In short: Context: APLE runs Marriott flags (Courtyard) — brand capital requirements ("what do they have to do to support Marriott?") can lean on the REIT's margins.
14:25So, everything reprices every single day. But obviously other things, labor, insurance, cost of renovation, brand capital requirements, if they run a Marriott flag, what do they have to do to support Marriott? That could potentially lean on margins, but all in all, it's a name that we do like. — Absolutely.
In short: The other long-held hotel name in Belsky's travel sleeve, owned alongside Hilton on the view that travel is where consumers keep choosing to spend — the same theme underpinning his Expedia position.
In short: US momentum holds. Q2 revenue +5% Y/Y to $7.1B (a $120M miss) with adjusted EPS +20% to $3.19 ($0.11 beat). Global RevPAR grew 3.4%, with US & Canada accelerating to 5.0% from 4.0% — broad-based across segments and tiers, luxury RevPAR +9.1%, helped by summer travel and the World Cup and driven mostly by higher room rates. International RevPAR fell 0.5% as Middle East RevPAR plunged 43%, pulling EMEA down more than 5% despite European growth — worse than Marriott anticipated, though offset at the company level. The structural development is Bonvoy: new long-term co-brand card agreements with JPMorgan Chase and American Express, where Marriott earns high-margin fees on card spending plus brand-licensing royalties — fees were already expected to grow ~35% this year before any benefit from the renegotiated deals. Marriott added 17,900 net rooms with a record 629,000-room pipeline, 44% under construction; FY26 RevPAR guidance raised to 3.0–3.5% and adjusted EPS to $11.64–$11.81, though Q3 EPS guidance of $2.74–$2.82 came in below consensus. "The main risk ahead is Marriott's outsized Middle East exposure."
In short: #19. Founded 1927, IPO 1993. The asset-light franchise argument: "Independent operators own the physical buildings while Marriott provides the operating systems… Marriott earns fees without owning most of its hotels." Lindy case: "Hotels have been around for thousands of years (travelers will always need a place to stay)," with brands and the loyalty programme as the retention mechanism. Over +10,000% since its 1993 IPO. The origin is a root-beer stand in Washington, D.C.
Marriott mostly does not own hotels. It owns the brands — Ritz-Carlton, JW Marriott and the rest — plus the booking systems and the loyalty programme, and it licenses all of that to the people who do own the buildings, taking a fee on the revenue. Owning the name rather than the bricks means very little capital is tied up, so a large share of the fee income is genuine profit.
Travellers have needed somewhere to sleep for as long as there has been travel, and the loyalty scheme is what keeps them choosing the same brand. Since the company listed in 1993, shareholders have made more than 10,000%. Again, no valuation is given here.
In short: An HSBC top pick; Harrington's owned it in the growth strategy since 2013 — a "permanent compounder" with reliable mid-teens earnings for the next three years, "hold for a decade or more." Caveat: expensive at 30× / 3.5% FCF yield, +22% ytd — "maybe you don't buy it here… wait for a blip."
Marriott is the global hotel operator. Jenny Harrington has owned it since 2013 and calls it a "permanent compounder" — the kind of predictable business (reliable mid-teens earnings growth expected for the next three years) you can hold for a decade or more, which she contrasts with the "ambiguous" memory stocks. HSBC also named it a top pick.
Her one caveat is price: it's expensive at 30× earnings with only a 3.5% free-cash-flow yield and is up 22% this year, so she'd "wait for a blip" rather than chase it here. A high-quality long-term hold, just not an add at today's level.
In short: Terry Smith's second-largest position. Reported as part of the Fundsmith top three; no analysis attached.
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