Business Description

Overview We are a worldwide franchisor, operator, and licensor of hotel, residential, timeshare, and other lodging properties under a portfolio of compelling brands at different price and service points. Consistent with our focus on franchising, management, and licensing, we own or lease very few of our lodging properties (less than one percent of our system). As of year-end 2025, our system included 9,805 properties (1,779,936 rooms) in 145 countries and territories, and we also had approximately 4,100 properties (nearly 610,000 rooms) in our development pipeline. We discuss our operations in the following reportable business segments: (1) U.S. & Canada, (2) Europe, Middle East & Africa (“EMEA”), (3) Greater China, and (4) Asia Pacific excluding China (“APEC”). Our Caribbean & Latin America (“CALA”) operating segment does not meet the applicable accounting criteria for separate disclosure as a reportable business segment, and as such, we include its results in “Unallocated corporate and other.” See Note 14 for more information. Brand Portfolio We believe that our brand portfolio offers the most compelling range of brands, lodging properties, and other offerings in hospitality. Our brands are categorized by style of offering - Classic and Distinctive. Our Classic brands offer time-honored hospitality for the modern traveler, and our Distinctive brands offer memorable experiences with a unique perspective - each of which we group into four quality tiers: Luxury, Premium, Select, and Midscale. Luxury offers bespoke and superb amenities and services. Premium offers sophisticated and thoughtful amenities and services. Select offers smart and easy amenities and services. Midscale offers limited services and essential amenities at a more affordable price point. Longer stay brands, which are classified under multiple quality tiers, offer amenities suggestive of the comforts of home. The following table shows the portfolio of brands owned, operated, and/or licensed by Marriott for properties open at year-end 2025. 4 Table of Contents The following table shows the geographic distribution of properties operating under the brands in our portfolio at year-end 2025: U.S. & Canada Europe Middle East & Africa Asia Pacific excluding China Greater China Caribbean & Latin America Total Luxury JW Marriott ® Properties 36 10 12 32 23 17 130 Rooms 19,518 2,969 4,582 10,233 9,093 4,496 50,891 The Ritz-Carlton ® Properties 43 12 17 24 19 11 126 Rooms 13,230 2,620 4,059 4,821 5,348 2,201 32,279 The Luxury Collection ® Properties 21 45 14 32 7 13 132 Rooms 10,108 6,614 2,680 7,512 4,040 1,770 32,724 W Hotels ® Properties 23 13 6 11 11 8 72 Rooms 7,282 2,536 2,175 2,754 3,893 1,593 20,233 St.…