Jason Snipe, CIO, Odyssey Capital Advisors Marriott International Inc. MAR-Q SELL Jul 19, 2024

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

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

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.

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

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.

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.

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.

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.