Form 8-K
8-K — MARRIOTT INTERNATIONAL INC /MD/
Accession: 0001193125-26-349395
Filed: 2026-08-13
Period: 2026-08-11
CIK: 0001048286
SIC: 7011 (HOTELS & MOTELS)
Item: Other Events
Item: Financial Statements and Exhibits
Documents
8-K — d162127d8k.htm (Primary)
EX-1.1 (d162127dex11.htm)
EX-4.1 (d162127dex41.htm)
EX-4.2 (d162127dex42.htm)
EX-4.3 (d162127dex43.htm)
EX-5.1 (d162127dex51.htm)
GRAPHIC (g162127g0813103013193.jpg)
GRAPHIC (g162127g0813112237116.jpg)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: d162127d8k.htm · Sequence: 1
8-K
MARRIOTT INTERNATIONAL INC /MD/ false 0001048286 0001048286 2026-08-11 2026-08-11
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 11, 2026
MARRIOTT INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
Delaware
1-13881
52-2055918
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
7750 Wisconsin Avenue, Bethesda, Maryland
20814
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (301) 380-3000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading
Symbol(s)
Name of Each Exchange
on Which Registered
Class A Common Stock, $0.01 par value
MAR
Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01.
Other Events.
On August 11, 2026, Marriott International, Inc. (“we”) entered into a Terms Agreement with J.P. Morgan Securities LLC, PNC Capital Markets LLC, Truist Securities, Inc., U.S. Bancorp Investments, Inc. and the other Underwriters listed on Schedule I thereto (the “Terms Agreement,” which incorporates by reference the Underwriting Agreement General Terms and Provisions, dated March 3, 2021 (which we previously filed on March 5, 2021 as Exhibit 1.1 to our Current Report on Form 8-K)) to issue $250,000,000 aggregate principal amount of our 4.875% Series NN Notes due 2029 (the “Series NN Notes”) and $1,000,000,000 aggregate principal amount of our 5.650% Series YY Notes due 2036 (the “Series YY Notes” and, together with the Series NN Notes, the “Notes”). We issued the Notes on August 13, 2026. The Series NN Notes issued pursuant to the Terms Agreement (the “New Series NN Notes”) constitute an additional issuance of, and a single series (the “Series NN”) with, the $500 million aggregate principal amount of 4.875% Series NN Notes due 2029 which we issued on February 22, 2024.
Net proceeds of the offering are approximately $1.233 billion, after deducting the underwriting discount and estimated expenses of the offering and excluding accrued interest on the New Series NN Notes from May 15, 2026 through the day before the settlement date, which the purchasers of the New Series NN Notes paid to us at closing. We intend to use the net proceeds from the offering of the Notes for general corporate purposes, which may include working capital, capital expenditures, acquisitions, stock repurchases or repayment of outstanding indebtedness.
We will pay interest on the Series NN Notes on May 15 and November 15 of each year, commencing on November 15, 2026 and we will pay interest on the Series YY Notes on March 15 and September 15 of each year, commencing on March 15, 2027. The Series NN Notes will mature on May 15, 2029 and the Series YY Notes will mature on September 15, 2036. We may redeem the Notes, in whole or in part, at our option, under the terms provided in the applicable Form of Note.
We issued the Notes under an indenture dated as of November 16, 1998 with The Bank of New York Mellon, as successor to JPMorgan Chase Bank, N.A., formerly known as The Chase Manhattan Bank, as trustee (the “Indenture”) (which we previously filed as Exhibit 4.1 to our Annual Report on Form 10-K for the fiscal year ended January 1, 1999). The Series NN was established by the Indenture Officers’ Certificate, dated February 22, 2024, pursuant to Section 301 of the Indenture (which we previously filed on February 22, 2024 as Exhibit 4.3 to our Current Report on Form 8-K).
In connection with the public offering of the Notes, we filed a Prospectus dated February 13, 2024 and a Prospectus Supplement dated August 11, 2026 with the Securities and Exchange Commission, each of which forms a part of our Registration Statement on Form S-3 (Registration No. 333-277039) (the “Registration Statement”). We are filing the Terms Agreement, the Indenture Officers’ Certificate pursuant to Section 301 of the Indenture establishing the terms of the New Series NN Notes and the Series YY Notes, the Forms of Notes, and a legal opinion of our counsel, Gibson, Dunn & Crutcher LLP, on the Notes as exhibits to this report for the purpose of incorporating them as exhibits to the Registration Statement.
Item 9.01.
Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are filed with this report:
1.1
Terms Agreement, dated August 11, 2026, among Marriott International, Inc. and the Underwriters named therein.
4.1
Form of Note for the 4.875% Series NN Notes due 2029.
4.2
Form of Note for the 5.650% Series YY Notes due 2036.
4.3
Indenture Officers’ Certificate (with respect to the 4.875% Series NN Notes due 2029 and the 5.650% Series YY Notes due 2036) pursuant to Section 301 of the Indenture, dated August 13, 2026.
5.1
Opinion of Gibson, Dunn & Crutcher LLP, dated August 13, 2026.
23.1
Consent of Gibson, Dunn & Crutcher LLP (included in Exhibit 5.1 hereto).
104
The cover page to this Current Report on Form 8-K, formatted in inline XBRL.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 13, 2026
MARRIOTT INTERNATIONAL, INC.
By:
/s/ Felitia O. Lee
Felitia O. Lee
Controller and Chief Accounting Officer
EX-1.1
EX-1.1
Filename: d162127dex11.htm · Sequence: 2
EX-1.1
Exhibit 1.1
Terms Agreement
J.P. Morgan
Securities LLC
PNC Capital Markets LLC
Truist Securities,
Inc.
U.S. Bancorp Investments, Inc.
As
Representatives of
the several
Underwriters listed in
Schedule
I hereto
c/o J.P. Morgan Securities LLC
270 Park Avenue
New York, New York 10017
c/o PNC Capital Markets LLC
300 Fifth Avenue, 10th Floor
Pittsburgh, Pennsylvania 15222
c/o Truist Securities, Inc.
50 Hudson Yards, 70th Floor
New York, New York 10001
c/o U.S. Bancorp Investments, Inc.
214 N. Tryon Street, 26th Floor
Charlotte, North Carolina
28202
August 11, 2026
Dear Ladies and
Gentlemen:
Marriott International, Inc., a Delaware corporation (the “Company”), proposes, subject to the terms and conditions
stated herein and in the Underwriting Agreement General Terms and Provisions (the “Terms and Provisions”) attached hereto, to issue and sell to each of the Underwriters named in Schedule I hereto (the “Underwriters”),
and each of the Underwriters agrees, severally and not jointly, to purchase from the Company, at the time and place and at the purchase price to the Underwriters set forth in Schedule II hereto, the principal amount of Securities set forth
opposite the name of such Underwriter in Schedule I hereto. Each of the provisions of the Terms and Provisions is incorporated herein by reference in its entirety, and shall be deemed to be a part of this Agreement to the same extent as if
such provisions had been set forth in full herein; and each of the representations and warranties set forth therein shall be deemed to have been made at and as of the date of this Terms Agreement. Each reference to the Representatives herein and in
the provisions of the Terms and Provisions so incorporated by reference shall be deemed to refer to you. Certain terms defined in the Terms and Provisions and the addresses of the Representatives referred to in Section 11 of the Terms and
Provisions are set forth in Schedule II hereto. For the avoidance of doubt, the Company and the Underwriters acknowledge and agree that the phrase “since the date of this Agreement” in Section 6(j) of the Terms and Provisions
shall refer to the date of this Terms Agreement.
The Representatives hereby confirm and the Company acknowledges that the list of the
Underwriters and their respective participation in the sale of the Securities and the statements with respect to the public offering of the Securities by the Underwriters set forth (i) in the last paragraph of the cover page regarding delivery
of the Securities and (ii) in the fifth paragraph, the first sentence of the eighth paragraph, and each paragraph under the sub-heading “Other Relationships” under the heading
“Underwriting” in the Company’s Prospectus Supplement dated August 11, 2026, to the Company’s Prospectus dated February 13, 2024, relating to the Securities (the “Prospectus Supplement”) constitute the
only information concerning such Underwriters furnished in writing to the Company by or on behalf of the Underwriters specifically for inclusion in the Prospectus Supplement.
All the provisions contained in the Terms and Provisions, a copy of which you have previously received, are herein incorporated by reference
in their entirety and shall be deemed to be a part of this Terms Agreement to the same extent as if the Terms and Provisions had been set forth in full herein, except for:
•
Section 1(a), which is hereby deleted in its entirety and replaced with the following: “(a) A
registration statement on Form S-3 (File No. 333-277039), including a Basic Prospectus (as defined herein), with respect to the Securities has (i) been
prepared by the Company in conformity with the requirements of the Securities Act of 1933, as amended (the “Securities Act”), and the rules and regulations (the “Rules and Regulations”) of the Securities and Exchange
Commission (the “Commission”) thereunder, (ii) been filed with the Commission under the Securities Act, and (iii) become effective under the Securities Act. The Indenture pursuant to which the Securities will be issued (the
“Indenture”) has been qualified under the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). Copies of such registration statement and any amendments thereto have been delivered by the Company to the
Representatives. As used in this Agreement, “Registration Statement” means such registration statement when it became effective under the Securities Act, and as from time to time amended or supplemented thereafter at the time of
effectiveness of such amendment or filing of such supplement with the Commission (including all documents incorporated therein by reference); “Basic Prospectus” means the basic prospectus (including all documents incorporated therein by
reference) included in the Registration Statement referred to above in the form in which it most recently has been filed with the Commission on or before the date of this Agreement; “Preliminary Prospectus” means each preliminary
prospectus supplement (including all documents incorporated therein by reference) to the Basic Prospectus and specifically relating to the Securities used prior to the filing of the Prospectus; and “Prospectus” means the prospectus
supplement (including all documents incorporated therein by reference) to the Basic Prospectus and specifically relating to the Securities, together with any amendments or supplements thereto, first filed with the Commission after the execution and
delivery of this Agreement pursuant to paragraph (2) or (5) of Rule 424(b) of the Rules and Regulations. The Commission has not issued any order suspending the effectiveness of the Registration
2
Statement or preventing or suspending the use of any Preliminary Prospectus or the Prospectus. The Registration Statement and the Prospectus, as of the date when they became or become effective
under the Securities Act or were or are filed with the Commission, as the case may be, complied or will comply as to form in all material respects with the requirements of the Securities Act and the Trust Indenture Act and the applicable rules and
regulations of the Commission thereunder. The initial Effective Date of the Registration Statement was not earlier than three years before the Applicable Time (as that term is defined in the Terms Agreement).”
•
Section 1(y), which is hereby deleted in its entirety and replaced with the following: “(y) Neither
the Company nor any of its subsidiaries, directors, officers or employees, nor, to the knowledge of the Company, any agent associated with or acting on behalf of the Company or any of its subsidiaries is currently the subject or the target of any
sanctions administered or enforced by the U.S. government (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”) or the U.S. Department of State and including, without
limitation, the designation as a “specially designated national” or “blocked person”), the United Nations Security Council, the European Union, HM Treasury or other relevant sanctions authority (collectively,
“Sanctions”), nor is the Company or any of its subsidiaries located, organized or resident in a country or territory that is the subject or the target of Sanctions, including, without limitation, the
so-called Donetsk People’s Republic, the so-called Luhansk People’s Republic, the non-government controlled areas of
the Kherson and Zaporizhzhia Regions and Crimea Region of Ukraine, Cuba, Iran and North Korea (each, a “Sanctioned Country”); and the Company will not use the proceeds of the offering of the Securities hereunder, or lend, contribute or
otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business with any person that, at the time of such funding or facilitation, is the subject
or the target of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned Country or (iii) in any other manner that will result in a violation by any person (including any person participating in the
transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions, in all cases unless otherwise authorized under a license issued by OFAC. Since April 24, 2019, the Company and its subsidiaries have not knowingly engaged in and
are not now knowingly engaged in any material dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country.”
For the purposes of the Terms and Provisions, the “Applicable Time” shall be 3:00 p.m. (Eastern Time) on the date hereof.
3
If the foregoing is in accordance with your understanding, please sign and return to us two
counterparts hereof, and upon acceptance hereof by you, on behalf of each of the Underwriters, this letter and such acceptance hereof, including the provisions of the Terms and Provisions incorporated herein by reference, shall constitute a binding
agreement between each of the Underwriters and the Company. It is understood that your acceptance of this letter on behalf of each of the Underwriters is or will be pursuant to the authority set forth in a form of Agreement among Underwriters, the
form of which shall be submitted to the Company for examination, upon request, but without warranty on the part of the Representatives as to the authority of the signers thereof.
Very truly yours,
MARRIOTT INTERNATIONAL, INC.
By:
/s/ Jennifer C. Mason
Name:
Jennifer C. Mason
Title:
Executive Vice President and Chief Financial Officer
[Signature Page
– Terms Agreement]
The foregoing Agreement is hereby confirmed and accepted as of the date hereof.
J.P. MORGAN SECURITIES LLC
By:
/s/ Stephen L. Sheiner
Name:
Stephen L. Sheiner
Title:
Executive Director
PNC CAPITAL MARKETS LLC
By:
/s/ Colton Currey
Name:
Colton Currey
Title:
Vice President
TRUIST SECURITIES, INC.
By:
/s/ Rob Nordlinger
Name:
Rob Nordlinger
Title:
Managing Director
U.S. BANCORP INVESTMENTS, INC.
By:
/s/ Charles P. Carpenter
Name:
Charles P. Carpenter
Title:
Senior Vice President
For themselves and the other several Underwriters named in Schedule I to the foregoing Agreement.
[Signature Page
– Terms Agreement]
Schedule I
Principal Amount of Securities to be
Purchased
Underwriter
Series NN Notes
Series YY Notes
J.P. Morgan Securities LLC
$
20,750,000
$
83,000,000
PNC Capital Markets LLC
19,250,000
77,000,000
Truist Securities, Inc.
19,250,000
77,000,000
U.S. Bancorp Investments, Inc.
19,250,000
77,000,000
BofA Securities, Inc.
14,750,000
59,000,000
Deutsche Bank Securities Inc.
14,750,000
59,000,000
Wells Fargo Securities, LLC
14,750,000
59,000,000
Citigroup Global Markets Inc.
13,750,000
55,000,000
Fifth Third Securities, Inc.
13,750,000
55,000,000
Scotia Capital (USA) Inc.
13,750,000
55,000,000
Goldman Sachs & Co. LLC
10,250,000
41,000,000
HSBC Securities (USA) Inc.
10,250,000
41,000,000
ICBC Standard Bank Plc
10,250,000
41,000,000
TD Securities (USA) LLC
10,250,000
41,000,000
BNY Mellon Capital Markets, LLC
7,500,000
30,000,000
Capital One Securities, Inc.
7,500,000
30,000,000
Loop Capital Markets LLC
7,500,000
30,000,000
UniCredit Capital Markets LLC
7,500,000
30,000,000
NatWest Markets Securities Inc.
5,000,000
20,000,000
Siebert Williams Shank & Co., LLC
5,000,000
20,000,000
Standard Chartered Bank
5,000,000
20,000,000
Total
$
250,000,000
$
1,000,000,000
Schedule II-A
Representatives:
J.P. Morgan Securities LLC
PNC Capital Markets
LLC
Truist Securities, Inc.
U.S. Bancorp Investments,
Inc.
Underwriting Agreement:
March 3, 2021
Registration Statement No.:
333-277039
Title of Securities:
4.875% Series NN Notes due 2029 (the “Series NN Notes”)
Aggregate Principal Reopening Amount:
$250,000,000
Aggregate Principal Amount:
$750,000,000
Price to Public:
100.205% of the principal reopening amount of the Series NN Notes, plus accrued interest from May 15, 2026
Underwriting Discount:
0.400%
Indenture:
Indenture dated as of November 16, 1998 between Marriott International, Inc. and The Bank of New York Mellon, as successor to JPMorgan Chase Bank, N.A., formerly known as The Chase Manhattan Bank, as trustee
Date of Maturity:
May 15, 2029
Interest Rate:
4.875% per annum, payable semiannually
Interest Payment Dates:
May 15 and November 15, commencing on November 15, 2026
CUSIP / ISIN:
571903 BP7 / US571903BP73
Optional Redemption Provisions:
Prior to April 15, 2029 (one month prior to the maturity date of the Series NN Notes) (the “Series NN Par Call Date”), the
Company may redeem the Series NN Notes at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1) (a)
the sum of the present values of the remaining scheduled payments of principal and interest on the Series NN Notes discounted to the redemption date (assuming the Series NN Notes matured on the Series NN Par Call Date) on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points less (b) interest accrued to the date of redemption, and (2)
100% of the principal amount of the Series NN Notes to be redeemed, plus, in either case, accrued and unpaid interest on the Series NN Notes to the redemption date.
On or after the Series NN Par Call Date, the Company may redeem the Series NN Notes, in whole or in part, at any time and from time to time, at its option, at
a redemption price equal to 100% of the principal amount of the Series NN Notes being redeemed plus accrued and unpaid interest on the Series NN Notes to the redemption date.
Purchase of Securities Upon a Change in Control Repurchase Event:
If a change of control repurchase event occurs, the issuer will be required, subject to certain conditions, to make an offer to repurchase the Series NN Notes at a price equal to 101% of the principal amount of the Series NN Notes,
plus accrued and unpaid interest to the date of repurchase. “Change of control repurchase event” means the occurrence of both a change of control and a below investment grade rating event.
“Change of control” means the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in
Section 13(d)(3) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of more than 50% of our voting stock, measured by voting power rather than number of shares. Notwithstanding the foregoing, a transaction effected to
create a holding company for us will not be deemed to involve a change of control if: (1) pursuant to such transaction we become a direct or indirect wholly owned subsidiary of such holding company and (2)(A) the direct or indirect holders of
the voting stock of such holding company immediately following that transaction are substantially the same as the holders of our voting stock immediately prior to that transaction or (B) immediately following that transaction no person (other
than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the voting stock of such holding company, measured by voting power rather than number of shares.
“Below investment grade rating event” is defined in the Preliminary Prospectus Supplement dated August 11, 2026 relating to the Series NN Notes.
Sinking Fund Provisions:
None
Other Provisions:
As specified in the Preliminary Prospectus Supplement dated August 11, 2026 relating to the Series NN Notes.
Securities Exchange:
The Series NN Notes are not listed on any exchange.
Ratings:
Baa2 by Moody’s Investors Service, Inc.
BBB by S&P Global Ratings
Closing Date and Delivery Date:
August 13, 2026
Closing Location:
Simpson Thacher & Bartlett LLP
425
Lexington Avenue
New York, New York 10017
Address for Notices to Underwriters:
J.P. Morgan Securities LLC
270 Park Avenue
New York, New York 10017
Attention: Investment Grade Syndicate
Desk
Facsimile: (212) 834-6081
PNC Capital Markets LLC
300 Fifth Avenue, 10th Floor
Pittsburgh, Pennsylvania 15222
Attention: Debt Capital Markets,
Fixed Income Transaction Execution
E-Mail: capitalmarketsnotices@pnc.com
Truist Securities, Inc.
50 Hudson Yards, 70th Floor
New York, New York 10001
Attention: Investment Grade Capital Markets
Facsimile: (404) 926-5027
U.S. Bancorp Investments, Inc.
214 N. Tryon Street, 26th Floor
Charlotte, North Carolina 28202
Attention: Debt Capital Markets
Facsimile: (877) 774-3462
Schedule II-B
Representatives:
J.P. Morgan Securities LLC
PNC Capital Markets
LLC
Truist Securities, Inc.
U.S. Bancorp Investments,
Inc.
Underwriting Agreement:
March 3, 2021
Registration Statement No.:
333-277039
Title of Securities:
5.650% Series YY Notes due 2036 (the “Series YY Notes”)
Aggregate Principal Amount:
$1,000,000,000
Price to Public:
99.325% of the principal amount of the Series YY Notes, plus accrued interest, if any, from August 13, 2026
Underwriting Discount:
0.650%
Indenture:
Indenture dated as of November 16, 1998 between Marriott International, Inc. and The Bank of New York Mellon, as successor to JPMorgan Chase Bank, N.A., formerly known as The Chase Manhattan Bank, as trustee
Date of Maturity:
September 15, 2036
Interest Rate:
5.650% per annum, payable semiannually
Interest Payment Dates:
March 15 and September 15, commencing on March 15, 2027
CUSIP / ISIN:
571903 CA9 / US571903CA95
Optional Redemption Provisions:
Prior to June 15, 2036 (three months prior to the maturity date of the Series YY Notes) (the “Series YY Par Call Date”), the Company may redeem the Series YY Notes at its option, in whole or in part, at any time and
from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest
on the Series YY Notes discounted to the redemption date (assuming the Series YY Notes
matured on the Series YY Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20
basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the Series YY Notes to be redeemed, plus, in either case, accrued and unpaid interest on the Series YY Notes to the redemption
date.
On or after the Series YY Par Call Date, the Company may redeem the Series YY Notes, in whole or in part, at any time and from time to time, at its option, at a redemption price equal to 100% of the principal amount of the Series YY
Notes being redeemed plus accrued and unpaid interest on the Series YY Notes to the redemption date.
Purchase of Securities Upon a Change in Control Repurchase Event:
If a change of control repurchase event occurs, the issuer will be required, subject to certain conditions, to make an offer to repurchase the Series YY Notes at a price equal to 101% of the principal amount of the Series YY Notes,
plus accrued and unpaid interest to the date of repurchase. “Change of control repurchase event” means the occurrence of both a change of control and a below investment grade rating event.
“Change of control” means the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in
Section 13(d)(3) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of more than 50% of our voting stock, measured by voting power rather than number of shares. Notwithstanding the foregoing, a transaction effected to
create a holding company for us will not be deemed to involve a change of control if: (1) pursuant to such transaction we become a direct or indirect wholly owned subsidiary of such holding company and (2)(A) the direct or indirect holders of
the voting stock of such holding company immediately following that transaction are substantially the same as the holders of our voting stock immediately prior to that transaction or (B) immediately following that transaction no person (other
than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the voting stock of such holding company, measured by voting power rather than number of
shares.
“Below investment grade rating event” is defined in the Preliminary Prospectus Supplement dated August 11, 2026 relating to the Series YY Notes.
Sinking Fund Provisions:
None
Other Provisions:
As specified in the Preliminary Prospectus Supplement dated August 11, 2026 relating to the Series YY Notes.
Securities Exchange:
The Series YY Notes will not be listed on any exchange.
Ratings:
Baa2 by Moody’s Investors Service, Inc.
BBB by S&P Global Ratings
Closing Date and Delivery Date:
August 13, 2026
Closing Location:
Simpson Thacher & Bartlett LLP
425
Lexington Avenue
New York, New York 10017
Address for Notices to Underwriters:
J.P. Morgan Securities LLC
270 Park Avenue
New York, New York 10017
Attention: Investment Grade Syndicate
Desk
Facsimile: (212) 834-6081
PNC Capital Markets LLC
300 Fifth Avenue, 10th Floor
Pittsburgh, Pennsylvania 15222
Attention: Debt Capital Markets,
Fixed Income Transaction Execution
E-Mail: capitalmarketsnotices@pnc.com
Truist Securities, Inc.
50 Hudson Yards, 70th Floor
New York, New York 10001
Attention: Investment Grade Capital Markets
Facsimile: (404) 926-5027
U.S. Bancorp Investments, Inc.
214 N. Tryon Street, 26th Floor
Charlotte, North Carolina
28202
Attention: Debt Capital Markets
Facsimile: (877) 774-3462
ANNEX A
Permitted Free Writing Prospectus
Final
Term Sheet dated August 11, 2026
ANNEX B
Issuer Free Writing Prospectus Filed Pursuant to Rule 433
supplementing the
Preliminary Prospectus Supplement dated August 11, 2026
Registration No. 333-277039
MARRIOTT INTERNATIONAL, INC.
$250,000,000 4.875% Series NN Notes due 2029
$1,000,000,000 5.650% Series YY Notes due 2036
PRICING TERM SHEET
Dated: August 11, 2026
This free
writing prospectus relates only to the Securities described below and should be read together with Marriott International, Inc.’s preliminary prospectus supplement dated August 11, 2026 (the “Preliminary Prospectus Supplement”),
the accompanying prospectus dated February 13, 2024 and the documents incorporated and deemed to be incorporated by reference therein.
4.875% Series NN Notes due 2029
As described in the Preliminary Prospectus Supplement under “Description of the Notes,” the 4.875% Series NN Notes due 2029 offered hereby
constitute an additional issuance of, and a single series with, the $500,000,000 aggregate principal amount of 4.875% Series NN Notes due 2029 that Marriott International, Inc. issued on February 22, 2024.
Issuer:
Marriott International, Inc. (the “Company”)
Anticipated Ratings (Moody’s / S&P)*:
Baa2 / BBB
Security:
4.875% Series NN Notes due 2029 (the “Series NN Notes”)
Aggregate Principal Reopening Amount:
$250,000,000
Aggregate Principal Amount:
$750,000,000
Maturity Date:
May 15, 2029
Coupon:
4.875%
Interest Payment Dates:
May 15 and November 15, commencing on November 15, 2026
Day Count Convention:
360-day year consisting of twelve 30-day months
Price to Public:
100.205% of the principal reopening amount, plus accrued interest from May 15, 2026
Benchmark Treasury:
4.125% due July 15, 2029
Benchmark Treasury Price / Yield:
99-17+ / 4.291%
Spread to Benchmark Treasury:
50 basis points
Reoffer Yield to Maturity:
4.791%
Accrued Interest Payable to Marriott International, Inc. by the Underwriters:
Accrued interest from and including May 15, 2026 to but excluding the expected settlement date set forth below. Interest on the Series NN Notes offered hereby will accrue from and including May 15, 2026.
Optional Redemption Provisions:
Prior to April 15, 2029 (one month prior to the maturity date of the Series NN Notes) (the “Series NN Par Call Date”), the
Company may redeem the Series NN Notes at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1) (a)
the sum of the present values of the remaining scheduled payments of principal and interest on the Series NN Notes discounted to the redemption date (assuming the Series NN Notes matured on the Series NN Par Call Date) on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points less (b) interest accrued to the date of redemption, and (2)
100% of the principal amount of the Series NN Notes to be redeemed, plus, in either case, accrued and unpaid interest on the Series NN Notes to the redemption date.
On or after the Series NN Par Call Date, the Company may redeem the Series NN Notes, in whole or in part, at any time and from time to time, at its option, at
a redemption price equal to 100% of the principal amount of the Series NN Notes being redeemed plus accrued and unpaid interest on the Series NN Notes to the redemption date.
Change of Control:
Issuer repurchase offer required following certain changes of control as described in the Preliminary Prospectus Supplement.
Trade Date:
August 11, 2026
Expected Settlement Date**:
August 13, 2026 (T+2)
CUSIP / ISIN:
571903 BP7 / US571903BP73
Denominations:
$2,000 and integral multiples of $1,000 in excess thereof
Joint Book-Running Managers:
J.P. Morgan Securities LLC
PNC Capital Markets
LLC
Truist Securities, Inc.
U.S. Bancorp Investments,
Inc.
BofA Securities, Inc.
Citigroup Global Markets Inc.
Deutsche Bank Securities Inc.
Fifth Third Securities, Inc.
Goldman Sachs & Co. LLC
Scotia Capital (USA) Inc.
Wells Fargo Securities, LLC
Senior Co-Managers:
BNY Mellon Capital Markets, LLC
Capital One
Securities, Inc.
HSBC Securities (USA) Inc.
ICBC Standard
Bank Plc
Loop Capital Markets LLC
NatWest Markets Securities
Inc.
Siebert Williams Shank & Co., LLC
Standard
Chartered Bank
TD Securities (USA) LLC
UniCredit Capital
Markets LLC
5.650% Series YY Notes due 2036
Issuer:
Marriott International, Inc. (the “Company”)
Anticipated Ratings (Moody’s / S&P)*:
Baa2 / BBB
Security:
5.650% Series YY Notes due 2036 (the “Series YY Notes”)
Aggregate Principal Amount:
$1,000,000,000
Maturity Date:
September 15, 2036
Coupon:
5.650%
Interest Payment Dates:
March 15 and September 15, commencing on March 15, 2027
Day Count Convention:
360-day year consisting of twelve 30-day months
Price to Public:
99.325% of the principal amount
Benchmark Treasury:
4.375% due May 15, 2036
Benchmark Treasury Price / Yield:
97-18 / 4.688%
Spread to Benchmark Treasury:
105 basis points
Yield to Maturity:
5.738%
Optional Redemption Provisions:
Prior to June 15, 2036 (three months prior to the maturity date of the Series YY Notes) (the “Series YY Par Call Date”), the Company may redeem the Series YY Notes at its option, in whole or in part, at any time and
from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest
on the Series YY Notes discounted to the redemption date (assuming the Series YY Notes matured on the Series YY Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the Series YY Notes to be redeemed, plus, in either case,
accrued and unpaid interest on the Series YY Notes to the redemption date.
On or after the Series YY Par Call Date, the Company may redeem the Series YY Notes, in whole or in part, at any time and from time to time, at its option, at a redemption price equal to 100% of the principal amount of the Series YY
Notes being redeemed plus accrued and unpaid interest on the Series YY Notes to the redemption date.
Change of Control:
Issuer repurchase offer required following certain changes of control as described in the Preliminary Prospectus Supplement.
Trade Date:
August 11, 2026
Expected Settlement Date**:
August 13, 2026 (T+2)
CUSIP / ISIN:
571903 CA9 / US571903CA95
Denominations:
$2,000 and integral multiples of $1,000 in excess thereof
Joint Book-Running Managers:
J.P. Morgan Securities LLC
PNC Capital Markets
LLC
Truist Securities, Inc.
U.S. Bancorp Investments,
Inc.
BofA Securities, Inc.
Citigroup Global Markets Inc.
Deutsche Bank Securities Inc.
Fifth Third Securities, Inc.
Goldman Sachs & Co. LLC
Scotia Capital (USA) Inc.
Wells Fargo Securities, LLC
Senior Co-Managers:
BNY Mellon Capital Markets, LLC
Capital One
Securities, Inc.
HSBC Securities (USA) Inc.
ICBC Standard
Bank Plc
Loop Capital Markets LLC
NatWest Markets Securities
Inc.
Siebert Williams Shank & Co., LLC
Standard
Chartered Bank
TD Securities (USA) LLC
UniCredit Capital
Markets LLC
* * *
*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
**We expect to deliver the notes against payment for the notes on or about August 13, 2026, which will be the second business day following the date of
the pricing of the notes (this settlement cycle being referred to as “T+2”). Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are
required to settle in one business day, unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade their notes prior to the business day before settlement will be required, by virtue of the fact that the notes
initially will settle in T+2, to specify alternative settlement arrangements to prevent a failed settlement. Purchasers of the notes who wish to trade their notes prior to the business day before settlement should consult their own advisors.
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you
invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on
the SEC web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling J.P. Morgan Securities LLC at (collect) (212) 834-4533, PNC Capital Markets LLC at (855) 881-0697, Truist Securities, Inc. at 1-800-685-4786, or U.S. Bancorp Investments, Inc. at 877-558-2607.
EX-4.1
EX-4.1
Filename: d162127dex41.htm · Sequence: 3
EX-4.1
Exhibit 4.1
THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY
OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
MARRIOTT INTERNATIONAL, INC.
4.875% Series NN Notes due 2029
No. R-
$
CUSIP 571903 BP7
MARRIOTT INTERNATIONAL, INC., a corporation duly organized and existing under the laws of Delaware (herein
called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum
of Dollars on May 15, 2029 and to pay interest thereon from May 15, 2026, semi-annually on May 15 and November 15 in each year, commencing on November 15, 2026, at the rate of 4.875% per
annum until the principal hereof is paid or made available for payment.
All such payments of principal, interest and premium, if any,
shall be paid in immediately available funds. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the May 1 or November 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment
Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities)
is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special
Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as
more fully provided in said Indenture.
Payment of the principal of (and premium, if any) and interest on this Security will be made
at the office or agency of the Trustee maintained for that purpose in New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided,
however, that payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register; and provided, further, that notwithstanding the foregoing, the
Person in whose name this Security is registered may elect to receive payments of interest on this Security (other than at Maturity) by electronic funds transfer of immediately available funds to an account maintained by such Person, provided
such Person so elects by giving written notice to a Paying Agent designating such account, no later than the May 1 or November 1 immediately preceding the May 15 or November 15 Interest Payment Date, as the case may be. Unless
such designation is revoked by such Person, any such designation made by such Person with respect to such Securities shall remain in effect with respect to any future payments with respect to such Securities payable to such Person. If any Interest
Payment Date, the stated maturity date or redemption or repurchase date for the Securities is not a Business Day, the payment otherwise required to be made on such date will be made on the next Business Day without any additional payment as a result
of such delay.
Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further
provisions shall for all purposes have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has
been executed by the Trustee referred to on the reverse hereof by manual or electronic signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.
IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal.
Dated:
MARRIOTT INTERNATIONAL, INC.
By:
Jennifer C. Mason
Executive Vice President and Chief Financial Officer
Attest:
Stephanie N. Carrick
Assistant Secretary
This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.
Dated:
THE BANK OF NEW YORK MELLON
as Trustee
By:
Authorized Officer
[Reverse of Security]
This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and
to be issued in one or more series under an Indenture, dated as of November 16, 1998 (herein called the “Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of
New York Mellon, successor to JPMorgan Chase Bank, N.A., formerly known as The Chase Manhattan Bank, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered, as modified by the provisions set forth below and on the face hereof. This Security is one of the series designated on the face hereof, limited as of the date hereof in aggregate principal amount to $750,000,000.
The Company may subsequently issue additional securities as part of this series of Securities under the Indenture.
The Company may redeem
the Securities in whole or in part, at any time and from time to time, at its option, prior to April 15, 2029 (one month prior to the maturity date of the Securities) (the “Par Call Date”), at a Redemption Price (expressed as
a percentage of principal amount and rounded to three decimal places) equal to the greater of (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming the
Securities matured on the Par Call Date) on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points
less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the Securities to be redeemed, plus, in either case, accrued and unpaid interest thereon to the Redemption Date.
On or after the Par Call Date, the Company may redeem the Securities in whole or in part, at any time and from time to time, at its option, at
a Redemption Price equal to 100% of the principal amount of the Securities being redeemed plus accrued and unpaid interest thereon to the Redemption Date.
The Company’s actions and determinations in determining the Redemption Price shall be conclusive and binding for all purposes, absent
manifest error.
Notice of any redemption shall be mailed or electronically delivered (or otherwise transmitted in accordance with the
depositary’s procedures) at least 10 days but not more than 60 days before the Redemption Date to each Holder of Securities to be redeemed.
In the case of a partial redemption, selection of the Securities for redemption shall be made by lot. No Securities of a principal amount of
$2,000 or less shall be redeemed in part. If any Security is to be redeemed in part only, the notice of redemption that relates to the Security shall state the portion of the principal amount of the Security to be redeemed. A new Security in a
principal amount equal to the unredeemed portion of the Security shall be issued in the name of the Holder of the Security upon surrender for cancellation of the original Security. For so long as the Securities are held by DTC (or another
Depositary), the redemption of the Securities shall be done in accordance with the policies and procedures of the Depositary.
Unless the
Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities or portions thereof called for redemption.
“Treasury Rate” means, with respect to any Redemption Date, the yield
determined by the Company in accordance with the following two paragraphs.
The Treasury Rate shall be determined by the Company after
4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the date of the notice of redemption based upon
the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates
(Daily)–H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In
determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption Date to the Par Call Date (the “Remaining
Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield
corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the
result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For
purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the
Redemption Date.
If on the third business day preceding the date of the notice of redemption H.15 or any successor designation or
publication is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semiannual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such
redemption notice date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or
more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United
States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the
preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States
Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semiannual yield to maturity of the applicable United States Treasury security shall be based upon the
average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.
If a Change of Control Repurchase Event (as defined below) occurs, unless the Company has exercised its right to redeem the Securities of this
series, the Company will make an offer to each Holder of the Securities of this series to repurchase all or any part (in excess of $2,000 in integral multiples of $1,000) of that Holder’s Securities of this series at a repurchase price in cash
equal to 101% of the aggregate principal amount of the Securities of this series repurchased plus any accrued and unpaid interest on the Securities of this series repurchased to the date of purchase. Within 30 days following any Change of Control
Repurchase Event or, at the Company’s option,
prior to any Change of Control (as defined below), but after the public announcement of the Change of Control, the Company will deliver a notice to each Holder, with a copy to the Trustee,
describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase the Securities of this series on the payment date specified in the notice, which date will be no earlier
than 30 days and no later than 60 days from the date such notice is sent. The notice shall, if sent prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event
occurring on or prior to the payment date specified in the notice. The Company will comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended, and any other securities
laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Securities of this series as a result of a Change of Control Repurchase Event. To the extent that the provisions of any
securities laws or regulations conflict with the Change of Control Repurchase Event provisions herein, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the
Change of Control Repurchase Event provisions herein by virtue of such conflict.
On the Change of Control Repurchase Event payment date,
the Company will, to the extent lawful:
1. accept for payment all Securities of this series or portions of Securities of
this series properly tendered pursuant to the Company’s offer;
2. deposit with the Paying Agent an amount equal to
the aggregate purchase price in respect of all Securities of this series or portions of Securities of this series properly tendered; and
3. deliver or cause to be delivered to the Trustee the Securities of this series properly accepted, together with an
Officers’ Certificate stating the aggregate principal amount of the Securities being purchased by the Company.
The Paying Agent
will promptly pay to each Holder of the Securities of this series properly tendered the purchase price for the Securities, and the Trustee will promptly authenticate and deliver (or cause to be transferred by book-entry) to each Holder a new
Security equal in principal amount to any unpurchased portion of any Securities surrendered; provided that each new Security will be in a principal amount of $2,000 or an integral multiple of $1,000.
The Company will not be required to make an offer to repurchase the Securities of this series upon a Change of Control Repurchase Event if a
third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all Securities of this series properly tendered and not withdrawn under its
offer.
“Below Investment Grade Rating Event” means the Securities of this series are rated below Investment Grade (as
defined below) by both Rating Agencies (as defined below) on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following
public notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Securities of this series is under publicly announced consideration for possible downgrade by either of the Rating Agencies);
provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus
shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event herein) if the Rating Agencies making the reduction in rating to
which this definition would otherwise apply do not announce or publicly confirm or inform the Company in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result
of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event).
“Change of Control” means the consummation of any transaction (including, without limitation, any merger or consolidation)
the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) becomes the beneficial owner, directly or indirectly, of more than 50% of the Company’s
Voting Stock, measured by voting power rather than number of shares. Notwithstanding the foregoing, a transaction effected to create a holding company for the Company will not be deemed to involve a Change of Control if: (1) pursuant to such
transaction the Company becomes a direct or indirect wholly owned subsidiary of such holding company and (2)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the
same as the holders of the Company’s Voting Stock immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial
owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company, measured by voting power rather than number of shares.
“Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating
Event.
“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor
rating categories of Moody’s); a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P); and the equivalent investment grade credit rating from any
replacement Rating Agency or Rating Agencies selected by the Company.
“Moody’s” means Moody’s Investors
Service, Inc. and its successors.
“Rating Agency” means (1) each of Moody’s and S&P; and (2) if
either of Moody’s or S&P ceases to rate the Securities of this series or fails to make a rating of the Securities of this series publicly available for reasons outside of the Company’s control, a Substitute Rating Agency.
“S&P” means S&P Global Ratings and its successors.
“Substitute Rating Agency” means a “nationally recognized statistical rating organization” within the meaning
of Section 3(a)(62) under the Securities Exchange Act of 1934, as amended, selected by the Company (as certified by a resolution of the Company’s board of directors) as a replacement agency for Moody’s or S&P, or both, as the
case may be.
“Voting Stock” of any specified “person” (as that term is used in Section 13(d)(3) of
the Securities Exchange Act of 1934, as amended) as of any date means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person.
The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and
Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture.
If an Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of 50% in principal amount of the Securities at the time
Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be
conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security.
As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the
right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of
Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect
of such Event of Default as Trustee and offered the Trustee indemnity satisfactory to it, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction
inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for
the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.
No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.
As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Trustee in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.
The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000
in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same.
In addition to the circumstances specified in Clause (2) of the last paragraph of
Section 305 of the Indenture in which a Global Security of such series may be exchanged in whole or in part for Securities of such series registered, and any transfer of such Global Security in whole or in part may be registered, in the name of
Persons other than the Depositary for such Global Security or a nominee thereof, the Company may, in its sole discretion, determine that such Global Security will be exchangeable for Securities registered in the name of Persons other than the
Depositary or a nominee thereof and notify the Trustee of its decision.
No service charge shall be made for any such registration of
transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.
All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.
The following abbreviations, when used in the inscription on the face of the within
Security, shall be construed as though they were written out in full according to applicable laws or regulations.
TEN COM —
as tenants in common
UNIF GIFT MIN Act –_____Custodian _____
(Cust) (Minor)
TEN ENT —
as tenants by the entireties
under Uniform Gifts to Minors Act ________
(State)
JT TEN —
as joint tenants with right of survivorship and not as tenants in common
Additional abbreviations may also be used though not in the above list
FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto
PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
(Name and Address of Assignee, including zip code, must be printed or typewritten)
the within Security, and all rights thereunder, hereby irrevocably constituting and appointing
Attorney to transfer said Security on the books of the Company, with full power of substitution in the premises.
Dated:
NOTICE: The signature to this assignment
must correspond with the name as it appears upon the face of the within Security in every particular, without alteration or enlargement of any change whatever.
EX-4.2
EX-4.2
Filename: d162127dex42.htm · Sequence: 4
EX-4.2
Exhibit 4.2
THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR
A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF,
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
MARRIOTT INTERNATIONAL,
INC.
5.650% Series YY Notes due 2036
No. R-
$
CUSIP 571903 CA9
MARRIOTT INTERNATIONAL, INC., a corporation duly organized and existing under the laws of Delaware (herein called the
“Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum
of Dollars on September 15, 2036 and to pay interest thereon from August 13, 2026, semi-annually on March 15 and September 15 in each year, commencing on March 15, 2027, at the rate of
5.650% per annum until the principal hereof is paid or made available for payment.
All such payments of principal, interest and premium,
if any, shall be paid in immediately available funds. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or
more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the March 1 or September 1 (whether or not a Business Day), as the case may be, next preceding such Interest
Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to
such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in said Indenture.
Payment of the principal of (and premium, if any) and interest on this Security will be made
at the office or agency of the Trustee maintained for that purpose in New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided,
however, that payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register; and provided, further, that notwithstanding the foregoing, the
Person in whose name this Security is registered may elect to receive payments of interest on this Security (other than at Maturity) by electronic funds transfer of immediately available funds to an account maintained by such Person, provided
such Person so elects by giving written notice to a Paying Agent designating such account, no later than the March 1 or September 1 immediately preceding the March 15 or September 15 Interest Payment Date, as the case may be.
Unless such designation is revoked by such Person, any such designation made by such Person with respect to such Securities shall remain in effect with respect to any future payments with respect to such Securities payable to such Person. If any
Interest Payment Date, the stated maturity date or redemption or repurchase date for the Securities is not a Business Day, the payment otherwise required to be made on such date will be made on the next Business Day without any additional payment as
a result of such delay.
Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth at this place.
Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual or electronic signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.
IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal.
Dated:
MARRIOTT INTERNATIONAL, INC.
By:
Jennifer C. Mason
Executive Vice President and Chief Financial
Officer
Attest:
Stephanie N. Carrick
Assistant Secretary
This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.
Dated:
THE BANK OF NEW YORK MELLON
as Trustee
By:
Authorized Officer
[Reverse of Security]
This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and
to be issued in one or more series under an Indenture, dated as of November 16, 1998 (herein called the “Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of
New York Mellon, successor to JPMorgan Chase Bank, N.A., formerly known as The Chase Manhattan Bank, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered, as modified by the provisions set forth below and on the face hereof. This Security is one of the series designated on the face hereof, limited initially in aggregate principal amount to $1,000,000,000. The
Company may subsequently issue additional securities as part of this series of Securities under the Indenture.
The Company may redeem the
Securities in whole or in part, at any time and from time to time, at its option, prior to June 15, 2036 (three months prior to the maturity date of the Securities) (the “Par Call Date”), at a Redemption Price (expressed as a
percentage of principal amount and rounded to three decimal places) equal to the greater of (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming the
Securities matured on the Par Call Date) on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points
less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the Securities to be redeemed, plus, in either case, accrued and unpaid interest thereon to the Redemption Date.
On or after the Par Call Date, the Company may redeem the Securities in whole or in part, at any time and from time to time, at its option, at
a Redemption Price equal to 100% of the principal amount of the Securities being redeemed plus accrued and unpaid interest thereon to the Redemption Date.
The Company’s actions and determinations in determining the Redemption Price shall be conclusive and binding for all purposes, absent
manifest error.
Notice of any redemption shall be mailed or electronically delivered (or otherwise transmitted in accordance with the
depositary’s procedures) at least 10 days but not more than 60 days before the Redemption Date to each Holder of Securities to be redeemed.
In the case of a partial redemption, selection of the Securities for redemption shall be made by lot. No Securities of a principal amount of
$2,000 or less shall be redeemed in part. If any Security is to be redeemed in part only, the notice of redemption that relates to the Security shall state the portion of the principal amount of the Security to be redeemed. A new Security in a
principal amount equal to the unredeemed portion of the Security shall be issued in the name of the Holder of the Security upon surrender for cancellation of the original Security. For so long as the Securities are held by DTC (or another
Depositary), the redemption of the Securities shall be done in accordance with the policies and procedures of the Depositary.
Unless the
Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities or portions thereof called for redemption.
“Treasury Rate” means, with respect to any Redemption Date, the yield determined by the Company in accordance with the
following two paragraphs.
The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or
after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the date of the notice of redemption based upon the yield or yields for the most
recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)–H.15” (or any successor
designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In determining the Treasury Rate, the Company
shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption Date to the Par Call Date (the “Remaining Life”); or (2) if there is no such Treasury
constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15
immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no
such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant
maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the Redemption Date.
If on the third business day preceding the date of the notice of redemption H.15 or any successor designation or publication is no longer
published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semiannual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption notice date of the
United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury
securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury security with
a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall
select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New
York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semiannual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices
(expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.
If a Change of Control Repurchase Event (as defined below) occurs, unless the Company has exercised its right to redeem the Securities of this
series, the Company will make an offer to each Holder of the Securities of this series to repurchase all or any part (in excess of $2,000 in integral multiples of $1,000) of that Holder’s Securities of this series at a repurchase price in cash
equal to 101% of the aggregate principal amount of the Securities of this series repurchased plus any accrued and unpaid interest on the Securities of this series repurchased to the date of purchase. Within 30 days following any Change of Control
Repurchase Event or, at the Company’s option, prior to any Change of Control (as defined below), but after the public announcement of the Change of Control, the Company will deliver a notice to each Holder, with a copy to the Trustee,
describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase
Event and offering to repurchase the Securities of this series on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such
notice is sent. The notice shall, if sent prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in
the notice. The Company will comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended, and any other securities laws and regulations thereunder to the extent those laws
and regulations are applicable in connection with the repurchase of the Securities of this series as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change
of Control Repurchase Event provisions herein, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control Repurchase Event provisions herein by
virtue of such conflict.
On the Change of Control Repurchase Event payment date, the Company will, to the extent lawful:
1. accept for payment all Securities of this series or portions of Securities of this series properly tendered pursuant to the
Company’s offer;
2. deposit with the Paying Agent an amount equal to the aggregate purchase price in respect of all
Securities of this series or portions of Securities of this series properly tendered; and
3. deliver or cause to be
delivered to the Trustee the Securities of this series properly accepted, together with an Officers’ Certificate stating the aggregate principal amount of the Securities being purchased by the Company.
The Paying Agent will promptly pay to each Holder of the Securities of this series properly tendered the purchase price for the Securities,
and the Trustee will promptly authenticate and deliver (or cause to be transferred by book-entry) to each Holder a new Security equal in principal amount to any unpurchased portion of any Securities surrendered; provided that each new
Security will be in a principal amount of $2,000 or an integral multiple of $1,000.
The Company will not be required to make an offer to
repurchase the Securities of this series upon a Change of Control Repurchase Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third
party purchases all Securities of this series properly tendered and not withdrawn under its offer.
“Below Investment Grade
Rating Event” means the Securities of this series are rated below Investment Grade (as defined below) by both Rating Agencies (as defined below) on any date from the date of the public notice of an arrangement that could result in a Change
of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Securities of this series is under
publicly announced consideration for possible downgrade by either of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have
occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event herein) if the Rating Agencies making the reduction in
rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Company in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as
a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event).
“Change of Control” means the consummation of any transaction (including,
without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) becomes the beneficial owner, directly or
indirectly, of more than 50% of the Company’s Voting Stock, measured by voting power rather than number of shares. Notwithstanding the foregoing, a transaction effected to create a holding company for the Company will not be deemed to involve
a Change of Control if: (1) pursuant to such transaction the Company becomes a direct or indirect wholly owned subsidiary of such holding company and (2)(A) the direct or indirect holders of the Voting Stock of such holding company immediately
following that transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the
requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company, measured by voting power rather than number of shares.
“Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating
Event.
“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor
rating categories of Moody’s); a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P); and the equivalent investment grade credit rating from any
replacement Rating Agency or Rating Agencies selected by the Company.
“Moody’s” means Moody’s Investors
Service, Inc. and its successors.
“Rating Agency” means (1) each of Moody’s and S&P; and (2) if
either of Moody’s or S&P ceases to rate the Securities of this series or fails to make a rating of the Securities of this series publicly available for reasons outside of the Company’s control, a Substitute Rating Agency.
“S&P” means S&P Global Ratings and its successors.
“Substitute Rating Agency” means a “nationally recognized statistical rating organization” within the meaning
of Section 3(a)(62) under the Securities Exchange Act of 1934, as amended, selected by the Company (as certified by a resolution of the Company’s board of directors) as a replacement agency for Moody’s or S&P, or both, as the
case may be.
“Voting Stock” of any specified “person” (as that term is used in Section 13(d)(3) of
the Securities Exchange Act of 1934, as amended) as of any date means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person.
The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and
Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture.
If an
Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.
The Indenture permits, with certain exceptions as therein provided, the amendment thereof
and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of 50% in
principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time
Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by
the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security.
As provided in and subject to the provisions of the Indenture, the Holder
of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee
written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity satisfactory to it, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this
series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit
instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.
No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.
As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Trustee in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.
The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000
in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same.
In addition to the circumstances specified in Clause
(2) of the last paragraph of Section 305 of the Indenture in which a Global Security of such series may be exchanged in whole or in part for Securities of such series registered, and any transfer of such Global Security in whole or in part
may be registered, in the name of Persons other than the Depositary for such Global Security or a nominee thereof, the Company may, in its sole discretion, determine that such Global Security will be exchangeable for Securities registered in the
name of Persons other than the Depositary or a nominee thereof and notify the Trustee of its decision.
No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
Prior to
due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not
this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.
All terms
used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.
The following abbreviations, when used in the inscription on the face of the within
Security, shall be construed as though they were written out in full according to applicable laws or regulations.
TEN COM —
as tenants in common
UNIF GIFT MIN Act –_____Custodian _____
(Cust) (Minor)
TEN ENT —
as tenants by the entireties
under Uniform Gifts to Minors Act ________
(State)
JT TEN —
as joint tenants with right of survivorship and not as tenants in common
Additional abbreviations may also be used though not in the above list
FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto
PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
(Name and Address of Assignee, including zip code, must be printed or typewritten)
the within Security, and all rights thereunder, hereby irrevocably constituting and appointing
Attorney to transfer said Security on the books of the Company, with full power of substitution in the premises.
Dated:
NOTICE: The signature to this assignment
must correspond with the name as it appears upon the face of the within Security in every particular, without alteration or enlargement of any change whatever.
EX-4.3
EX-4.3
Filename: d162127dex43.htm · Sequence: 5
EX-4.3
Exhibit 4.3
Execution Version
INDENTURE OFFICERS’ CERTIFICATE
OF
MARRIOTT
INTERNATIONAL, INC.
THE UNDERSIGNED JENNIFER C. MASON AND STEPHANIE N. CARRICK OF MARRIOTT INTERNATIONAL, INC., A CORPORATION
ORGANIZED UNDER THE LAWS OF THE STATE OF DELAWARE (THE “COMPANY”), HEREBY CERTIFY PURSUANT TO SECTIONS 102, 201, 301 AND 303 OF THE INDENTURE (THE “INDENTURE”), DATED AS OF NOVEMBER 16, 1998, BETWEEN THE
COMPANY AND THE BANK OF NEW YORK MELLON, SUCCESSOR TO JPMORGAN CHASE BANK, N.A. (FORMERLY KNOWN AS THE CHASE MANHATTAN BANK), AS TRUSTEE (THE “TRUSTEE”), THE SERIES NN NOTES (AS DEFINED BELOW) ARE HEREBY REOPENED AND MODIFIED AS
FOLLOWS:
A. The designations of the Securities shall be the “4.875% Series NN Notes due 2029” (the
“Series NN Notes”) (CUSIP number 571903 BP7). The Series NN Notes issued hereunder shall constitute an additional issuance of, and form a single series with, the $500,000,000 aggregate principal amount of the 4.875% Series NN
Notes due 2029 (the “initial Series NN Notes”) issued pursuant to the Officers’ Certificate, dated February 22, 2024, pursuant to Sections 102, 201, 301 and 303 of the Indenture (the “Original
Certificate”). The Series NN Notes issued hereunder shall have terms identical to (except as provided below), have the same CUSIP number as, and be fungible with and vote together with, the initial Series NN Notes. For the avoidance of
doubt, Sections C-O below shall only apply to the Series NN Notes being issued hereunder, and the terms of the Original Certificate shall continue to apply to the initial Series NN Notes.
B. The aggregate principal amount of the Series NN Notes which may be authenticated and delivered under the Indenture
(except for Series NN Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, or upon partial redemption of, other Series NN Notes pursuant to Sections 304, 305, 306, 906 or 1107 of the Indenture and
except for Series NN Notes which, pursuant to Section 303 of the Indenture, are deemed never to have been authenticated and delivered under the Indenture) is as of the date hereof limited to US$750,000,000. The Company may subsequently issue
additional securities as part of this series of Securities under the Indenture.
C. Subject to the provisions of
Section 307 of the Indenture, interest will be payable to the Person in whose name a Series NN Note (or any predecessor Series NN Note) is registered at the close of business on the Regular Record Date next preceding the Interest Payment Date
in respect of such Series NN Note.
D. The principal amount of the Series NN Notes shall be payable in full on
May 15, 2029 subject to and in accordance with the provisions of the Indenture.
E. The Series NN Notes shall bear interest at the rate of 4.875% per
annum, from and including May 15, 2026 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, payable semi-annually on May 15 and November 15 of each year, commencing on November 15,
2026, until the principal amount of Series NN Notes has been paid or duly provided for. May 1 and November 1 (whether or not a Business Day), as the case may be, next preceding an Interest Payment Date, shall be the “Regular Record
Date” for interest payable on such Interest Payment Date.
F. The principal of and interest on the Series NN
Notes shall be payable at the office or agency of the Trustee maintained for that purpose in New York, New York; provided, however, that payment of interest on a Series NN Note may be made by check mailed to the address of the Person
entitled thereto as such address shall appear in the Security Register; and provided, further, that notwithstanding the foregoing, a Holder may elect to receive payments of interest on a Series NN Note (other than at Maturity) by
electronic funds transfer of immediately available funds to an account maintained by such Holder, provided such Holder so elects by giving written notice to a Paying Agent designating such account, no later than the May 1 or
November 1 immediately preceding the May 15 or November 15 Interest Payment Date, as the case may be. Unless such designation is revoked by the Holder, any such designation made by such Holder with respect to such Series NN Notes
shall remain in effect with respect to any future payments with respect to such Series NN Notes payable to such Holder.
G. The Series NN Notes may be redeemed in whole or in part at any time and from time to time on the terms specified in
the Final Prospectus Supplement dated August 11, 2026 relating to the Series NN Notes and the Series YY Notes (as defined below) (the “Prospectus Supplement”). Notice of any redemption shall be mailed or electronically
delivered (or otherwise transmitted in accordance with the Depositary’s procedures) at least 10 days but not more than 60 days before the Redemption Date to each Holder of the Series NN Notes to be redeemed.
H. Upon the occurrence of a change of control repurchase event, unless the Company has exercised its option to redeem
the Series NN Notes, the Company will be required to make an offer to purchase the Series NN Notes under the circumstances described and on the terms specified in the Prospectus Supplement.
I. The Company will not be obligated to redeem or purchase the Series NN Notes pursuant to a sinking fund or analogous
provisions or at the option of the Holder thereof.
J. The Series NN Notes will be issued in denominations of
US$2,000 and any integral multiples of US$1,000 in excess thereof.
K. The payment of the principal of and interest
on the Series NN Notes shall be payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts.
L. The Global Securities shall be in substantially the form attached hereto as Annex A.
2
M. The Series NN Notes shall be defeasible as provided in Article
Thirteen of the Indenture.
N. The Series NN Notes may be issuable in whole or in part in the form of one or more
Global Securities. The initial Depositary for such Global Securities shall be The Depository Trust Company.
O. The
Series NN Notes will not be Transfer Restricted Securities.
THE UNDERSIGNED JENNIFER C. MASON AND STEPHANIE N. CARRICK OF THE COMPANY
HEREBY CERTIFY PURSUANT TO SECTIONS 102, 201, 301 AND 303 OF THE INDENTURE THAT THERE IS HEREBY ESTABLISHED A SERIES OF SECURITIES (AS THAT TERM IS DEFINED IN THE INDENTURE), THE TERMS OF WHICH SHALL BE AS FOLLOWS:
P. The designations of the Securities shall be the “5.650% Series YY Notes due 2036” (the “Series
YY Notes”) (CUSIP number 571903 CA9).
Q. The aggregate principal amount of the Series YY Notes which
may be authenticated and delivered under the Indenture (except for Series YY Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, or upon partial redemption of, other Series YY Notes pursuant to
Sections 304, 305, 306, 906 or 1107 of the Indenture and except for Series YY Notes which, pursuant to Section 303 of the Indenture, are deemed never to have been authenticated and delivered under the Indenture) is initially limited to
US$1,000,000,000. The Company may subsequently issue additional securities as part of this series of Securities under the Indenture.
R. Subject to the provisions of Section 307 of the Indenture, interest will be payable to the Person in whose name
a Series YY Note (or any predecessor Series YY Note) is registered at the close of business on the Regular Record Date next preceding the Interest Payment Date in respect of such Series YY Note.
S. The principal amount of the Series YY Notes shall be payable in full on September 15, 2036 subject to and in
accordance with the provisions of the Indenture.
T. The Series YY Notes shall bear interest at the rate of 5.650%
per annum, from August 13, 2026 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, payable semi-annually on March 15 and September 15 of each year, commencing on March 15, 2027,
until the principal amount of Series YY Notes has been paid or duly provided for. March 1 and September 1 (whether or not a Business Day), as the case may be, next preceding an Interest Payment Date, shall be the “Regular Record
Date” for interest payable on such Interest Payment Date.
3
U. The principal of and interest on the Series YY Notes shall be
payable at the office or agency of the Trustee maintained for that purpose in New York, New York; provided, however, that payment of interest on a Series YY Note may be made by check mailed to the address of the Person entitled thereto
as such address shall appear in the Security Register; and provided, further, that notwithstanding the foregoing, a Holder may elect to receive payments of interest on a Series YY Note (other than at Maturity) by electronic funds
transfer of immediately available funds to an account maintained by such Holder, provided such Holder so elects by giving written notice to a Paying Agent designating such account, no later than the March 1 or September 1
immediately preceding the March 15 or September 15 Interest Payment Date, as the case may be. Unless such designation is revoked by the Holder, any such designation made by such Holder with respect to such Series YY Notes shall remain in
effect with respect to any future payments with respect to such Series YY Notes payable to such Holder.
V. The
Series YY Notes may be redeemed in whole or in part at any time and from time to time on the terms specified in the Prospectus Supplement. Notice of any redemption shall be mailed or electronically delivered (or otherwise transmitted in accordance
with the Depositary’s procedures) at least 10 days but not more than 60 days before the Redemption Date to each Holder of the Series YY Notes to be redeemed.
W. Upon the occurrence of a change of control repurchase event, unless the Company has exercised its option to redeem
the Series YY Notes, the Company will be required to make an offer to purchase the Series YY Notes under the circumstances described and on the terms specified in the Prospectus Supplement.
X. The Company will not be obligated to redeem or purchase the Series YY Notes pursuant to a sinking fund or analogous
provisions or at the option of the Holder thereof.
Y. The Series YY Notes will be issued in denominations of
US$2,000 and any integral multiples of US$1,000 in excess thereof.
Z. The payment of the principal of and interest
on the Series YY Notes shall be payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts.
AA. The Global Securities shall be in substantially the form attached hereto as Annex B.
BB. The Series YY Notes shall be defeasible as provided in Article Thirteen of the Indenture.
CC. The Series YY Notes may be issuable in whole or in part in the form of one or more Global Securities. The initial
Depositary for such Global Securities shall be The Depository Trust Company.
DD. The Series YY Notes will not be
Transfer Restricted Securities.
4
EE. The words “execution,” “signed,”
“signature,” “delivery” and words of like import in or relating to this certificate or any document to be signed in connection with this certificate, including by the Trustee, shall be deemed to include electronic signatures,
deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the
case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. For the avoidance of doubt, this Section EE shall be deemed to amend the first paragraph of Section 303 of the Indenture to
permit electronic signatures of the Series NN Notes and the Series YY Notes by the officers specified therein and to amend the last paragraph of Section 303 of the Indenture to permit a certificate of authentication by the Trustee to be
executed by manual or electronic signature and that any Series NN Note or Series YY Note executed, authenticated and delivered in such manner shall be valid and obligatory for all purposes under the Indenture and entitled to the benefits thereunder.
EACH OF THE UNDERSIGNED JENNIFER C. MASON AND STEPHANIE N. CARRICK HEREBY FURTHER CERTIFIES THAT:
FF. Attached hereto as Annex C are true, correct and complete copies of resolutions duly adopted by the Board of
Directors of the Company and certified by the Company’s Secretary or Assistant Secretary. Such resolutions have not been amended, modified or rescinded, are in full force and effect in the form adopted and are the only resolutions adopted by
the Board of Directors of the Company or by any committee of or designated by the Board of Directors of the Company relating to the offering of the Series NN Notes and the Series YY Notes pursuant hereto.
GG. I have read the conditions of Sections 102, 201, 301 and 303 of the Indenture and the definitions relating thereto.
HH. I have examined the Indenture, the attached specimen forms of the Global Securities attached hereto as Annex
A and Annex B and the resolutions relating thereto adopted by the Board of Directors of the Company or a committee thereof.
II. In my opinion, I have made such examination or investigation as is necessary to enable me to express an informed
opinion as to whether or not the conditions of Sections 102, 201, 301 and 303 of the Indenture relating to the authentication and issuance of the Series NN Notes and the Series YY Notes have been complied with.
JJ. In my opinion, the conditions of Sections 102, 201, 301 and 303 of the Indenture relating to the authentication and
issuance of the Series NN Notes and the Series YY Notes have been complied with.
All terms used herein and not defined shall have the
meanings set forth in the Indenture.
[Signatures appear on the following page.]
IN WITNESS WHEREOF, the undersigned have signed this certificate.
Dated: August 13, 2026
MARRIOTT INTERNATIONAL, INC.
By:
/s/ Jennifer C. Mason
Name:
Jennifer C. Mason
Title:
Executive Vice President and Chief Financial Officer
By:
/s/ Stephanie N. Carrick
Name:
Stephanie N. Carrick
Title:
Assistant Secretary
EX-5.1
EX-5.1
Filename: d162127dex51.htm · Sequence: 6
EX-5.1
Exhibit 5.1
August 13, 2026
Marriott International, Inc.
7750 Wisconsin Avenue
Bethesda, Maryland 20814
Re:
Marriott International, Inc.
Registration Statement on Form S-3 (File No. 333-277039)
Ladies and Gentlemen:
We have acted as counsel to Marriott
International, Inc., a Delaware corporation (the “Company”), in connection with the preparation and filing with the Securities and Exchange Commission (the “Commission”) of a prospectus supplement, dated
August 11, 2026 (the “Prospectus Supplement”), filed with the Commission on August 12, 2026, pursuant to Rule 424(b) of the Securities Act of 1933, as amended (the “Securities Act”), and the offering
by the Company pursuant thereto of $250,000,000 aggregate principal amount of the Company’s 4.875% Series NN Notes due 2029 (the “Series NN Notes”) and $1,000,000,000 aggregate principal amount of the Company’s 5.650%
Series YY Notes due 2036 (the “Series YY Notes” and, together with the Series NN Notes, the “Notes”). In connection therewith, we have examined the registration statement on Form S-3, File No. 333-277039 (the “Registration Statement”), under the Securities Act and the prospectus included therein.
The Notes have been issued pursuant to the Indenture, dated as of November 16, 1998 (the “Base Indenture”), entered into between
the Company and The Bank of New York Mellon, as successor indenture trustee to JPMorgan Chase Bank, N.A., formerly known as The Chase Manhattan Bank (the “Trustee”), as supplemented by the Officers’ Certificate pursuant to
Section 301 of the Base Indenture, dated February 22, 2024, relating to the Series NN Notes, as further supplemented by the Officers’ Certificate pursuant to Section 301 of the Base Indenture, dated August 13, 2026,
relating to the Series NN Notes and the Series YY Notes (the Base Indenture, as so modified, the “Indenture”).
In arriving at the
opinions expressed below, we have examined originals, or copies certified or otherwise identified to our satisfaction as being true and complete copies of the originals, of the Indenture and the Notes and such other documents, corporate records,
certificates of officers of the Company and of public officials and other instruments as we have deemed necessary or advisable to enable us to render these opinions. In our examination, we have assumed, without independent investigation, the
genuineness of all signatures, the legal capacity and competency of all natural persons, the authenticity of all documents submitted to us as originals and the conformity to original documents of all documents submitted to us as copies. As to any
facts material to these opinions, we have relied to the extent we deemed appropriate and without independent investigation upon statements and representations of officers and other representatives of the Company and others.
Gibson, Dunn &
Crutcher LLP
200 Park Avenue | New York, NY 10166-0193 | T: 212.351.4000 | F: 212.351.4035 | gibsondunn.com
Marriott International, Inc.
August 13, 2026
Page 2
Based upon the foregoing, and subject to the assumptions, exceptions, qualifications and limitations set
forth herein, we are of the opinion that the Notes are legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms.
The opinions expressed above are subject to the following additional exceptions, qualifications, limitations and assumptions:
A. We render no opinion herein as to matters involving the laws of any jurisdiction other than the State of New York and the Delaware General Corporation Law.
We are not admitted to practice in the State of Delaware; however, we are generally familiar with the Delaware General Corporation Law as currently in effect and have made such inquiries as we consider necessary to render the opinion above. This
opinion is limited to the effect of the current state of the laws of the State of New York and the Delaware General Corporation Law and the facts as they currently exist. We assume no obligation to revise or supplement this opinion in the event of
future changes in such laws or the interpretations thereof or such facts.
B. The opinions above are each subject to (i) the effect of any
bankruptcy, insolvency, reorganization, moratorium, arrangement or similar laws affecting the rights and remedies of creditors generally, including without limitation the effect of statutory or other laws regarding fraudulent transfers or
preferential transfers, and (ii) general principles of equity, including without limitation concepts of materiality, reasonableness, good faith and fair dealing and the possible unavailability of specific performance, injunctive relief or other
equitable remedies regardless of whether enforceability is considered in a proceeding in equity or at law.
C. We express no opinion regarding the
effectiveness of (i) any waiver of stay, extension or usury laws; (ii) provisions relating to indemnification, exculpation or contribution, to the extent such provisions may be held unenforceable as contrary to public policy or federal or
state securities laws or due to the negligence or willful misconduct of the indemnified party; (iii) any provision in any document governing the Notes waiving the right to object to venue in any court; (iv) any agreement to submit to the
jurisdiction of any Federal court; (v) any waiver of the right to jury trial; or (vi) any provision to the effect that every right or remedy is cumulative and may be exercised in addition to any other right or remedy or that the election
of some particular remedy does not preclude recourse to one or more others.
Marriott International, Inc.
August 13, 2026
Page
3
We consent to the filing of this opinion as an exhibit to the Registration Statement, and we further consent
to the use of our name under the caption “Validity of Securities” in the Registration Statement and “Legal Matters” in the Prospectus Supplement. In giving these consents, we do not thereby admit that we are within the
category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.
Very truly yours,
/s/ Gibson, Dunn & Crutcher LLP
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