MARRIOTT INTERNATIONAL INC /MD/
For the period ended Dec 31, 2025. Filed Feb 10, 2026.
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FY2025 · Filed Feb 10, 2026
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Related Party Transactions
NOTE 15. RELATED PARTY TRANSACTIONS
Equity Method Investments
We have equity method investments in entities that own or lease properties for which we provide management services and receive fees. In addition, in some cases we provide loans, preferred equity, or guarantees to these entities.
The following table presents Income Statement data resulting from transactions with these related parties. This table does not include our Financial Statement captions with insignificant related party activity.
| (in millions) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Cost reimbursement revenue | $133 | $131 | $122 |
| Reimbursed expenses | (138) | (135) | (126) |
| Equity in earnings | 11 | 8 | 9 |
The carrying amount of our equity method investments was $298 million at both year-end 2025 and year-end 2024. This value exceeded our share of the book value of the investees’ net assets by $216 million at year-end 2025 and $223 million at year-end 2024, primarily due to the value that we assigned to land, contracts, and buildings owned by the investees.
Other Related Parties
We earned gross fee revenues plus reimbursement of certain expenses from franchised and managed properties in which members of the Marriott family hold varying interests. These amounts are not material to our Financial Statements.
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