2006 Annual Report

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A Place to Savor Gone are the days of the old hotel coffee shop. Today, guests are seeking more than sustenance when they dine in a hotel restaurant, and Marriott delivers the culinary experience in a way that is exciting, contemporary and in concert with fresh and healthy dining trends. Marriott restaurants have become destinations unto themselves — for both guests and local residents — with street-side access, concept-driven menus and an ambience that is stylish, warm and innovative. Bars, too, now offer a hip, local vibe, with top-notch mixology programs, signature drinks and an intriguing urban style. The growing prestige of Marriott’s restaurants is attracting both celebrity chefs and rising stars, such as Jun Tanaka (shown above), Gordon Ramsey, Laurent Tourondel and Bradley Ogden. 1331, the fashionable restaurant and bar at the JW Marriott Hotel Pennsylvania Avenue in Washington, DC 4 | MARRIOTT INTERNATIONAL, INC. 2006
A Place to Achieve At Marriott, we know our business guests are expert travelers, with a variety of needs and one common goal — to realize ultimate productivity while on the road, enjoying the journey along the way. To that end, Marriott is constantly creating ways to make business travel more convenient and satisfying. This year, Marriott introduced eFolio, so that guests can receive their hotel bills via email. Globally, Marriott has expanded the business-focused Courtyard brand, introducing a new prototype in France and launching an aggressive roll-out of the hotel “designed by business travelers” throughout Europe. These innovations have not gone unnoticed — in the 2006 TripAdvisor global survey, business travelers named Marriott the most preferred hotel for business trips. Courtyard Paris Colombes MARRIOTT INTERNATIONAL, INC. 2006 | 5
Page 1 and 2: MARRIOTT INTERNATIONAL, INC. 2006 A
Page 3 and 4: Our Brands The Ritz-Carlton ® Hote
Page 5: As the brand catering to the “enj
Page 9 and 10: A Place to Let Go For many, leisure
Page 11 and 12: To Our Shareholders J.W. MARRIOTT,
Page 13 and 14: Risk Factors FORWARD-LOOKING STATEM
Page 15 and 16: ownership could prevent potential c
Page 17 and 18: Management’s Discussion and Analy
Page 19 and 20: eceipt in 2005, of a $10 million te
Page 21 and 22: “Accounting for Real Estate Time-
Page 23 and 24: everage and other revenue, and new
Page 25 and 26: Comparable Company- Comparable Oper
Page 27 and 28: 2006 COMPARED TO 2005 Across our No
Page 29 and 30: increase in base management and inc
Page 31 and 32: The table below details the impact
Page 33 and 34: production, our synthetic fuel prod
Page 35 and 36: Dividends. In April 2006, our Board
Page 37 and 38: previously deferred and recognize t
Page 39 and 40: Consolidated Statement of Income Fi
Page 41 and 42: Consolidated Statement of Cash Flow
Page 43 and 44: Notes to Consolidated Financial Sta
Page 45 and 46: “Other long-term assets” line i
Page 47 and 48: FIN 48, only tax positions that mee
Page 49 and 50: 3 | INCOME TAXES See the “Future
Page 51 and 52: weighted average remaining term was
Page 53 and 54: 7 | PROPERTY AND EQUIPMENT ($ in mi
Page 55 and 56: 2004 Dispositions We sold two lodgi
Page 57 and 58:
At year-end 2006, $1,123 million of
Page 59 and 60:
the Series F Notes and Series G Not
Page 61 and 62:
Audit of Employee Stock Ownership P
Page 63 and 64:
Depreciation and Amortization ($ in
Page 65 and 66:
JWM Family Enterprises, L.P. JWM Fa
Page 67 and 68:
Selected Historical Financial Data
Page 69 and 70:
Non-GAAP Financial Measure Reconcil
Page 71 and 72:
Report of Independent Registered Pu
Page 73 and 74:
Board of Directors [BACK ROW, LEFT
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2006 Annual Report

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