# EDGAR Filing Document

**Accession Number:** 0001048286
**File Stem:** 0001628280-25-032868
**Filing Date:** 2025-6
**Character Count:** 37723
**Document Hash:** 92f556409a73b0a212e1adb9fddaf8f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-032868.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001628280-25-032868

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250624

**DATE AS OF CHANGE**: 20250624

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MARRIOTT INTERNATIONAL INC /MD/
- **CENTRAL INDEX KEY:** 0001048286
- **STANDARD INDUSTRIAL CLASSIFICATION:** HOTELS & MOTELS [7011]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 522055918
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13881
- **FILM NUMBER:** 251069810

**BUSINESS ADDRESS:**
- **STREET 1:** 7750 WISCONSIN AVENUE
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
- **BUSINESS PHONE:** 3013803000

**MAIL ADDRESS:**
- **STREET 1:** 7750 WISCONSIN AVENUE
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEW MARRIOTT MI INC
- **DATE OF NAME CHANGE:** 19971023

**<u>[**Table of Contents**](#i25f77e40123d4c8cadaec862e4bf8999_4)</u>**

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 11-K**

**ANNUAL REPORT**

**Pursuant to Section 15(d) of the**

**Securities Exchange Act of 1934**

(Mark One):

---

| | |
|:---|:---|
| 🗷 | **ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|  | **For the plan year ended December 31, 2024** |
|  | **OR** |
| □ | **TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|  | <br>**For the transition period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** |

---

**Commission file number 1-13881**

 A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

**MARRIOTT INTERNATIONAL, INC. PUERTO RICO RETIREMENT PLAN**

 B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

**MARRIOTT INTERNATIONAL, INC.**

**7750 Wisconsin Avenue**

**Bethesda, Maryland 20814**

------

**<u>[**Table of Contents**](#i25f77e40123d4c8cadaec862e4bf8999_4)</u>**

**MARRIOTT INTERNATIONAL, INC.** 

**PUERTO RICO RETIREMENT PLAN** 

FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE

WITH REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

December 31, 2024 and 2023

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | **PAGE** |
| <u>[Report of Independent Registered Public Accounting Firm](#i25f77e40123d4c8cadaec862e4bf8999_7)</u> | <u>[3](#i25f77e40123d4c8cadaec862e4bf8999_7)</u> |
| Financial Statements |  |
| <u>[Statements of Net Assets Available for Benefits](#i25f77e40123d4c8cadaec862e4bf8999_13)</u> | <u>[4](#i25f77e40123d4c8cadaec862e4bf8999_13)</u> |
| <u>[Statement of Changes in Net Assets Available for Benefits](#i25f77e40123d4c8cadaec862e4bf8999_16)</u> | <u>[5](#i25f77e40123d4c8cadaec862e4bf8999_16)</u> |
| <u>[Notes to Financial Statements](#i25f77e40123d4c8cadaec862e4bf8999_19)</u> | <u>[6](#i25f77e40123d4c8cadaec862e4bf8999_19)</u> |
| <u>[Supplemental Schedule](#i25f77e40123d4c8cadaec862e4bf8999_46)</u> |  |
| <u>[Schedule H, Line 4i - Schedule of Assets (Held at End of Year)](#i25f77e40123d4c8cadaec862e4bf8999_46)</u> | <u>[16](#i25f77e40123d4c8cadaec862e4bf8999_46)</u> |
| <u>[Signatures](#i25f77e40123d4c8cadaec862e4bf8999_49)</u> | <u>[17](#i25f77e40123d4c8cadaec862e4bf8999_49)</u> |
| Exhibit Index |  |
| <u>[Ex 23.1 Consent of Independent Registered Public Accounting Firm - CohnReznick LLP](marpuertorico202411-kex231.htm)</u> |  |

---

The accompanying notes are an integral part of these financial statements.

------

**<u>[**Table of Contents**](#i25f77e40123d4c8cadaec862e4bf8999_4)</u>**

**<u>Report of Independent Registered Public Accounting Firm</u>**

To the Retirement Plan Committee and Plan Participants

Marriott International, Inc. Puerto Rico Retirement Plan

*Opinion on the Financial Statements* 

We have audited the accompanying statements of net assets available for benefits of the Marriott International, Inc. Puerto Rico Retirement Plan (the "Plan") as of December 31, 2024 and 2023, and the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes to the financial statements (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

*Basis for Opinion*

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purposes of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

*Supplemental Information* 

The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2024, has been subjected to audit procedures performed in conjunction with the audits of the Plan's financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental

information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ CohnReznick LLP

We have served as the Plan's auditor since 2024.

Bethesda, Maryland

June 24, 2025

The accompanying notes are an integral part of these financial statements.

------

**<u>[**Table of Contents**](#i25f77e40123d4c8cadaec862e4bf8999_4)</u>**

**MARRIOTT INTERNATIONAL, INC.**

**PUERTO RICO RETIREMENT PLAN**

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

December 31, 2024 and 2023

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2024** | **2023** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at fair value | $25236978 | $21238985 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes receivable from participants | 445 | 11474 |
| Total assets | 25237423 | 21250459 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $28385 | $15360 |
| Total liabilities | 28385 | 15360 |
| **Net assets available for benefits** | $25209038 | $21235099 |

---

The accompanying notes are an integral part of these financial statements.

------

**<u>[**Table of Contents**](#i25f77e40123d4c8cadaec862e4bf8999_4)</u>**

 **MARRIOTT INTERNATIONAL, INC.**

**PUERTO RICO RETIREMENT PLAN** 

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

FOR THE YEAR ENDED December 31, 2024

---

| | |
|:---|:---|
| **Additions:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Net appreciation in fair value of investments | $2540012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income | 771431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income on notes receivable from participants | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Participant contributions | 2078707 |
| &nbsp;&nbsp; Rollover contributions | 20262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marriott International, Inc. contributions | 664927 |
| &nbsp;&nbsp;Total additions | 6075577 |
| **Deductions:** |  |
| &nbsp;&nbsp;Benefits paid to participants | 2019449 |
| &nbsp;&nbsp;Administrative expenses | 82189 |
| &nbsp;&nbsp;Total deductions | 2101638 |
| Net increase | 3973939 |
| Net assets available for benefits at beginning of year | 21235099 |
| Net assets available for benefits at end of year | $25209038 |

---

The accompanying notes are an integral part of these financial statements.

------

**<u>[**Table of Contents**](#i25f77e40123d4c8cadaec862e4bf8999_4)</u>**

 **MARRIOTT INTERNATIONAL, INC.**

 **PUERTO RICO RETIREMENT PLAN** 

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

---

| | |
|:---|:---|
| **NOTE 1:** | **DESCRIPTION OF THE PLAN** |

---

The following description of the Marriott International, Inc. Puerto Rico Retirement Plan (the "Plan"), provides only general information. Participants should refer to the Plan Document and Summary Plan Description for a more complete description of the Plan's provisions.

**General**

The Plan was established on June 1, 1998 as a profit-sharing plan with a cash or deferred arrangement intended to qualify under Sections 1165(a) and (e) of the Puerto Rico Internal Revenue Code of 1994 (the "1994 Code"). The Plan is sponsored by Luxury Hotels International of Puerto Rico, Inc. (the "Company"). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended.

Effective October 1, 2024, plan administration and recordkeeping were transferred from Alight Solutions to Fidelity Investments ("Fidelity"), and custodial responsibilities were transferred from The Northern Trust Company to Fidelity Management Trust Company ("FMTC"). Oriental Bank and Trust remains the Plan trustee.

**Contributions**

Contributions to the Plan come from employee salary reduction contributions and employer matching contributions. If an employee elects to participate in the Plan, contributions may be made through salary deferrals between 1% and 80% of eligible earnings in any plan year, subject to certain limitations. The Company makes matching contributions after the participant completes a one-year waiting period equal to 40% of the first 7% of the eligible earnings contributed to the Plan by participants, on a payroll period basis.

Eligible employees may also contribute rollover amounts to the Plan, representing eligible rollover distributions from other eligible retirement plans.

**Participant Accounts**

Individual accounts are maintained for each participant. Each participant's account is credited with the participant's contributions, the Company's matching contribution (if any), and the applicable earnings or losses for the investments selected by the participant, and charged with an allocation of administrative expenses. The benefit to which a participant is entitled is the vested benefit in the participant's account.

------

**<u>[**Table of Contents**](#i25f77e40123d4c8cadaec862e4bf8999_4)</u>**

**MARRIOTT INTERNATIONAL, INC.**

 **PUERTO RICO RETIREMENT PLAN** 

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

**NOTE 1: DESCRIPTION OF THE PLAN (Continued)**

**Forfeitures**

Participants who terminate employment before becoming fully vested will forfeit the nonvested portion of their matching account balances unless resuming employment before incurring a five-year break in service. During 2024, $450 of forfeitures were utilized to pay plan expenses.

**Eligibility**

An employee is eligible to participate in the Plan if the employee is non-union, and has completed at least 1,000 hours of service within one twelve-month period of service.

**Vesting**

Participants are immediately vested in their own contributions and the investment earnings thereon. Participants are 100% vested after completing two years of service with respect to matching contributions made by the Company and related earnings.

**Investments**

Upon enrollment in the Plan, a participant may allocate employer and employee contributions to any of the available investment options. Participants may change their investment options on a daily basis, subject to any trading restrictions imposed by individual investment funds.

**Notes Receivable from Participants**

Effective April 1, 2018, participant loans are no longer permitted in the Plan. Prior to April 1, 2018, participants could borrow up to 50% of their rollover and employee elective account balances with a minimum loan request of $500 and a maximum of $50,000, reduced by the highest loan balance in the last 12-month period. Loan terms ranged from 1-4 years, or up to 15 years for the purchase of a primary residence. Outstanding loans are secured by the balance in the participant's account and bear interest at prime rate as of the last business day of the prior calendar quarter as published by the *Wall Street Journal* plus 200 basis points, except that for the loans issued in the third quarter of 2016, the loans bore interest at the prime rate as of the last business day of the prior calendar quarter as published by the *Wall Street Journal* plus 100 basis points. Principal and interest are repaid through payroll deductions.

------

**<u>[**Table of Contents**](#i25f77e40123d4c8cadaec862e4bf8999_4)</u>**

**MARRIOTT INTERNATIONAL, INC.**

 **PUERTO RICO RETIREMENT PLAN** 

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

**NOTE 1: DESCRIPTION OF THE PLAN (Continued)**

**Payment of Benefits** 

A participant can take a distribution from the Plan upon termination of service, death, disability, or attainment of age 59 1/2, and other situations as detailed by the Plan Document.

**Administration**

The Retirement Plan Committee serves as the named fiduciary of the Plan, except with respect to the Marriott Company Stock Fund. Administration of the Plan is under the direction of (i) the Retirement Plan Committee, all of whom are members of senior management of Marriott International, Inc. ("Marriott"); (ii) a trustee; and (iii) a Plan administrator, who is an employee of Marriott. Under section 404(c) of ERISA, the Plan offers participants the opportunity to direct their own investments. The Retirement Plan Committee is responsible for selecting and overseeing these investment options, other than the Marriott Company Stock Fund, and has delegated certain responsibilities to the Plan trustee and the investment adviser it has retained. The Stock Fund Investment Committee is the sole named fiduciary of the Plan with regards to the investment of the Marriott Company Stock Fund.

**Administrative and Investment Expenses**

To the extent not paid by the Company, administrative and investment expenses are paid from the Plan's forfeiture account and/or by the Plan participants, allocated based on account balances.

Certain expenses of maintaining the Plan are paid directly by the Company and are excluded from these financial statements. Fees related to the administration of notes receivable from participants are charged directly to the participant's account and are included in administrative expenses. Investment related expenses are included in the "Net appreciation in fair value of investments" caption of the Statement of Changes in Net Assets Available for Benefits.

**Plan Termination**

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and terminate or amend the Plan subject to the Plan Document. In the event of Plan termination, participants will become 100% vested in their accounts, to the extent required by law.

------

**<u>[**Table of Contents**](#i25f77e40123d4c8cadaec862e4bf8999_4)</u>**

**MARRIOTT INTERNATIONAL, INC.**

 **PUERTO RICO RETIREMENT PLAN** 

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

**NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**Basis of Accounting**

The financial statements of the Plan are prepared on the accrual basis of accounting.

**Use of Estimates**

The preparation of financial statements in conformity with United States Generally Accepted Accounting Principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

**Investment Valuation and Income Recognition**

The Plan's investments are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 3 for discussion of fair value measurement.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Plan's gains and losses on investments bought and sold, as well as held during the year.

**Payment of Benefits**

Benefits are recorded when paid.

**Fair Value Measurements**

Accounting Standards Codification ("ASC") 820, *Fair Value Measurements and Disclosures* establishes a framework for measuring fair value. This framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities ("Level 1"), the next priority to quoted values based on observable inputs ("Level 2"), and the lowest priority to values based on unobservable inputs ("Level 3"). The three levels of the fair value hierarchy under ASC 820 are briefly described below:

Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access at the measurement date. For example, stocks listed on a recognized exchange or listed mutual funds.

------

**<u>[**Table of Contents**](#i25f77e40123d4c8cadaec862e4bf8999_4)</u>**

**MARRIOTT INTERNATIONAL, INC.**

 **PUERTO RICO RETIREMENT PLAN** 

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

**NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)**

Level 2: Inputs to the valuation methodology include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quoted prices for similar assets or liabilities in active markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quoted prices for identical or similar assets or liabilities not active markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inputs other than quoted prices that are observable for the asset or liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3: Level 3 inputs include unobservable inputs that reflect our assumptions about

what factors market participants would use in pricing the asset or liability. We develop these inputs based on the best information available, including our own data and significant to the fair value measurement.

Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

Following is a description of the valuation methodologies used for assets measured at fair value as of December 31, 2024 and 2023.

*Cash and Cash Equivalents*: The Plan considers all highly liquid investments with an initial maturity of three months or less at date of purchase to be cash equivalents.

*Mutual funds*: Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-ended mutual funds that are registered with the Securities Exchange Commission. These funds are required to publish their daily net asset value ("NAV") and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

*Common collective trust*: Valued at the NAV of units of a collective trust. The NAV, as provided by the custodian, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities.

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**<u>[**Table of Contents**](#i25f77e40123d4c8cadaec862e4bf8999_4)</u>**

**MARRIOTT INTERNATIONAL, INC.**

 **PUERTO RICO RETIREMENT PLAN** 

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

**NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)**

Participant transactions (purchases and sales) may occur daily. If the Plan initiates a full redemption of the collective trust, *the* issuer reserves the right to require 12 months notification in order to ensure that securities liquidations will be carried out in an orderly business manner.

The *Marriott Company Stock Fund* (the "Stock Fund") is tracked on a unitized basis. The Stock Fund consists of Marriott International, Inc. common stock, funds held in the Fidelity Treasury Portfolio as of December 31, 2024 and Northern Trust Company Collective Short-Term Investment Fund as December 31, 2023, sufficient to meet the Stock Fund's daily cash needs, as well as interest and dividends receivable. Unitizing the Stock Fund allows for daily trades. The value of a unit reflects the combined market value of Marriott International, Inc. common stock, valued at its quoted market price, and the cash investments and receivables held by the Stock Fund. At December 31, 2024, 172,855 units were outstanding with a value of $21.73 per unit. At December 31, 2023, 163,820 units were outstanding with a value of $17.59 per unit.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in valuation methodologies from December 31, 2023 to December 31, 2024.

**Notes Receivable from Participants** 

Notes receivable from participants are recorded at principal less repayments plus accrued interest. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed when they are incurred. If a participant ceases to make loan repayments and the plan administrator deems the participant loan to be in default, the participant loan balance is reduced, and a benefit payment is recorded.

**Contributions**

Contributions from Plan participants and the matching contributions from the Company are recorded in the year in which the employee contributions are withheld from compensation.

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**<u>[**Table of Contents**](#i25f77e40123d4c8cadaec862e4bf8999_4)</u>**

**MARRIOTT INTERNATIONAL, INC.**

 **PUERTO RICO RETIREMENT PLAN** 

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

**NOTE 3: FAIR VALUE MEASUREMENTS**

The following tables present the investments of the Plan that are measured at fair value on a recurring basis at December 31, 2024 and 2023:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Assets at Fair Value as of December 31, 2024 | Assets at Fair Value as of December 31, 2024 | Assets at Fair Value as of December 31, 2024 | Assets at Fair Value as of December 31, 2024 |
|  | Level 1 | Level 2 | Level 3 | Total |
| Mutual funds | $17915213 | $— | $— | $17915213 |
| Marriott Company Stock Fund | 3756160 |  |  | 3756160 |
| Total assets in the fair value hierarchy | 21671373 |  |  | 21671373 |
| Investment measured at net asset value (a) |  |  |  | 3565605 |
| Total investments at fair value |  |  |  | $25236978 |
|  | Assets at Fair Value as of December 31, 2023 | Assets at Fair Value as of December 31, 2023 | Assets at Fair Value as of December 31, 2023 | Assets at Fair Value as of December 31, 2023 |
|  | Level 1 | Level 2 | Level 3 | Total |
| Mutual funds | $18292230 | $— | $— | $18292230 |
| Marriott Company Stock Fund | 2881750 |  |  | 2881750 |
| Total assets in the fair value hierarchy | 21173980 |  |  | 21173980 |
| Investment measured at net asset value (a) |  |  |  | 65005 |
| Total investments at fair value |  |  |  | $21238985 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In accordance with Subtopic 820-10, certain investments that were measured at NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Statements of Net Assets Available for Benefits.

There were no Level 3 investments at December 31, 2024 and 2023.

The following table summarizes investments for which fair value is measured using NAV per share practical expedient as of December 31, 2024 and 2023. There are no participant redemption restrictions for these investments; the redemption notice period is applicable only to the Plan.

As of December 31, 2024 and 2023, there were no unfunded commitments.

.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | December 31, 2024<br>Fair Value | December 31, 2023<br>Fair Value | Redemption Frequency<br>(if currently eligible) | Redemption<br>Notice Period |
| Northern Trust Collective S&P 500 Index Fund - DC | $3565605 | $— | Daily | 12 Months |
| NT Collective Short Term Investment Fund |  | 65005 | Daily | 12 Months |

---

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**<u>[**Table of Contents**](#i25f77e40123d4c8cadaec862e4bf8999_4)</u>**

**MARRIOTT INTERNATIONAL, INC.**

 **PUERTO RICO RETIREMENT PLAN** 

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

**NOTE 4: PARTY-IN-INTEREST**

The Plan may, at the direction of Plan participants, invest its assets in securities issued by Marriott International, Inc. The Plan through the Stock Fund held 13,341 and 12,627 shares of common stock of Marriott International, Inc. as of December 31, 2024 and 2023, respectively. There were dividends of $33,209 on Marriott International, Inc. common stock for the year ended December 31, 2024. The closing share price as listed on the Nasdaq stock exchange as of December 31, 2024 and 2023 was $278.94 and $225.51, respectively.

Certain Plan investments were invested in funds managed by Fidelity and Northern Trust. Fidelity is the trustee at December 31, 2024 and Northern Trust was the trustee at December 31, 2023, as defined by the Plan, and therefore, these transactions qualify as party-in-interest transactions.

**NOTE 5: RISK AND UNCERTAINTIES**

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the Statements of Net Assets Available for Benefits.

**NOTE 6: INCOME TAX STATUS**

The Plan obtained its most recent determination letter on December 21, 2021, from the Treasury Department of the Commonwealth of Puerto Rico (the "Treasury Department"). The letter was received in response to amendments made to the Plan effective January 1, 2021 and April 27, 2021. The Treasury Department stated that the Plan is in compliance with the applicable requirements of the 1994 Code and that such amendments will not affect in any way the ruling issued on behalf of the aforesaid plan on May 11, 2004.

Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions for years since inception; however, there are currently no audits for any tax periods in progress.

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**MARRIOTT INTERNATIONAL, INC.**

 **PUERTO RICO RETIREMENT PLAN** 

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

**NOTE 7: RECONCILIATION OF FINANCIAL STATEMENTS AND FORM 5500**

The following is a reconciliation of net assets available for benefits as reported in the financial statements to the Form 5500:

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2024** | **2023** |
| Net assets available for benefits as reported in financial statements | $25209038 | $21235099 |
| Loans deemed as distribution for financial statements reporting purposes |  | 53785 |
| Deemed distributions during the year for Form 5500 purposes |  | (49902) |
| Net assets available for benefits as reported in Form 5500 | $25209038 | $21238982 |

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The following is a reconciliation of benefits paid to participants as reported in the financial statements to the Form 5500 for the year ended December 31, 2024:

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| | |
|:---|:---|
| Benefits paid to participants as reported in the financial statements | $2019449 |
| Loans deemed as distribution for the purpose of financial statement reporting purposes at December 31, 2023 | 53785 |
| Loans deemed as distribution for the purpose of Form 5500 at December 31, 2023 | (49902) |
| Benefits paid to participants as reported in the Form 5500 | $2023332 |

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**MARRIOTT INTERNATIONAL, INC.**

 **PUERTO RICO RETIREMENT PLAN** 

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

**NOTE 7: RECONCILIATION OF FINANCIAL STATEMENTS AND FORM 5500 (Continued)**

The following is a reconciliation of notes receivable from participants as reported in the financial statements to the Form 5500:

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2024** | **2023** |
| Notes receivable from participants per financial statements | $445 | 11474 |
| Loans deemed as distribution for the purpose of financial statements |  | 53785 |
| Net deemed distributions during the year for the Form 5500 purposes |  | (49902) |
| Notes receivable from participants per Form 5500 | $445 | $15357 |

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The following is a reconciliation of the change in net assets available for benefits as reported in the financial statements to the Form 5500 for the year ended December 31, 2024:

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| | |
|:---|:---|
| Net increase in net assets available for benefits as reported in the financial statements | $3973939 |
| Change in net deemed distributions during the year for the Form 5500 purposes | (3883) |
| Net increase in net assets available for benefits as reported in the Form 5500 | $3970056 |

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**NOTE 8: SUBSEQUENT EVENTS**

The Plan has evaluated events subsequent to December 31, 2024 and through June 24, 2025, the date the financial statements were issued, and determined that there were no events that require adjustments to these financial statements.

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**Marriott International, Inc.** 

**Puerto Rico Retirement Plan**

EIN: 74-3052234; Plan No.: 001

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

December 31, 2024

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| | | | | |
|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of Issuer, Borrower, Lessor, or Similar Party** | **(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value** | **(d) Cost\*\*** | **(e) Current Value** |
| \* | Participant loans | Interest rates ranging from 4.25% to 5.5% with various maturities |  | $445 |
|  | **Separately Managed Account** |  |  | $**3756160** |
| \* | Marriott International, Inc. | Marriott International, Inc. Common Stock Fund | \*\* | $3756160 |
|  | **Mutual Funds** |  |  | $**17915213** |
|  | Vanguard | Vanguard Treasury Money Market Fund | \*\* | $3406236 |
|  | Vanguard | Vanguard Target Retirement Income Fund | \*\* | 829 |
|  | Vanguard | Vanguard Target Retirement 2020 Fund | \*\* | 131621 |
|  | Vanguard | Vanguard Target Retirement 2025 Fund | \*\* | 821423 |
|  | Vanguard | Vanguard Target Retirement 2030 Fund | \*\* | 957993 |
|  | Vanguard | Vanguard Target Retirement 2035 Fund | \*\* | 1114687 |
|  | Vanguard | Vanguard Target Retirement 2040 Fund | \*\* | 1030310 |
|  | Vanguard | Vanguard Target Retirement 2045 Fund | \*\* | 809451 |
|  | Vanguard | Vanguard Target Retirement 2050 Fund | \*\* | 692229 |
|  | Vanguard | Vanguard Target Retirement 2055 Fund | \*\* | 351919 |
|  | Vanguard | Vanguard Target Retirement 2060 Fund | \*\* | 64293 |
|  | Vanguard | Vanguard Target Retirement 2065 Fund | \*\* | 15634 |
|  | Vanguard | Vanguard Target Retirement 2070 Fund | \*\* | 1813 |
|  | Dodge & Cox | Dodge & Cox Income Fund Class X | \*\* | 1253091 |
|  | Dodge & Cox | Dodge & Cox Stock Fund Class X | \*\* | 1843271 |
|  | T. Rowe Price | T. Rowe Price Mid-Cap Growth Fund | \*\* | 1395437 |
|  | American Funds EuroPacific | American Funds EuroPacific Growth Fund® Class R-6 | \*\* | 842910 |
|  | American Beacon | American Beacon Small Cap Value Fund R6 Class | \*\* | 807065 |
| \* | Fidelity | Fidelity Blue Chip Growth K6 Fund | \*\* | 2375001 |
|  | **Common Collective Trust** |  |  | **3565605** |
| \* | Northern Trust Investments, Inc. | Northern Trust Collective S&P 500 Index Fund - DC - Non-Lending | \*\* | 3565605 |
|  |  |  |  | $25237423 |

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<sup>\*</sup> Party-in-interest to the Plan

<sup>\*\*</sup>Cost information not required

See Report of Independent Registered Public Accounting Firm

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Administrator of the Plan has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
| | **MARRIOTT INTERNATIONAL, INC. PUERTO RICO RETIREMENT PLAN** |
| June 24, 2025 | /s/ Thaddeus Shepherd |
| | Plan Administrator |

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## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the Registration Statement of Marriott International, Inc. on Form S-8 (No. 333-249913 and 333-284982) of our report dated June 24, 2025, appearing in this Annual Report on Form 11-K of Marriott International, Inc. Puerto Rico Retirement Plan for the year ended December 31, 2024.

/s/ CohnReznick LLP

Bethesda, Maryland

June 24, 2025

<br>