MAR – Market expectations are for record-high Uniform ROA, and management is confident about their loyalty program, the integration of sales teams, and asset recycling targets

• Marriott International, Inc. (MAR:USA) currently trades near historical highs relative to UAFRS-based (Uniform) Earnings, with a 35.6x Uniform P/E, implying bullish expectations for the firm. Meanwhile, management is confident about their progress integrating Starwood
• Specifically, management is confident in the changes made to the redemption formulas for their loyalty programs, which ensure that hotel owners have less incentive to drop rates at the last minute. Additionally, they are confident in their estimate of $1.5bn of asset recycling proceeds from the closing of the Starwood acquisition to year-end 2018, and about the success of the integration of sales forces