.5%   -5.9% pts.
    Composite North American
     Limited-Service (5)           $79.70    -9.2%   65.7%   -3.8% pts.
    Composite - All (6)           $105.56    -8.3%   65.8%   -3.5% pts.
 

                                   Sixteen Weeks Ended December 26, 2008
                                           and December 28, 2007
                                   -------------------------------------
                                     Average Daily
                                         Rate
                                     -------------
    Brand                            2008   vs. 2007
    -----                            ----   --------
    Marriott Hotels & Resorts      $180.22     -2.1%
    Renaissance Hotels & Resorts   $167.95     -1.9%
    Composite North American
     Full-Service (2)              $178.08     -2.0%
    The Ritz-Carlton (3)           $325.88     -4.9%
    Composite North American
     Full-Service & Luxury (4)     $191.33     -3.1%
    Residence Inn                  $123.72     -2.4%
    Courtyard                      $125.69     -4.9%
    TownePlace Suites               $86.48      0.2%
    SpringHill Suites              $106.96     -1.6%
    Composite North American
     Limited-Service (5)           $121.35     -4.0%
    Composite - All (6)            $160.43     -3.3%
 

              Comparable Systemwide North American Properties (1)
              ---------------------------------------------------

                                   Sixteen Weeks Ended December 26, 2008
                                           and December 28, 2007
                                   -------------------------------------
                                        REVPAR         Occupancy
                                        ------         ---------
    Brand                            2008  vs. 2007  2008  vs. 2007
    -----                            ----  --------  ----  --------
    Marriott Hotels & Resorts     $104.78    -6.4%   64.5%   -3.1% pts.
    Renaissance Hotels & Resorts  $101.00    -6.6%   65.2%   -2.8% pts.
    Composite North American
     Full-Service (2)             $104.18    -6.5%   64.6%   -3.1% pts.
    The Ritz-Carlton (3)          $195.88   -16.4%   60.1%   -8.3% pts.
    Composite North American
     Full-Service & Luxury (4)    $109.47    -7.6%   64.3%   -3.4% pts.
    Residence Inn                  $88.13    -5.1%   71.7%   -3.1% pts.
    Courtyard                      $80.00    -8.4%   64.6%   -3.9% pts.
    Fairfield Inn                  $55.08    -8.6%   61.6%   -5.2% pts.
    TownePlace Suites              $58.05    -5.2%   65.8%   -3.8% pts.
    SpringHill Suites              $68.49    -7.3%   64.4%   -4.5% pts.
    Composite North American
     Limited-Service (5)           $75.21    -7.3%   66.0%   -4.0% pts.
    Composite - All (6)            $88.58    -7.4%   65.3%   -3.7% pts.
 

                                   Sixteen Weeks Ended December 26, 2008
                                           and December 28, 2007
                                   -------------------------------------
                                    Average Daily
                                         Rate
                                    -------------
    Brand                            2008   vs. 2007
    -----                            ----   --------
    Marriott Hotels & Resorts      $162.47     -1.9%
    Renaissance Hotels & Resorts   $154.82     -2.5%
    Composite North American
     Full-Service (2)              $161.24     -2.0%
    The Ritz-Carlton (3)           $325.88     -4.9%
    Composite North American
     Full-Service & Luxury (4)     $170.12     -2.7%
    Residence Inn                  $122.89     -1.1%
    Courtyard                      $123.74     -2.9%
    Fairfield Inn                   $89.42     -0.8%
    TownePlace Suites               $88.19      0.3%
    SpringHill Suites              $106.34     -0.9%
    Composite North American
     Limited-Service (5)           $114.03     -1.6%
    Composite - All (6)            $135.59     -2.1%
 

    (1) North America includes properties located in the Continental United
        States and Canada.
    (2) Includes the Marriott Hotels & Resorts, and Renaissance Hotels &
        Resorts brands.
    (3) Statistics for The Ritz-Carlton are for September through December.
    (4) Includes the Marriott Hotels & Resorts, Renaissance Hotels & Resorts
        and The Ritz-Carlton brands.
    (5) Includes the Residence Inn, Courtyard, Fairfield Inn, TownePlace
        Suites and SpringHill Suites brands.
    (6) Includes the Marriott Hotels & Resorts, Renaissance Hotels & Resorts,
        The Ritz-Carlton, Residence Inn, Courtyard, Fairfield Inn, TownePlace
        Suites, and SpringHill Suites brands.

                                      A-10
 
 

                      MARRIOTT INTERNATIONAL, INC.
                        KEY LODGING STATISTICS
              (Excludes 53rd week of 2008 for North America

              Comparable Company-Operated North American Properties (1)
              ---------------------------------------------------------

                                          Fifty-two Weeks Ended December 26,
                                              2008 and December 28, 2007
                                          -----------------------------------
                                            REVPAR          Occupancy
                                            ------          ---------
    Brand                                2008  vs. 2007  2008   vs. 2007
    -----                                ----  --------  ----   --------
    Marriott Hotels & Resorts         $126.83    -0.7%   71.0%    -1.6% pts.
    Renaissance Hotels & Resorts      $117.21    -0.5%   69.9%    -0.9% pts.
    Composite North American Full-
     Service (2)                      $125.12    -0.7%   70.8%    -1.5% pts.
    The Ritz-Carlton (3)              $230.13    -4.7%   68.6%    -3.1% pts.
    Composite North American Full-
     Service & Luxury (4)             $134.72    -1.3%   70.6%    -1.6% pts.
    Residence Inn                      $95.21    -1.8%   75.4%    -1.7% pts.
    Courtyard                          $86.75    -3.8%   67.6%    -2.2% pts.
    TownePlace Suites                  $60.71    -4.5%   69.3%    -4.1% pts.
    SpringHill Suites                  $76.08    -2.8%   69.6%    -2.3% pts.
    Composite North American Limited-
     Service (5)                       $86.77    -3.2%   70.0%    -2.1% pts.
    Composite - All (6)               $113.42    -2.0%   70.3%    -1.9% pts.
 
 

                                          Fifty-two Weeks Ended December 26,
                                              2008 and December 28, 2007
                                          -----------------------------------
                                          Average Daily
                                               Rate
                                          -------------
    Brand                                 2008    vs. 2007
    -----                                 ----    --------
    Marriott Hotels & Resorts           $178.64      1.6%
    Renaissance Hotels & Resorts        $167.67      0.7%
    Composite North American Full-
     Service (2)                        $176.72      1.4%
    The Ritz-Carlton (3)                $335.52     -0.4%
    Composite North American Full-
     Service & Luxury (4)               $190.82      1.0%
    Residence Inn                       $126.31      0.4%
    Courtyard                           $128.24     -0.7%
    TownePlace Suites                    $87.62      1.2%
    SpringHill Suites                   $109.28      0.4%
    Composite North American Limited-
     Service (5)                        $124.01     -0.3%
    Composite - All (6)                 $161.29      0.6%
 
 

                 Comparable Systemwide North American Properties (1)
                 ---------------------------------------------------

                                          Fifty-two Weeks Ended December 26,
                                              2008 and December 28, 2007
                                          -----------------------------------
                                          REVPAR          Occupancy
                                          ------          ---------
    Brand                              2008   vs. 2007  2008  vs. 2007
    -----                              ----   --------  ----  --------
    Marriott Hotels & Resorts        $112.11    -1.2%   68.5%   -1.9% pts.
    Renaissance Hotels & Resorts     $108.31    -1.0%   69.5%   -1.1% pts.
    Composite North American Full-
     Service (2)                     $111.50    -1.2%   68.7%   -1.8% pts.
    The Ritz-Carlton (3)             $230.13    -4.7%   68.6%   -3.1% pts.
    Composite North American Full-
     Service & Luxury (4)            $117.85    -1.5%   68.7%   -1.9% pts.
    Residence Inn                     $95.51    -0.3%   75.9%   -1.5% pts.
    Courtyard                         $87.05    -2.3%   68.9%   -2.2% pts.
    Fairfield Inn                     $61.32    -2.7%   66.7%   -3.5% pts.
    TownePlace Suites                 $62.53    -2.4%   69.9%   -2.8% pts.
    SpringHill Suites                 $75.58    -2.7%   69.3%   -2.8% pts.
    Composite North American Limited-
     Service (5)                      $82.06    -1.8%   70.4%   -2.3% pts.
    Composite - All (6)               $95.99    -1.7%   69.7%   -2.1% pts.
 

                                          Fifty-two Weeks Ended December 26,
                                              2008 and December 28, 2007
                                          -----------------------------------
                                          Average Daily
                                               Rate
                                          -------------
    Brand                                  2008    vs. 2007
    -----                                  ----    --------
    Marriott Hotels & Resorts            $163.68      1.6%
    Renaissance Hotels & Resorts         $155.85      0.6%
    Composite North American Full-
     Service (2)                         $162.41      1.4%
    The Ritz-Carlton (3)                 $335.52     -0.4%
    Composite North American Full-
     Service & Luxury (4)                $171.67      1.1%
    Residence Inn                        $125.79      1.7%
    Courtyard                            $126.37      0.7%
    Fairfield Inn                         $91.96      2.4%
    TownePlace Suites                     $89.41      1.5%
    SpringHill Suites                    $109.07      1.2%
    Composite North American Limited-
     Service (5)                         $116.56      1.4%
    Composite - All (6)                  $137.69      1.3%
 

    (1) North America includes properties located in the Continental United
        States and Canada.
    (2) Includes the Marriott Hotels & Resorts, and Renaissance Hotels &
        Resorts brands.
    (3) Statistics for The Ritz-Carlton are for January through December.
    (4) Includes the Marriott Hotels & Resorts, Renaissance Hotels & Resorts
        and The Ritz-Carlton brands.
    (5) Includes the Residence Inn, Courtyard, Fairfield Inn, TownePlace
        Suites and SpringHill Suites brands.
    (6) Includes the Marriott Hotels & Resorts, Renaissance Hotels & Resorts,
        The Ritz-Carlton, Residence Inn, Courtyard, Fairfield Inn, TownePlace
        Suites, and SpringHill Suites brands.

                                      A-11
 
 

                           MARRIOTT INTERNATIONAL, INC.
                                TIMESHARE SEGMENT
                                 ($ in millions)
 

                                                 Adjustments
                                                 -----------
                                   As                                As
                                Reported                          Adjusted
                                17 Weeks                          17 Weeks
                                  Ended         Restructuring       Ended
                               January 2,       Costs & Other    January 2,
                                  2009             Charges         2009 **
                               -----------         -------       -----------
    Segment Revenues
    ----------------
      Segment revenues             $424                $61         $485
                                   ====                ===         ====

    Segment Results
    ---------------
      Base fees revenue              $7                 $-           $7
      Timeshare sales and
       services, net                (48)                58           10
      Restructuring costs           (28)                28            -
      Joint venture equity
       earnings                       2                  7            9
      Minority interest               4                  -            4
      General,
       administrative and
       other expense                (32)                 -          (32)
                                    ---                ---          ---
      Segment results              $(95)               $93          $(2)
                                   ====                ===          ===

    Sales and Services Revenue
    --------------------------
      Development                  $231                $17         $248
      Services                       92                  -           92
      Financing                      (1)                44           43
      Other revenue                   3                  -            3
                                   ----               ----         ----
      Sales and services revenue   $325                $61         $386
                                   ====                ===         ====

    Contract Sales
    --------------
      Company:
        Timeshare                  $222                 $-         $222
        Fractional                    1                  2            3
        Residential                 (23)                16           (7)
                                    ---                ---           --
            Total company           200                 18          218
      Joint ventures:
        Timeshare                     -                  -            -
        Fractional                  (23)                21           (2)
        Residential                 (74)                76            2
                                    ---                ---          ---
            Total joint
             ventures               (97)                97            -
                                    ---                ---          ---
        Total contract
         sales, including
         joint ventures            $103               $115         $218
                                   ====               ====         ====

    Gain / (Loss) on Notes Sold
    ---------------------------
      Gain / (loss) on
       notes sold                  $(12)               $12           $-
                                   ====                ===           ==
 

                              Adjustments
                              -----------
                                                 Percent Better /
                               As Reported      (Worse) Adjusted
                             16 Weeks Ended      2008 vs. 2007
                            December 28, 2007     As Reported
                            -----------------     -----------
    Segment Revenues
    ----------------
      Segment revenues                  $627                (23)
                                        ====

    Segment Results
    ---------------
      Base fees revenue                  $13                (46)
      Timeshare sales and
       services, net                     126                (92)
      Restructuring costs                  -                  *
      Joint venture equity
       earnings                            6                 50
      Minority interest                    -                  *
      General,
       administrative and
       other expense                     (29)               (10)
                                         ---
      Segment results                   $116               (102)
                                        ====

    Sales and Services Revenue
    --------------------------
      Development                       $362                (31)
      Services                            90                  2
      Financing                           75                (43)
      Other revenue                        9                (67)
                                         ---
      Sales and services
       revenue                          $536                (28)
                                        ====

    Contract Sales
    --------------
      Company:
        Timeshare                       $344                (35)
        Fractional                        17                (82)
        Residential                      (15)                53
                                         ---
            Total company                346                (37)
      Joint ventures:
        Timeshare                         10               (100)
        Fractional                         8               (125)
        Residential                        2                  -
                                         ---
            Total joint
             ventures                     20               (100)
                                         ---
        Total contract
         sales, including
         joint ventures                 $366                (40)
                                        ====

    Gain / (Loss) on Notes Sold
    ---------------------------
      Gain / (loss) on
       notes sold                        $36               (100)
                                         ===

    * Percent can not be calculated.
    ** Denotes non-GAAP financial measures.  Please see page A-16 for
       additional information about our reasons for providing these
       alternative financial measures and the limitations on their use.

                                      A-12
 
 

                           MARRIOTT INTERNATIONAL, INC.
                                TIMESHARE SEGMENT
                                 ($ in millions)
 

                                                 Adjustments
                                                 -----------
                                  As                                 As
                               Reported                           Adjusted
                               53 Weeks                           53 Weeks
                                 Ended           Restructuring      Ended
                              January 2,         Costs & Other    January 2,
                                 2009              Charges         2009 **
                              -----------          -------       -----------
    Segment Revenues
    ----------------
      Segment revenues           $1,750                 $61       $1,811
                                 ======                 ===       ======

    Segment Results
    ---------------
      Base fees revenue             $42                  $-          $42
      Timeshare sales and
       services, net                 89                  58          147
      Restructuring costs           (28)                 28            -
      Joint venture
       equity earnings               11                   7           18
      Minority interest              25                   -           25
      General,
       administrative and
       other expense               (111)                  -         (111)
                                   ----                 ---         ----
      Segment results               $28                 $93         $121
                                    ===                 ===         ====

    Sales and Services Revenue
    --------------------------
      Development                  $953                 $17         $970
      Services                      336                   -          336
      Financing                     106                  44          150
      Other revenue                  28                   -           28
                                    ---                 ---           --
      Sales and services
       revenue                   $1,423                 $61       $1,484
                                 ======                 ===       ======

    Contract Sales
    --------------
      Company:
        Timeshare                $1,081                  $-       $1,081
        Fractional                   35                   2           37
        Residential                  10                  16           26
                                     --                  --           --
           Total company          1,126                  18        1,144
      Joint ventures:
        Timeshare                     -                   -            -
        Fractional                   (6)                 21           15
        Residential                 (44)                 76           32
                                    ---                  --           --
            Total joint
             ventures               (50)                 97           47
                                    ---                  --           --
        Total contract
         sales, including
         joint ventures          $1,076                $115       $1,191
                                 ======                ====       ======

    Gain on Notes Sold
    ------------------
      Gain on notes sold            $16                 $12          $28
                                    ===                 ===          ===
 

                              Adjustments
                              -----------
                                                  Percent Better /
                              As Reported         (Worse) Adjusted
                            52 Weeks Ended         2008 vs. 2007
                           December 28, 2007         As Reported
                           -----------------         -----------
    Segment Revenues
    ----------------
      Segment revenues               $2,065                 (12)
                                     ======

    Segment Results
    ---------------
      Base fees revenue                 $43                  (2)
      Timeshare sales and
       services, net                    350                 (58)
      Restructuring costs                 -                   *
      Joint venture
       equity earnings                   10                  80
      Minority interest                   1               2,400
      General,
       administrative and
       other expense                    (98)                (13)
                                        ---
      Segment results                  $306                 (60)
                                       ====

    Sales and Services Revenue
    --------------------------
      Development                    $1,208                 (20)
      Services                          315                   7
      Financing                         195                 (23)
      Other revenue                      29                  (3)
                                         --
      Sales and services
       revenue                       $1,747                 (15)
                                     ======

    Contract Sales
    --------------
      Company:
        Timeshare                    $1,221                 (11)
        Fractional                       44                 (16)
        Residential                      (9)                  *
                                         --
           Total company              1,256                  (9)
      Joint ventures:
        Timeshare                        33                (100)
        Fractional                       54                 (72)
        Residential                      58                 (45)
                                         --
            Total joint
             ventures                   145                 (68)
                                        ---
        Total contract
         sales, including
         joint ventures              $1,401                 (15)
                                     ======

    Gain on Notes Sold
    ------------------
      Gain on notes sold                $81                 (65)
                                        ===

    * Percent can not be calculated.
    ** Denotes non-GAAP financial measures.  Please see page A-16 for
       additional information about our reasons for providing these
       alternative financial measures and the limitations on their use.

                                      A-13
 
 

                        MARRIOTT INTERNATIONAL, INC.
                         EBITDA AND ADJUSTED EBITDA
                               ($ in millions)
 

                                          Fiscal Year 2008
                                          ----------------
                              First   Second    Third   Fourth
                             Quarter  Quarter  Quarter  Quarter   Total
                             -------  -------  -------  -------   -----
    Net income                  $121     $157      $94     $(10)   $362
    Interest expense              42       38       33       50     163
    Tax provision,
     continuing operations        75      139      103       33     350
    Tax provision, minority
     interest                      1        1        5        2       9
    Tax benefit, synthetic
     fuel                          -       (6)      (1)       -      (7)
    Depreciation and
     amortization                 41       47       42       60     190
    Less: Depreciation
     reimbursed by third-
     party owners                 (3)      (3)      (2)      (2)    (10)
    Interest expense from
     unconsolidated joint
     ventures                      4        4        5        5      18
    Depreciation and
     amortization from
     unconsolidated joint
     ventures                      5        6        6       10      27
                                 ---      ---      ---      ---     ---
    EBITDA **                   $286     $383     $285     $148  $1,102

    Discontinued operations
     adjustment (synthetic
     fuel)                         1        2        1        -       4
    Non-recurring charges
           Severance               -        -        -       19      19
           Facilities exit
            costs                  -        -        -        5       5
           Development
            cancellations          -        -        -       31      31
                                 ---      ---      ---       --      --
              Total restructuring
               costs               -        -        -       55      55
                                 ---      ---      ---       --      --
           Charges related to
            guarantees             -        -        -       16      16
           Inventory write-
            downs                  -        -        -        9       9
           Contract cancellation
            allowances             -        -        -       12      12
           Accounts receivable-bad
            debts                  -        -        -        4       4
           Residual interests
            valuation              -        -        -       32      32
           Hedge
            ineffectiveness        -        -        -       12      12
           Impairment of
            investments and other
            (operating)            -        -        -       12      12
           Impairment of
            investments and other
            (non operating)        -        -        -       18      18
           Reserves for loan
            losses                 -        -        -       22      22
                                 ---      ---      ---       --      --
              Total other
               charges             -        -        -      137     137
                                 ---      ---      ---      ---     ---
    Total non-recurring
     charges                       -        -        -      192     192
                                 ---      ---      ---      ---     ---

    Adjusted EBITDA **          $287     $385     $286     $340  $1,298
                                ====     ====     ====     ====  ======

    Decrease over 2007
     Adjusted EBITDA             -14%     -13%      -7%     -32%    -18%

    The following items make
     up the discontinued operations
     adjustment (synthetic fuel)
    Pre-tax Synthetic Fuel
     losses                       $1       $2       $1       $-      $4
                                  --       --       --       --      --
    EBITDA adjustment for
     discontinued operations
     (synthetic fuel)             $1       $2       $1       $-      $4
                                  ==       ==       ==       ==      ==
 

                                          Fiscal Year 2007
                                          ----------------
                              First   Second    Third   Fourth
                             Quarter  Quarter  Quarter  Quarter   Total
                             -------  -------  -------  -------   -----
    Net income                  $182     $207     $131     $176    $696
    Interest expense              33       52       42       57     184
    Tax provision,
     continuing operations        86      128       93      134     441
    Tax (benefit)
     provision, synthetic
     fuel                        (72)     (86)     (41)      73    (126)
    Depreciation and
     amortization                 46       45       43       63     197
    Less: Depreciation
     reimbursed by third-
     party owners                 (4)      (4)      (4)      (6)    (18)
    Interest expense from
     unconsolidated joint
     ventures                      5        5        8        6      24
    Depreciation and
     amortization from
     unconsolidated joint
     ventures                      6        7        6        9      28
                                 ---      ---      ---      ---     ---
    EBITDA **                   $282     $354     $278     $512  $1,426

    ESOP Settlement -
     Excise Tax                    -       35        -        -      35
    Discontinued operations
     adjustment (synthetic
     fuel)                        52       52       30      (15)    119
                                  --       --       --      ---     ---
    Adjusted EBITDA **          $334     $441     $308     $497  $1,580
                                ====     ====     ====     ====  ======
 

    The following items make
     up the discontinued operations
     adjustment (synthetic fuel)
    Pre-tax Synthetic Fuel
     losses (income)             $54      $54      $32     $(13)   $127
    Synthetic Fuel
     depreciation                 (2)      (2)      (2)      (2)     (8)
                                  --       --       --       --      --
    EBITDA adjustment for
     discontinued operations
     (synthetic fuel)            $52      $52      $30     $(15)   $119
                                 ===      ===      ===     ====    ====
 

    **  Denotes non-GAAP financial measures. Please see page A-16 for
        additional information about our reasons for providing these
        alternative financial measures and the limitation on their use.

                                      A-14
 
 

                          MARRIOTT INTERNATIONAL, INC.
                SUMMARY OF RESTRUCTURING COSTS AND OTHER CHARGES
                                QUARTER 4, 2008
                                ($ in millions)
 
 
 

    External Line          Description                              Amount
    -------------          -----------                              ------

    Timeshare sales and
     services revenue      Mark to market of residual interests        $32
                           Contract sale cancellation allowances        17
                           Ineffective hedges related to future
                            note sale                                   12
                                                                        --
                               Timeshare sales and services revenue     61

    Timeshare - direct
     expenses              Contract sale cancellation allowances       (12)
                           Inventory write-down                          9
                                                                       ---
                                        Timeshare - direct expenses     (3)

    Restructuring costs    Development cancellations                    31
                           Severance                                    19
                           Facilities exit costs                         5
                                                                       ---
                                                Restructuring costs     55

    General, administrative
     and other             Reserves for guarantees                      16
                           Development asset impairments                12
                           Accounts receivable and bad debt reserves     4
                                                                       ---
                                  General, administrative and other     32

    Gains & other income   Investment impairments                        9
                                                                       ---
                                               Gains & other income      9

    Provision for loan
     losses                Mezzanine loan impairment                    22
                                                                        --
                                          Provision for loan losses     22

    Equity in (earnings)
     losses                Asset impairment                              9
                           Contract sale cancellation allowances         7
                                                                       ---
                                        Equity in (earnings) losses     16
                                                                        --

                          Restructuring Costs & Other Charges Total   $192

                                                         Tax Impact   $(68)
                                                                      ----

                     Restructuring Costs & Other Charges Net of Tax   $124
                                                                      ====

                                      A-15


 
 

MARRIOTT INTERNATIONAL, INC.

Non-GAAP Financial Measures

In our press release and schedules, and on the related conference call, we report certain financial measures that are not prescribed or authorized by United States generally accepted accounting principles ("GAAP"). We discuss management's reasons for reporting these non-GAAP measures below, and the press release schedules reconcile the most directly comparable GAAP measure to each non-GAAP measure that we refer to (identified by a double asterisk on the preceding pages). Although management evaluates and presents these non-GAAP measures for the reasons described below, please be aware that these non-GAAP measures are not alternatives to revenue, operating income, income from continuing operations, net income, earnings per share or any other comparable operating measure prescribed by GAAP. In addition, these non-GAAP financial measures may be calculated and/or presented differently than measures with the same or similar names that are reported by other companies, and as a result, the non-GAAP measures we report may not be comparable to those reported by others. 

2008 Results as Adjusted. Management evaluates non-GAAP measures that exclude the impact of restructuring costs and other charges incurred in the 2008 fourth quarter and certain tax expenses incurred throughout 2008 because those non-GAAP measures allow for period-over-period comparisons of our on-going core operations before material charges. These non-GAAP measures also facilitate management's comparison of results from our on-going operations before material charges with results from other lodging companies.
During the latter part of 2008 and particularly the fourth quarter, we experienced a significant decline in demand for hotel rooms both domestically and internationally due, in part, to the failures and near failures of several large financial service companies and the dramatic downturn in the economy. Our capital intensive Timeshare business was also hurt by the downturn in market conditions and particularly, the significant deterioration in the credit markets, which resulted in our decision not to complete a note sale in the fourth quarter of 2008. These declines resulted in reduced management and franchise fees, cancellation of development projects, reduced timeshare contract sales, and anticipated losses under guarantees and loans. We responded by implementing various cost saving measures, which resulted in aggregate fourth quarter 2008 restructuring costs of $55 million. We also incurred other fourth quarter charges totaling $137 million, including charges and reserves associated with guarantees, loans, Timeshare inventory, accounts receivable, contract cancellation allowances, valuation of Timeshare residual interests, hedge ineffectiveness, and asset impairments. 

Certain tax expenses incurred in the fourth quarter or throughout 2008, as applicable, include: (1) fourth quarter income tax expense totaling $7 million primarily due to prior years' tax adjustments; (2) third quarter income tax expense totaling $29 million primarily related to an unfavorable court decision involving a tax planning transaction associated with a 1994 sale transaction; (3) second quarter income tax expense totaling $12 million primarily due to prior years' tax adjustments; and (4) second quarter income tax expense totaling $24 million related to the tax treatment of funds received from foreign subsidiaries. 

2007 Results as Adjusted. Management evaluates non-GAAP measures that exclude the charge associated with the 2007 settlement of issues raised during the IRS' and Department of Labor's examination of the employee stock ownership plan ("ESOP") feature of our Employees' Profit Sharing, Retirement and Savings Plan and Trust, including adjusted earnings per share and adjusted earnings before interest, taxes, depreciation and amortization, because these measures allow for period-over-period comparisons for our on-going operations before material charges. These non-GAAP measures also facilitate management's comparison of results from our on-going operations before material charges with those of other lodging companies. The settlement resulted in an after-tax charge of $54 million in the second quarter of 2007 reflecting $35 million of excise taxes (impacting general, administrative, and other expenses), $13 million of interest expense on those excise taxes and $6 million of income tax expense primarily reflecting additional interest.

Earnings Before Interest, Taxes, Depreciation and Amortization. Earnings before interest, taxes, depreciation and amortization ("EBITDA") reflects earnings excluding the impact of interest expense, tax expense, depreciation and amortization. Management considers EBITDA to be an indicator of operating performance because it can be used to measure our ability to service debt, fund capital expenditures, and expand our business. EBITDA is used by analysts, lenders, investors and others, as well as by us, to evaluate companies because it excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be dependent on a company's capital structure, debt levels and credit ratings. Accordingly, the impact of interest expense on earnings can vary significantly among companies. The tax positions of companies can also vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the jurisdictions in which they operate. As a result, effective tax rates and tax expense can vary considerably among companies. EBITDA also excludes depreciation and amortization because companies utilize productive assets of different ages and use different methods of both acquiring and depreciating productive assets. These differences can result in considerable variability in the relative costs of productive assets and the depreciation and amortization expense among companies. 

Adjusted EBITDA. Management also evaluates adjusted EBITDA which excludes: (1) the $192 million of 2008 fourth quarter restructuring costs and other charges; (2) certain tax expense items incurred throughout 2008; (3) the synthetic fuel business for 2007; and (4) the $35 million 2007 charge for excise taxes associated with the ESOP settlement. Management evaluates non-GAAP measures which exclude the impact of the synthetic fuel business, which was discontinued in 2007 and which did not relate to our core lodging business, because those measures allow for period-over-period comparisons of our on-going core lodging operations and those measures facilitate management's comparison of our results with those of other lodging companies. Management excludes the excise taxes associated with the 2007 ESOP settlement, the restructuring costs and other charges incurred in the 2008 fourth quarter and certain tax expenses incurred in 2008 for the reasons noted above under "2008 Results as Adjusted" and "2007 Results as Adjusted."
A-16

Note: This press release contains "forward-looking statements" within the meaning of federal securities laws, including REVPAR, profit margin and earnings trends; statements concerning the number of lodging properties we expect to add in the future; our expected cost savings, investment spending and share repurchases; and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including the depth and duration of the current recession in the lodging industry and the economy generally; supply and demand changes for hotel rooms, vacation ownership, condominiums, and corporate housing; competitive conditions in the lodging industry; relationships with clients and property owners; the availability of capital to finance hotel growth and refurbishment; and other risk factors identified in our most recent annual or quarterly report on Form 10-K or Form 10-Q; any of which could cause actual results to differ materially from those expressed in or implied by the statements herein. These statements are made as of the date of this press release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

MARRIOTT INTERNATIONAL, Inc. (NYSE: MAR) is a leading lodging company with more than 3,100 lodging properties in 66 countries and territories. Marriott International operates and franchises hotels under the Marriott, JW Marriott, The Ritz-Carlton, Renaissance, Residence Inn, Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites and Bulgari brand names; develops and operates vacation ownership resorts under the Marriott Vacation Club, Horizons by Marriott Vacation Club, The Ritz-Carlton Club and Grand Residences by Marriott brands; operates Marriott Executive Apartments; provides furnished corporate housing through its Marriott ExecuStay division; and operates conference centers. The company is headquartered in Bethesda, Maryland, USA and had approximately 146,000 employees at 2008 year-end. It is recognized by BusinessWeek as one of the 100 best global brands, by FORTUNE(R) as one of the best companies to work for, and by the U.S. Environmental Protection Agency (EPA) as Partner of the Year since 2004. In fiscal year 2008, Marriott International reported sales from continuing operations of nearly $13 billion. For more information or reservations, please visit our web site at www.marriott.com.

.
Contact:

Marriott International, Inc.
http://www.marriott.com
 
 

.
.
 
Also See: Marriott's 2007 4th Qtr Net Income Falls to $176 million from $220 million a Year Ago, Opened 10,800 rooms Including 2,500 rooms Converted from Competitor Brands / Hotel Operating Statistics / February 2008
.

.

 


To search Hotel Online data base of News and Trends Go to Hotel.OnlineSearch
Home | Welcome| Hospitality News | Classifieds| One-on-One |
Viewpoint Forum | Industry Resources | Press Releases
Please contact Hotel.Onlinewith your comments and suggestions.