Marriott International Inc Class A

MAR: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$876.00	Lwrc	Tyqyscgjy

Marriott: Sonder Partnership Expands Its Nontraditional Accommodation Offering and Brand Edge

Dan Wasiolek

Aug 20, 2024

Following its partnership with no-moat MGM’s Las Vegas portfolio in July 2023, Marriott announced a 20-year license agreement with Sonder on Aug. 19, 2024. The deal is set to add about 9,000 rooms to Marriott’s portfolio by the end of this year. As a result, we have increased our 2024 net unit growth to 6.3%, up from 5.8% prior, and lifted our fair value estimate to $223 per share from $221. We see shares as appropriately valued but wouldn’t require much discount to recommend shares of this industry-leading brand.

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