10-K 0001048286-26-000007 (2026-02-10) vs 10-K 0001628280-25-004818 (2025-02-11)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 7,910 |
14.3% |
| MD&A | Item 7 | 3,723 |
29.5% |
| Legal Proceedings | Item 3, via Note 7 – COMMITMENTS AND CONTINGENCIES | 989 |
32.8% |
| Accounting Policies | Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 5,981 |
7.4% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Legal Proceedings 222 words changed in this paragraph; it is 57% similar to last year's version.
Following our announcement of the Data Security Incident, approximately 100 lawsuits were filed by consumers and others against us in U.S. federal, U.S. state and Canadian courts related to the incident. The plaintiffs in the cases that remain pending, these cases, who generally purport to represent various classes of consumers, generally claim to have been harmed by alleged actions and/or omissions by the Company in connection with the Data Security Incident and assert a variety of common law and statutory claims seeking monetary damages, injunctive relief, costs and attorneys’ fees, and other related relief. The active U.S. cases are were consolidated in the U.S. District Court for the District of Maryland (the “District Court”), pursuant to orders of the U.S. Judicial Panel on Multidistrict Litigation (the “MDL”). The District Court granted in part and denied in part class certification of various U.S. groups of consumers. In August 2023, On June 3, 2025, the U.S. Court of Appeals for the Fourth Circuit (the “Fourth Circuit”) vacated reversed the District Court’s certification of a class certification decision because the District Court failed to first consider the effect of consumer plaintiffs, holding that a class-action waiver signed by all putative class members. On remand, after briefing, the District Court issued an order reinstating the same classes that had previously been certified. We promptly petitioned members was enforceable. Following the Fourth Circuit, Circuit’s reversal of class certification, some plaintiffs filed lawsuits in New York state court on an individual basis, alleging violations of New York statutory law and seeking leave to appeal that ruling. The Fourth Circuit granted that petition on January 18, 2024, oral argument was held on November 1, 2024, monetary damages, attorneys’ fees, and we await a decision. A case brought by other related relief. We have been engaged in mediation discussions with the City of Chicago (which is consolidated consumer plaintiffs in the MDL. We believe it is probable that we will incur losses in relation to the MDL proceeding) also remains pending. The Canadian cases have effectively been consolidated into a single case in and the province state court cases, and as of Ontario. We dispute the allegations in these lawsuits and are vigorously defending against such claims. December
Source: Item 3, via Note 7 – COMMITMENTS AND CONTINGENCIES, 10-K 0001048286-26-000007 vs Item 3, via Note 7 – COMMITMENTS AND CONTINGENCIES, 10-K 0001628280-25-004818
Risk Factors 221 words changed in this paragraph; it is 60% similar to last year's version.
An increase Changes in the use of Internet travel intermediaries to book way hotel reservations rooms are booked could adversely impact our business. Some of our hotel rooms are booked through Internet travel intermediaries such as Expedia.com, Priceline.com, Booking.com, Travelocity.com, Orbitz.com, and Trip.com. intermediaries. In addition to their focus on leisure travel, these intermediaries also provide offerings for corporate travel and group meetings. Internet search engines may also divert business away from our channels to intermediaries. Although our Best Rate Guarantee and Member Rate programs have helped limit guest preference shift to intermediaries and greatly reduced the ability of intermediaries to undercut the published rates at hotels in our system, intermediaries Intermediaries continue to use a variety of aggressive online marketing methods to attract guests, including the purchase by certain companies of trademarked online keywords such as “Marriott” from Internet search engines. Internet search engines such as Google, Bing, Yahoo, may also divert business away from our direct digital channels to intermediaries. Many intermediaries also operate their own loyalty programs designed to foster customer loyalty to their platforms, which could erode loyalty to our brands, offerings, and Baidu direct digital channels. Bookings through these intermediaries are more costly to steer guests toward their websites. Our business and profitability could be harmed to hotels in our system than bookings through our direct digital channels. To the extent that guest booking preference shifts from our direct digital channels to Internet travel intermediaries, diverting bookings away from our direct digital channels and increasing the overall cost of bookings for hotels in our system. system, our business and profitability could be harmed. In addition, the introduction of AI capabilities by existing and emerging travel intermediaries may change the way guests plan, book, and pay for travel, which may disrupt how our products and services are marketed and distributed, potentially eroding brand loyalty, increasing distribution costs, and negatively affecting our Loyalty Program, which could adversely impact our financial performance and our ability to grow our business. At the same time, if we are not able to negotiate new agreements on satisfactory terms when our existing contracts with intermediaries (which generally have two- to three-year terms) come up for renewal, our business and prospects could be negatively impacted in a number of ways, including by reducing bookings or making our brands less attractive to hotel owners.
Source: Item 1A, 10-K 0001048286-26-000007 vs Item 1A, 10-K 0001628280-25-004818
MD&A 126 words changed in this paragraph; it is 54% similar to last year's version.
Under our asset-light business model and consistent with our focus on franchising, management, and licensing, we own or lease very few of our lodging properties. Under our hotel franchising arrangements, we generally receive an initial application fee and continuing royalty fees, which are typically based on a percentage of room revenues, plus for certain brands, a percentage of food and beverage revenues. Terms of our management agreements vary, but we earn a management fee that is typically composed of a base management fee, which is a percentage of the revenues of the hotel, and an incentive management fee, which is based on the profits of the hotel. In many cases (particularly in our U.S. & Canada, Europe, and CALA regions), incentive management fees are subject to a specified owner return. We also have license and other agreements with third parties for certain offerings, such as for our timeshare properties, MGM Collection with Marriott Bonvoy, Design Hotels, and The Ritz-Carlton Yacht Collection, under which we receive royalty fees and certain other fees. Additionally, we earn fees for other uses of our intellectual property, including primarily co-branded credit card fees, as well as residential branding fees and certain other licensing fees.
Source: Item 7, 10-K 0001048286-26-000007 vs Item 7, 10-K 0001628280-25-004818
Accounting Policies 114 words changed in this paragraph; it is 76% similar to last year's version.
Hotel owners and certain other counterparties participate in certain centralized programs and services, such as marketing, sales, reservations, and insurance programs, which we operate for their benefit. We do not operate these programs and services to generate a profit over the long term, and accordingly, when we recover the costs that we incur for these programs and services from our hotel owners and other counterparties counterparties, we do not seek a mark-up. The amounts we charge for these programs and services are generally a combination of fixed fees and variable fees based on sales or other metrics and are payable on a monthly basis. We generally recognize revenue within the “Cost reimbursement revenue” caption of our Income Statements when the amounts may be billed to hotel owners and other counterparties, and counterparties. Amounts we charge for system implementations are generally recognized on a straight-line basis over the term of the franchise or management agreement. We recognize expenses within the “Reimbursed expenses” caption as they are incurred. This pattern of recognition results in timing differences between the costs incurred for centralized programs and services and the related reimbursement in our operating and net income. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively. In addition, we present in the “Reimbursed expenses” caption of our Income Statements spending funded by the proceeds ($664 million, $425 million after-tax) from the 2017 sale of our interest in Avendra LLC, which we committed would be used for the benefit of hotels in our system. Such spending totaled less than $1 million in 2024, $161 million ($120 million after-tax) in 2023, and $69 million ($52 million after-tax) in 2022. As of December 31, 2024, we have completed our spending funded by the Avendra sale proceeds.
Source: Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001048286-26-000007 vs Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001628280-25-004818
Every change, by type
Sentences and paragraphs of MAR's Risk Factors and MD&A, 10-K 2026-02-10 against 10-K 2025-02-11.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
(including investigations and publicity resulting from actual or alleged failures), or actions we take to comply with such requirements or investigations could have significant adverse effects on our results of operations, reputation, or ability to grow our business.
Read it in 10-K 2026-02-10 at sec.gov ↗
AddedRisk Factors
Insurance coverage designed to limit our exposure to losses such as those related to the Data Security Incident is costly and may not be sufficient or available to cover all of our expenses or other losses (including payments, fines, or penalties
Read it in 10-K 2026-02-10 at sec.gov ↗
AddedRisk Factors
resulting from legal proceedings or investigations) related to the Data Security Incident, and certain expenses by their nature (such as, for example, expenses related to enhancing our data privacy and information security programs) are not covered by our insurance program.
Read it in 10-K 2026-02-10 at sec.gov ↗
AddedRisk Factors
alleged noncompliance. In addition, uncertainty around cross-border data transfers, including from the U.S., may require us to restrict certain data transfers, cease doing business with certain third parties, or change how data flows throughout our business, any of which could materially impact our operations.
Read it in 10-K 2026-02-10 at sec.gov ↗
RemovedRisk Factors
Other governmental authorities investigating or seeking information about the Data Security Incident have imposed and may further impose undertakings, injunctive relief, consent decrees, or other penalties, which could, among other things, materially increase our costs or otherwise require us to alter how we operate our business and could damage our reputation and brand. Significant management time and Company resources have been, and will continue to be, devoted to matters related to the Data Security Incident. Insurance coverage designed to limit our exposure to losses such as those related to the Data Security Incident is costly and may not be sufficient or available to cover all of our expenses or other losses (including payments imposed by the AG Offices or other regulators and other payments, fines, or penalties) related to the Data Security Incident, and certain expenses by their nature (such as, for example, expenses related to enhancing our data privacy and information security programs) are not covered by our insurance program.
Read it in 10-K 2025-02-11 at sec.gov ↗
RemovedRisk Factors
Changes in laws could adversely affect our ability to market our products effectively. We rely on a variety of direct marketing techniques, including email marketing, online advertising (including through social media), and postal mailings. Any further legal restrictions under various U.S. federal, state, or international laws, or new international, federal, or state laws on marketing and solicitation or international privacy, e-privacy, and anti-spam laws that govern these activities could adversely affect the continuing effectiveness of email, online advertising (including through social media), and postal mailing techniques and could require changes in our marketing strategy. If this occurs, we may not be able to develop adequate alternative marketing strategies, which could impact the amount and timing of our sales of certain products. We also obtain access to
Read it in 10-K 2025-02-11 at sec.gov ↗
RemovedRisk Factors
potential guests and customers from travel service providers or other companies with whom we have substantial relationships, and we market to some individuals on these lists directly or by including our marketing message in the other companies’ marketing materials. If access to these lists were to be prohibited or otherwise restricted, our ability to develop new guests and customers and introduce them to our products could be impaired.
Read it in 10-K 2025-02-11 at sec.gov ↗
RewordedRisk Factors
Although our Best Rate Guarantee and Member Rate programs have helped limit guest preference shift to intermediaries and greatly reduced the ability of intermediaries to undercut the published rates at hotels in our system, intermediaries Intermediaries continue to use a variety of aggressive online marketing methods to attract guests, including the purchase by certain companies of trademarked online keywords such as “Marriott” from Internet search engines such as Google, Bing, Yahoo, and Baidu to steer guests toward their websites. engines.
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedRisk Factors
Our ability to attract and retain hotel owners and the terms of our agreements with hotel owners are influenced by the needs value, quality, and preferences performance of our brands, the value and benefits of our Loyalty Program and other programs and services, our willingness to provide incentives to hotel owners to secure new agreements, the overall commercial terms of our agreements, and the relative value and benefits of offerings otherwise available to hotel owners in the market, among other things.
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedRisk Factors
These third parties sometimes fail to maintain or act in accordance with applicable brand standards; experience financial or operational problems, including data or privacy incidents, or circumstances involving guest or associate health or safety; negative incidents related to matters described in the preceding risk factor; or project a brand image inconsistent with ours, each of which can cause could have a material negative impact on our image and reputation to suffer. reputation.
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedRisk Factors
We, the hotels in our system, our other lodging offerings, and the programs that we offer are subject to or affected by a variety of laws, regulations, and government policies around the globe, including, among others, those related to employment practices; marketing and advertising; consumer protection; trade and economic sanctions; anti-bribery, anti-corruption, and anti-money laundering; intellectual property; cybersecurity, data privacy, data localization, data transfers, and the handling of personally identifiable information; competition; information, and AI and other emerging technologies; the offer and sale of franchises; competition and pricing; climate and the environment; health, safety, and accessibility; liquor food and beverage sales; the offer gaming and sale of franchises; other entertainment offerings; and credit card products.
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedRisk Factors
Many factors can affect the reputation and value of our Company or one or more of our brands, hotels in our system, or other offerings, including adherence to service and other brand standards; matters related to, or incidents involving, food quality and safety, guest and associate safety, health and cleanliness, sustainability and climate impact, sustainability, supply chain management, inclusion and belonging, access to opportunity, human rights, and support for local communities; actions perceived as relating to political or social matters; and compliance with applicable laws.
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedRisk Factors
(“Starwood”), reservations database that we disclosed in November 2018 (the “Data Security Incident”), numerous lawsuits and investigations were filed or initiated against us, as described further in Note 7, and we may be named as a party in become subject to additional lawsuits or receive other claims actions related to the Data Security Incident.
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedRisk Factors
Federal Trade Commission (“FTC”) and the Attorney General offices from 49 U.S. states and the District of Columbia (the “AG Offices”) in relation to the Data Security Incident. Incident, which include, among other terms, various long-term requirements relating to our data privacy and information security programs.
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedRisk Factors
Our business and profitability could be harmed to To the extent that guest booking preference shifts from our direct digital channels to Internet travel intermediaries, diverting bookings away from our direct digital channels and increasing the overall cost of bookings for hotels in our system. system, our business and profitability could be harmed.
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedRisk Factors
Depending on the nature and scope of the event, future compromises in the security of our information systems or those of our hotel owners, service providers, or other third parties, parties with whom we or they do business, or other future disruptions or compromises of data or information systems, could lead to future interruptions in, or other adverse effects on, the operation of our systems or those of our hotel owners, service providers, or other third parties. parties with whom we or they do business.
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedRisk Factors
This has from From time to time given this gives rise to disagreements with such parties, and may give rise to such disagreements in the future, including over new product, service, or systems initiatives and their associated costs, the timing and amount of capital investments, and reimbursement for operating costs, system costs, or other amounts.
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedRisk Factors
An increase Changes in the use of Internet travel intermediaries to book way hotel reservations rooms are booked could adversely impact our business.
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedRisk Factors
A variety of other factors also affect income from properties and real estate values, including local market conditions and new supply of hotels and other lodging products, availability and costs of staffing, operating costs, governmental regulations, insurance, zoning, tax and eminent domain laws, interest rate levels, and the availability of financing.
Read it in 10-K 2026-02-10 at sec.gov ↗
Quiet changesRisk Factors
Premature termination of our agreements with hotel owners could materially hurt our financial performance.
Read it in 10-K 2026-02-10 at sec.gov ↗
Quiet changesRisk Factors
A significant loss of these agreements could materially hurt our financial performance or our ability to grow our business.
Read it in 10-K 2026-02-10 at sec.gov ↗
Quiet changesRisk Factors
Actions by our hotel owners or others could materially adversely affect our image and reputation.
Read it in 10-K 2026-02-10 at sec.gov ↗
AddedMD&A
In the U.S. & Canada, RevPAR increased 0.7 percent in 2025, reflecting strong demand at our luxury hotels, partially offset by softer demand at our select service hotels, which were impacted by weaker business transient demand, in part due to declines in government travel.
Read it in 10-K 2026-02-10 at sec.gov ↗
AddedMD&A
In our International regions, RevPAR increased 5.1 percent in 2025, reflecting higher demand in most countries across the APEC, EMEA, and CALA regions. In Greater China, RevPAR increased 0.4 percent, reflecting softness in macro-economic conditions during the year.
Read it in 10-K 2026-02-10 at sec.gov ↗
AddedMD&A
Owned, leased, and other revenue, net of owned, leased, and other expense, decreased primarily due to expenses related to the termination of our licensing agreement with Sonder Holdings Inc. ($23 million), partially offset by stronger results at our owned and leased properties in the U.S. & Canada, which included the results from the Sheraton Grand Chicago hotel that we acquired in the fourth quarter of the prior year.
Read it in 10-K 2026-02-10 at sec.gov ↗
AddedMD&A
Additionally, U.S. & Canada segment profit reflected higher owned, leased, and other revenue, net of owned, leased, and other expense ($56 million), partially offset by lower cost reimbursement revenue, net of reimbursed expenses ($34 million). Owned, leased, and other revenue, net of owned, leased, and other expense increased primarily due to stronger results at our owned and leased properties, which included the results from the Sheraton Grand Chicago hotel that we acquired in the fourth quarter of the prior year.
Read it in 10-K 2026-02-10 at sec.gov ↗
AddedMD&A
•In connection with the citizenM brand acquisition discussed in Note 3, we may pay earn-out payments up to $110 million to citizenM Holding BV and certain of its affiliates based on the future growth of the brand over a specified, multi-year timeframe. Earn-out payments would not begin until the fourth year following closing of the transaction.
Read it in 10-K 2026-02-10 at sec.gov ↗
AddedMD&A
See Note 2 for information on our anticipated adoption of recently issued accounting standards.
Read it in 10-K 2026-02-10 at sec.gov ↗
RemovedMD&A
In the U.S. & Canada, where demand has normalized, RevPAR increased 3.0 percent in 2024, led by strong demand from group as well as strong demand from transient customer segments across our brand tiers.
Read it in 10-K 2025-02-11 at sec.gov ↗
RemovedMD&A
In EMEA, RevPAR growth of 9.1 percent in 2024 was driven by strong demand in most countries across the region, aided by the 2024 Paris Olympics and other special events. In APEC, RevPAR increased 12.9 percent in 2024, driven by strong demand, including an increase in inbound demand into the region. In CALA, RevPAR increased 8.8 percent in 2024, driven by strong demand throughout the region. In Greater China, RevPAR declined 2.3 percent in 2024 due to lower domestic demand as a result of macro-economic conditions and an increase in outbound travel.
Read it in 10-K 2025-02-11 at sec.gov ↗
RemovedMD&A
In 2024, we launched a comprehensive initiative to enhance our effectiveness and efficiency across the Company. At this point in the process, we expect this initiative to yield $80 million to $90 million of annual general and administrative cost reductions beginning in 2025. These efforts are also anticipated to deliver cost savings to our hotel owners.
Read it in 10-K 2025-02-11 at sec.gov ↗
RemovedMD&A
As part of these efforts, in the second half of 2024, we implemented a voluntary retirement program for certain above-property associates, and some above-property roles in the organization were eliminated or redefined. We substantially completed this initiative as of year-end 2024.
Read it in 10-K 2025-02-11 at sec.gov ↗
RemovedMD&A
The following table presents RevPAR, occupancy, and ADR statistics for comparable properties for 2024, and 2024 compared to 2023. Systemwide statistics include data from our franchised properties, in addition to our company-operated
Read it in 10-K 2025-02-11 at sec.gov ↗
RemovedMD&A
Owned, leased, and other revenue, net of direct expenses, decreased primarily due to $65 million of higher termination fees recorded in the prior year, largely related to one development project in U.S. & Canada.
Read it in 10-K 2025-02-11 at sec.gov ↗
RemovedMD&A
Gains and other income, net decreased primarily due to a gain recorded in the prior year on the sale of a hotel in the CALA region ($24 million).
Read it in 10-K 2025-02-11 at sec.gov ↗
RemovedMD&A
U.S. & Canada segment profit decreased in 2024 compared to 2023 despite the higher net fee revenues due to $138 million of lower cost reimbursement revenue, net of reimbursed expenses, $59 million of lower owned, leased, and other revenue, net of direct expenses, and $28 million of higher general, administrative, and other expenses. Owned, leased, and other revenue, net of direct expenses decreased primarily due to higher termination fees in the prior year, largely related to one development project. General, administrative, and other expenses increased primarily due to higher guarantee reserves.
Read it in 10-K 2025-02-11 at sec.gov ↗
RemovedMD&A
EMEA segment profit increased in 2024 compared to 2023 due to higher net fee revenues and $30 million of lower general, administrative, and other expenses, primarily due to lower litigation accruals, partially offset by $26 million of lower cost reimbursement revenue, net of reimbursed expenses.
Read it in 10-K 2025-02-11 at sec.gov ↗
RemovedMD&A
Dispositions. Property and asset sales generated $16 million of cash proceeds in 2024 and $71 million in 2023.
Read it in 10-K 2025-02-11 at sec.gov ↗
RemovedMD&A
•At December 31, 2024, projected Deemed Repatriation Transition Tax payments under the 2017 Tax Cuts and Jobs Act totaled $135 million, which is payable within the next 12 months from year-end 2024.
Read it in 10-K 2025-02-11 at sec.gov ↗
RemovedMD&A
We do not expect that accounting standards updates issued to date and that are effective after December 31, 2024 will have a material effect on our Financial Statements.
Read it in 10-K 2025-02-11 at sec.gov ↗
RewordedMD&A
Debt increased by $2,574 $1,757 million in 2024, 2025, to $16,204 million at year-end 2025 from $14,447 million at year-end 2024 from $11,873 million at year-end 2023, 2024, primarily due to the issuances of our Series PP RR Notes and Series QQ SS Notes ($1,480 ($1,960 million) and our Series NN Notes TT Notes, Series UU Notes, and Series OO VV Notes ($1,468 ($1,477 million), partially offset by the maturity of our Series CC P Notes, Series V Notes, and Series EE Notes ($550 ($350 million, $318 million, and $600 million, respectively), and net commercial paper repayments ($403 million).
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedMD&A
Restructuring and merger-related charges increased (recoveries) charges, and other expenses changed primarily due to $37 million of insurance recoveries related to the Data Security Incident discussed in Note 7 ($47 million), lower restructuring charges for employee termination benefits discussed in Note 16 ($34 million), and a $30 million prior year reserve for a loan commitment related to the Company’s acquisition of Starwood, partially offset by $35 million of lower charges related to the Data Security Incident discussed in Note 7. Starwood ($30 million).
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedMD&A
($ in millions) 2025 2024 2023 Change 2025 vs. 2024 vs. 2023 Depreciation, amortization, and other $ 213 $ 183 $ 189 $ (6) (3)% General, administrative, 30 16% General and other 1,074 1,011 63 6% administrative 870 945 (75) (8)% Restructuring and merger-related charges (recoveries) charges, and other (2) 77 60 17 28% (79) (103)%
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedMD&A
Capital and technology expenditures in 2024 increased 2025 decreased by $298 $146 million compared to 2023, 2024, primarily due to approximately $200 million of spending related to the Sheraton Grand Chicago capitalized assets (discussed in Note 3) and higher than typical spending on our worldwide technology systems transformation, the overwhelming portion of which is expected to be reimbursed over time. 2024.
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedMD&A
At year-end 2024, 2025, including the effect of interest rate swaps, our total long-term debt (current and noncurrent) had a weighted average interest rate of 4.5 percent and percent, a weighted average maturity of approximately 5.0 years. 5.4 years, and a ratio of fixed-rate to total long-term debt of 0.9 to 1.0.
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedMD&A
Since our contracts with hotel owners are generally require reimbursement responsible for expenses incurred in providing these programs and services and managing the daily operating needs of the hotels that we manage, costs, these obligations are not expected to have a material impact on our net income and cash flow over the long term.
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedMD&A
Our At year-end 2025, our development pipeline includes over 229,000 included nearly 265,000 rooms, or 40 43 percent, that were under construction or construction, including hotels that are in the process of converting to our system at year-end 2024. system.
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedMD&A
Net cash provided by operating activities in 2024 The increase reflected a cash outflow in the prior year of $300 million in the “Restructuring and merger-related charges” (recoveries) charges, and other” caption of our Statements of Cash Flows for the settlement of the guarantee liability associated with the purchase of the Sheraton Grand Chicago (discussed in Note 3). Chicago.
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedMD&A
The decrease change in cost reimbursements, net primarily reflected lower higher Loyalty Program revenues, partially offset by higher expenses, net of expenses, revenues, for many of our programs and services, and Loyalty Program activity, which incurred higher program expenses. services.
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedMD&A
In 2024, 2025, segment net fee revenues grew in the U.S. & Canada, EMEA, and APEC compared to 2023, 2024, primarily driven by rooms growth and higher RevPAR and unit growth (see the Lodging Statistics and Properties and Rooms tables above for more information), as well as higher profits at managed hotels. information).
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedMD&A
We earned incentive management fees from 31 32 percent of our U.S. & Canada managed hotels and 85 percent of our International managed hotels in each of 2024 2025, compared to 31 percent in U.S. & Canada and 2023. 85 percent in International in 2024.
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedMD&A
In 2024, 2025, worldwide RevPAR increased 4.3 2.0 percent compared to 2023, reflecting 2024, driven by ADR growth of 2.8 percent and occupancy improvement of 1.0 percentage point. 2.1 percent.
Read it in 10-K 2026-02-10 at sec.gov ↗
