Análisis Caso Marriott Corporation: Costo de Capital En el caso se plantea que Marriott utiliza cuatro elementos en su Estrategia Financiera las cuales apuntan a un crecimiento objetivo. Por lo que, se pregunta, ¿Son consistentes estos elementos con su crecimiento objetivo?, y para ello se realiza el siguiente análisis. I. Análisis de los Elementos de Estrategia Financiera: Primero debemos identificar que el alto crecimiento que busca Marriott es igual a maximizar el valor de la empresa y para ello se debe ocupar las proposiciones realizadas por Modigliani y Miller: Suponiendo que en un mercado perfecto el valor de mercado de la empresa no se ve afectado por su decisión de estructura de capital. Por lo que la rentabilidad esperada del …show more content…
También se debe considerar que en un mercado perfecto la información es acezada a todo el publico y sabrán que la recompra de las acciones es sólo parte de la estrategia de “garantizar un valor de capital” Consideraciones de Mercado para el caso. Ahora, si consideramos que no se cumple un 100% las condiciones para que sea un mercado perfecto, ya que, para los cálculos fueron considerados los impuestos, y el nivel de apalancamiento asocia un riesgo por quiebra, y en donde también en el mercado no existe una empresa similar a Marriot de acuerdo a sus líneas de negocios, podríamos decir que nos situamos en un Mercado No perfecto. Entonces las decisiones sobre estructura de capital ya no serán irrelevantes. Por lo tanto, los cuatro elementos de su estrategia financiera si incrementan el valor de la empresa, ya que, realizan continuamente combinaciones para maximizarla. Estas combinaciones consideran un apalancamiento con una deuda mas barata, y en donde los accionistas asumen un riesgo por esta deuda y, por lo tanto, exigirán una tasa de rentabilidad mayor, debido a que la empresa tendrá obligaciones financieras mayores y utilizara una tasas de descuento mayores para sus evaluaciones. 2 II. Calculo del Costo de Capital de Marriott Para estimar el costo de
hotels and resorts, a cruise ship line, two theme parks, and 66,000 employees. (See Exhibit 1 for
Bethesda, Maryland is the headquarters of Marriott International Incorporate. This unique organization transpired from a root beer stand in 1927 into a world-renowned hospitality hotel chain in 1957. Information provided will focus on the evolution of the root beer stand into the Marriott International Incorporate vast hospitality empire. Today, the Marriott hospitality industry has 5,756 hotels with 30 brands in 118 countries with 1.1 million rooms. Additionally, the Marriott generated $14 billion in revenue during 2016 and had over 85 million combined loyalty members between the Marriott and Starwood Preferred Guest reward programs. Furthermore, Marriott partnered with Universal Music Group to bring their rewards member’s additional
Corporate valuation is improved by providing strong incentives to employees who work in MII. For example, publicly traded stock options are available for employees of MII, which should provide motivation and reward.
(9) Marriott puts a lot of attention to hiring the best talent and based on the results they have achieved so far, we can conclude that their assessment center and the selection process work very well. The selection process includes several steps. Each step provides Marriott with valuable information about a candidate including information about his skills and experiences. The length of the selection process depends on the position, location and number of applicants. Marriott ranks several preferred candidates and if the first one denies the offer, it proceeds with the offer to the second one, and so on until one of the candidates accepts the offer. This saves a lot of time for the company.
Marriott is renowned for its elegant and comfortable hotels and resorts. The company caters to a targeted customer base, ranging from the frequent corporate business traveler to the family enjoying their occasional weekend get-away. Marriott has continued its rise in the lodging, contract services, and restaurant industries. The company continuously strives to meet the needs and wants of its customers while strategically maneuvering the rigors of today’s competitive and ever-evolving market of glamorous destinations and convenient services. In order to remain relevant in a highly-competitive environment, Marriott must strike that successful balance of minimizing costs, and gaining and effectively
The idea of repurchasing shares was no stranger to Bill Marriott by January 1980. Almost five million shares of common stock had been repurchased on the open market by Marriott Corporation during 1979 at a total cost of $74 million and an average price of $15.16 in the belief that they were undervalued—a belief that still was not fully reflected in the market price. At $19 5/8, the stock was selling at only six times cash flow per share; and its price/earnings ratio of nine was a far cry from historical multiples as high as fifty times as recently as 1973. Its low price seemed to offer once again an obvious opportunity to benefit shareholders. However,
In this essay I would like to elaborate on the investment analysis of two companies, open a space of possibilities in discourse and practices in order to determine which of the two companies to invest in. The essay will commence with a brief overview of the two companies that are being considered. The latter part of the essay will explain and critique the financial position of the two companies and also the strategy and structure of the organization. For this purpose different financial tools will be used. The conclusion will be description and reasons for the company chosen to invest.
As Market risk premium I take the “Spread between S& P 500 Composite Returns and Long-Term U.S. Government Bond Returns 1926-1987” from Exhibit 5 as appropriate value.
This case involves the study of the Hamilton Hotel and the use of forecasting to help predict their demand on a specific day. Marriott Hotels operated the Hamilton hotel. Marriott has been known for a culture that puts people first. Marriott is recognized worldwide for their enduring values, their spirit to serve, and their corporate commitment to creating better places to live and work.
Marriott International envisions itself to be the world’s lodging leader. Its mission is to provide the best possible lodging services experience to customers who vary in backgrounds, language, tradition, religion and cultures all around the world. Marriot is committed to environmental preservation through using environment-friendly technology and engages in social responsibility and community engagement. We value our shareholder’s so we will only take steps that will ensure our growth. Most importantly, through our “spirit to serve”, we emphasize the importance of Marriott’s people and recognize the value they bring to the organization’s growth and success. It aims to increase revenues by 9% every year, to increase
The four components of Marriott's financial strategy are consistent with its growth objective. Managing hotel assets multiplied the total worth of hotels than otherwise owned by it, thus increased EPS. Optimizing the use of debt in the capital structure, based on a
The Marriott Corporation, an American firm, was founded in 1927 by J.Willard Marriot.The company began as a small beer stand and soon began to sell food and provided lodging that expanded rapidly. With the help of his wife Alice, the family owned business had 45 restaurants in nine states by 1940 and grew into one of the leading service companies. The Company has three major lines of business: lodging, contract service and restaurants.
The organization has explicitly kept this advantageous environment over other organizations by improving its service capacity. Additionally, the organization ensures that it stays ahead of its rivals by engaging in research and development that focuses on luxury products and markets analysis. The Ritz-Carlton hotel uses data from its research to predict the future of the industry; therefore able to dictate what and how the market will trend in the foreseeable future. Another factor that keeps the organization’s advantage over its rivals is that while rivals tend to become a hotel brand in the industry, Ritz-Carlton has rather position itself to be a leader and lifestyle brand that constantly develop new properties and ensure that customers live the culture of the hotel. The final factor that has kept the advantage of the organization intact is the culture of trust that exists between the management and employees. The leadership of the hotel lives and communicates the organization’s value to its employees who in turn satisfy customers in a way that they often anticipate a return visit. These are some of the reasons that the Ritz-Carlton hotel continued advantageous environment over its rivals has persisted in the hotel and resort industry (Reiss,
El problema al que se ve enfrentado Marriott como empresa, si bien puede verse desde variados puntos de vista, se puede resumir en un aspecto principal y relevante. Y esto es calcular cual es el costo de capital de la empresa como un todo; además de calcularlo de manera individual para cada una de sus divisiones, ya que la Marriott las trata en sus análisis como si fuesen empresas independientes.
El consumidor necesita que se le resuelva un problema. La publicidad se hace para persuadir, o generar Acción (de la estructura AIDA)