Marriott International

Marriott International is the world's largest hotel company, managing and franchising some 30 brands from luxury names like Ritz-Carlton and St. Regis to mid-market and extended-stay chains. Its asset-light model, earning fees rather than owning most properties, combined with the vast Bonvoy loyalty program, gives it a capital-efficient footprint across global travel markets. Marriott suspended its dividend during the pandemic and has since restored and increased it, so the current record of raises is short. The yield is low, with a large share of cash returned through buybacks. A moderate score reflects the rebuilt dividend history and the cyclicality of travel demand, offset by a resilient, fee-driven business that generates strong free cash flow in normal conditions.