Restaurants, Travel and Leisure
Restaurants, Travel and Leisure Lodging
Rooms, not real estate
Marriott 1.78 million rooms. Hilton 1.35 million. Hilton owned 46 hotels and 15,287 rooms. Marriott says owned or leased rooms are less than one percent of its system. Host Hotels and Vici live on REITs.
Franchised / licensedManaged / otherOwned / leased
Fees versus cost reimbursement
Marriott GAAP $26.19B includes $19.20B of reimbursement. Hilton GAAP $12.04B includes $7.09B. The fee lines are the brand P&L.
FeesOwned / otherCost reimbursement
RevPAR is already slow
Hilton 2025 system-wide comparable RevPAR +0.4%. Marriott worldwide +2.0%. Both 2026 guides sit in a 1.0% to 2.5% band. Fee growth is now more rooms than rate.
| Company | Metric | Value | Note |
|---|---|---|---|
| Marriott | 2025 worldwide RevPAR | +2.0% | International +5.1%; US and Canada +0.7% |
| Marriott | 2026 worldwide RevPAR guide | +1.5% to +2.5% | Company outlook |
| Marriott | 2025 net rooms growth | +4.3% | About 73,600 net rooms |
| Hilton | 2025 system-wide comparable RevPAR | +0.4% | Currency neutral |
| Hilton | 2026 system-wide RevPAR guide | +1.0% to +2.0% | Comparable, currency neutral |
| Hilton | 2025 net unit growth | +6.7% | 97,000 room openings; pipeline 520,500 rooms |
