Jason MannMarriott International Inc.MARCOMMENTSep 02, 2016

Was upgraded today. In the economy, the wealthier consumer is hanging in. AI will continue to benefit higher-end consumers. Marriott is asset-lite and is a permanent compounder. Has owned this for 10 years.

It reports Tuesday. Often when it reports, shares go down, even on a good report. And usually it's a buying opportunity, but wait until the day after the report. 

Trades at a high 30x PE and is 3 points off its high, but the travel thesis is so strong, you can buy some now and more on weakness later.

Great management running a capital-lite business.  MAR puts their name on a hotel that others manage. A great business model. His one caveat is that hotels are a cyclical industry; if revenge travel ends, forward earnings could disappoint. US travel is strong, but not Europe. He's cautious about travel. He's surprised that with Airbnb and VRBO that hotel rates are so high.

Has owned this for a long time and sees more upside. Trades at a high 24x PE and 14% 2025 earnings growth. But it's an asset-lite cash cow with growth.

Just sold it though they have a great business model and travel remains strong, but they lag their peers. He held this for a long time and decided to take profits.

He'd rather own businesses hurt during pandemic, but are better today. Cruising business is tough. He'd rather own a BKNG, ABNB, MAR or HLT.

It reports Wednesday. He expects yet another upside surprise given our travel-oriented society

He missed this unfortunately. They benefited from the reopening with consumers traveling strong. Sold it way too early in 2021.

Up 31% YTD. Cross-border travel is a tailwind, 35% of revenue coming overseas. He expects rev-par growth of 16%. He expects a strong quarter.

Cross-border travelling is keeping back and so is business travelling. Marriott has strong liquidity.

Was down today, but MAR will do well, because travel is doing well. Stay long this.