Cost of Capital

Marriott International
(Analysis of Case Study by Harvard Business Review)

Prepared for
Dr. Md. Rezaul Kabir
Associate Professor
IBA, University of Dhaka

Prepared by
Muhammad Sayem Ahmed – ZR1901013, Batch-33
Manimul Hoque – ZR1901010, Batch-33
Abdullah Mohammad Bayezid – ZR1901034, Batch-33
Jalaluddin Baybers – ZR1703033, Batch-29
Obaidullah Al Mahmud Refat – ZR1302035, Batch-16
 Table of Contents

Background Information ......................................................................................................................... 1

Key Information of our case study ...................................................................................................... 2
Description of major lines of Business ............................................................................................... 2
Business strategy ................................................................................................................................. 3
Cost of Capital ....................................................................................................................................... 3
Weighted average cost of capital (WACC) of Marriott Corporation .................................................. 6
Weighted average cost of capital (WACC) of Marriott Corporation’s Lodging Division .................. 8
Weighted average cost of capital (WACC) of Marriott Corporation’s Restaurant Division ............ 10
Weighted average cost of capital (WACC) of Marriott Corporation’s Contract Division ............... 12
QUESTIONS AND ANSWERS ......................................................................................................... 14
Bibliography ......................................................................................................................................... 18
Background Information
Marriott International, Inc. is an American multinational diversified hospitality company that
manages and franchises a broad portfolio of hotels and related lodging facilities. Founded by
J. Willard Marriott in 1927, the company is now led by his son, executive chairman Bill
Marriott, and president and chief executive officer Arne Sorenson. Marriott International is the
third largest hotel chain in the world. It has 30 brands with 7,003 properties in 131 countries
and territories around the world, over 1,332,826 rooms (as of March 31, 2019), including 2,035
that are managed with 559,569 rooms, 4,905 that are franchised or licensed with 756,156
rooms, and 63 that are owned or leased with 17,101 rooms, plus an additional 475,000 rooms
in the development pipeline and an additional 25,000 rooms approved for development but not
yet under signed contracts. (Wikipedia, n.d.)

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Key Information of our case study

In April 1988, Dan Cohrs, vice president of project finance at the Marriott Corporation, was
preparing his annual recommendations for the hurdle rates at each of the firm's three divisions.
Investment projects at Marriott were selected by discounting the free cash flows by the
appropriate hurdle rate for each division.
Following are some general information about Marriott’s past performance:
1. Sales growth is 24% and ROE stood at 22% (In 1987)
2. Sales and EPS had doubled over the previous 04 (four) years
3. Increasing the hurdle rate by 1%
(e.g. from 12% to 12.12%)
decreases the PV of project inflows
by 1%, which ultimately translated
into change NPV of projects (as cost
is fixed).
4. If hurdle rates increase, then once
profitable projects would no longer
be NPV accretive, as costs remain
the same but a larger discount factor
is applied on the cash inflows. With
less projects meeting the hurdle
rates, Marriott would be running short of new projects to increase topline and/or earnings.
5. Management considered to base the variable compensation (30-50% of fixed pay) on the
divisional hurdle rates, but there is no suggestion that they went ahead with it. The management
of Marriott considered to peg the annual incentive pay, which ranged 30-50% of base pay, with
the divisional return on net assets and market based hurdle rates. This compensation strategy
aims to align managers of the three divisions aligned with Marriott’s financial strategy and the
capital market conditions.
Description of major lines of Business
Marriott had three major lines of business: lodging, contract services, and restaurants.

Lines of Business Lodging Contract service Restaurants

Lodging Contract services
operations provided food and Marriott's restaurants
included 361 services management to included Bob's Big
Description
hotels, with more health care and Boy, Roy Rogers,
than 100,000 educational institutions and Hot Shoppes.
rooms in total. and Corporations
1987 sales 41% 46% 13%
1987 profits 51% 33% 16%

Exhibit 2 Provides Marriott’s Financial Summary by Business Segment (1982-1987).

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Business strategy
The four key elements of Marriott’s financial strategy are the following:
1. Manage rather than own hotel
assets: In 1987, Marriott developed
more than $1 billion worth of hotel
properties. However, rather than Manage Invest
retaining the ownership risk of these
properties, Marriott distributed the
ownership among investors. In effect,
the hotel properties were under
syndicated ownership, with Marriott
retaining operating control as the
managing partner under long term Optimize Repurshace
management contracts. The
consideration against the management of
the hotel properties as per the contract
was 3% of revenues plus additional 20%
of the profits before depreciation and debt service
2. Invest in projects that increase shareholder value: Setting too high a cost of capital in its
project valuations, then it will reject valuable opportunities that its competitors will happily
snap up. Setting the rate too low, on the other hand, almost guarantees that the company will
commit resources to projects that will erode profitability and destroy shareholder value.
3. Optimize the use of debt in the capital structure: Marriott determined the amount of debt
in its capital structure by focusing on its ability to service its debt. It used an interest coverage
target instead of a target debt-to-equity ratio. In 1987, Marriott had about $2.5 billion of debt,
59% of its total capital.
4. Repurchase undervalued shares: Marriott regularly calculated a "warranted equity value"
for its common shares and was committed to repurchasing its stock whenever its market price
fell substantially below that value. This company had more confidence in this approach rather
than adjusting the required rate of return to reduce the warranted value. The company believed
that repurchases of shares below warranted equity value were a better use of its cash flow and
debt capacity than acquisitions or owning real estate. In 1987, Marriott repurchased 13.6
million shares of its common stock for $429 million.

Cost of Capital

Marriott measured the opportunity cost of capital for investments of similar risk using the
weighted average cost of capital (WACC). Equation for WACC is:

D E
WACC = × (1-Tax rate) × rd + × re (V = D+E = Total capital)
V V

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Calculation of WACC for Marriott and each divisions of Marriott Corporation has been
done separately using the following 05 (Five) steps:
Step-1: Calculation of Ungeared or asset Beta of respective divisions by applying weighted
average Asset Beta (weighted based on sales of respective company) of all the
Comparable/Peer companies in the same Industry using the following equation:
βE
βA =
D
(1+ )
E

E
or, βA = βE × ( )
V

Step-2: Regearing the asset beta at target leverage to estimate Equity Beta using capital asset
pricing model (CAPM):
D
βE = βA × (1 + )
E

βA
or, βE =
E
( )
V
Step-3: Calculation of Cost of Equity (re) using the following equation:

re = rf + β(rm-rf)
Where, rf is the risk free rate and rm is the market rate of return
Step-4: Calculation of Cost of Debt (rd) (using information from Table-A and Table-B).
Step-5: Calculation of Weighted average cost of capital (WACC) using the following equation:
D E
WACC = × (1-T) × rd + × re
V V
(where, V = D+E = Total capital)

Beta: A measure for Market Risk/Systematic Risk/Undiversifiable Risk

Beta (β) calculates the level of systematic risk on a particular security by estimating the stock’s
sensitivity to the market portfolio, usually expressed by the following equation:
Cov (Ri, Rm)
β =
σ2 M
where, Cov (Ri, Rm) = Covariance between returns to the Security i and the market
σ2 M = Return variance for the market portfolio
So, from the above equation, it is clear that Beta (β) measures the strength of co-movement of
a particular stock with the market. Using beta (β) as the measure of systematic risk, the CAPM
redefines the expected risk premium per unit of risk (which we will see next in calculation of
Cost of Equity).

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Beta (β) shown above is called Equity Beta, reflects both the Business Risk and Financial Risk,
can also be expressed by the following equation:
D
βE = βA × (1 + )
E

where, βA = Asset Beta (a measure of Business risk only)

(1 + D/E) = Is a measure of leverage and indicates financial risk
D = Debt and E = Equity

The above equation can also be rewritten as follows:

(E + D)
βE = βA ×
E
V
or, βE = βA × ( )
E

βA
or, βE =
E
( )
V
Cost of Equity (re)
Capital asset pricing model (CAPM) theory of the relationship between risk and return states
that - “The expected risk premium on any security equals its beta times the market risk
premium.” The expected rates of return demanded by investors or The cost of Equity (rE)
depend on two things:
(1) compensation for the time value of money (the risk-free rate rf), and
(2) a Risk premium, which depends on beta (β) and the Market Risk Premium (rm-rf).
So, Cost of Equity = Risk free rate + Risk Premium
or, re = rf + β(rm-rf)
where, re = Cost of Equity
rf = Risk free rate
rm = Market return
β = Beta
The CAPM may be viewed as providing an estimate of the rate of return an investor can
reasonably expect to earn on a security given its sensitivity to the market portfolio, as
measured by β.

Cost of Debt (rd)

Cost of debt in this case study is simply the sum of the yield on equivalent tenor US
Government Bond plus debt rate premium above the Government rate (given in Table-A) i.e.
rd = Govt. rate + Debt rate premium above Government

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Weighted average cost of capital (WACC) of Marriott Corporation
Step Formula Calculation
Levered/Equity Beta = 0.97 (Given in Exhibit-3)
E Actual Debt in the capital = 41%
βA = βE ×
Unlevered or Asset Beta (βA)

( )
V
Step-1:

So, βA = 0.97 × (1-0.41) = 0.57

Unlevered or Ungeared or asset Beta = 0.57

Target Debt/Value = 60% (Given in Table-A)
βA
βE =
E
Levered or Equity Beta (βE)

( )
V
Step-2:

So, βE = 0.57/(1-0.6) = 1.43

re = rf (Table-B) + β (Step-2) × (rm-rf) (Geometric Mean from Exhibit-5)

re = Risk Free rate + Equity Beta × Market Risk Premium
= 8.95% + 1.43 × 5.63%
= 17%
Cost of Equity (re)
Step-3:

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 rd = US Govt Interest rates (Table-B) + Debt rate premium above US govt Interest
rates (Table-A)
= 8.95% + 1.30 % = 10.25%
Cost of Debt (rd)
Step-4:

D E
WACC = (Table-A) × (1-T) × rdebt (Step-4) + × requity (Step-3)
V V
WACC
Step-5:

= 60% × (1-0.441) × 10.25% + (100%-60%) × 17%

= 10.24%

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Weighted average cost of capital (WACC) of Marriott Corporation’s Lodging Division
Step Formula Calculation

Equity 1987 W.
Company Debt Asset Beta
Beta E/V Revenues Average
name (Exhibit-3) (βA)
(βE) ($ billions) (βA)

E
βA = βE × ( ) i ii iii = (1-ii) iv = i × iii v vi
V
Hilton hotel
0.88 14% 86% 0.76 0.77
Corporation
Holiday
1.46 79% 21% 0.31 1.66
Corporation
0.41
LA Quinta
0.38 69% 31% 0.12 0.17
Motor Inns
Ramada
Unlevered or Ungeared or asset Beta (βA)

0.95 65% 35% 0.33 0.75

Inns
Step-1:

N.B. The comparable companies are not perfectly like to like companies
as they have other business lines like Restaurants, Airlines, Institutional
food services, casinos in addition to lodging. However, for our
calculations, these are the best we have.

βA
βE = Unlevered or Ungeared or asset Beta (Step-1) = 0.41
E
( ) Target Debt/Value = 74% (Given in Table-A)
Levered or Equity Beta (βE)

V
Step-2:

So, βE = 0.41/(1-0.74) = 1.56

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 requity = rf (Table-B) + β (Step-2) × (rm-rf) (Geometric Mean from Exhibit-5)
re = Risk Free rate + Equity Beta × Market Risk Premium
= 8.95% + 1.56 × 5.63%
= 17.75%
Cost of Equity (re)
Step-3:

rd = US Govt Interest rates (Table-B) + Debt rate premium above US govt Interest
rates (Table-A)
= 8.95% + 1.10 % = 10.05%
Cost of Debt (rd)
Step-4:

D E
WACC
Step-5:

WACC = (Table-A) × (1-T) × rdebt (Step-4) + × requity (Step-3)

V V
= 74% × (1-0.441) × 10.05% + (100%-74%) × 17.75%
= 8.77%

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Weighted average cost of capital (WACC) of Marriott Corporation’s Restaurant Division
Step Formula Calculation

Equity Asset 1987 W.

Company Debt
Beta E/V Beta Revenues Average
name (Exhibit-3)
(βE) (βA) ($ billions) (βA)

E
βA = βE × ( ) i ii iii = (1-ii) iv = i × iii v vi
V
Church's fried
0.75 4% 96% 0.72 0.39
chicken

Collins food
0.60 10% 90% 0.54 0.57
International
0.74
Frisc's
0.13 6% 94% 0.12 0.14
Restaurants
Unlevered or Ungeared or asset Beta (βA)

Luby's
0.64 1% 99% 0.63 0.23
cafeterias
Mcdonalds 1.00 23% 77% 0.77 4.89
Wendy's
1.08 21% 79% 0.85 1.05
International
Step-1:

Unlevered or Ungeared or asset Beta (Step-1) = 0.74

Target Debt/Value = 42% (Given in Table-A)
βA
βE =
E
( )
Levered or Equity Beta (βE)

V
Step-2:

So, βE = 0.74/(1-0.42) = 1.28

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 requity = rf (Table-B) + β (Step-2) × (rm-rf) (Geometric Mean from Exhibit-5)
re = Risk Free rate + Equity Beta × Market Risk Premium
= 8.72% + 1.28 × 5.63%
= 15.95%
Cost of Equity (re)
Step-3:

rd = US Govt Interest rates (Table-B) + Debt rate premium above US govt Interest
rates (Table-A)
= 8.72% + 1.80 % = 10.52%
Cost of Debt (rd)
Step-4:

D E
WACC = (Table-A) × (1-T) × rdebt (Step-4) + × requity (Step-3)
V V
WACC
Step-5:

= 42% × (1-0.441) × 10.52% + (100%-42%) × 15.95%

= 11.72%

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Weighted average cost of capital (WACC) of Marriott Corporation’s Contract Division
Step Formula Calculation
As there is no data of peer/proxy companies for contract division of Marriott, we calculated the asset
beta by the following manner:
We found asset beta of other 2 divisions (Lodging & restaurant) and Marriott. We can calculate the
weight of each division from the identifiable asset size mentioned in Exhibit 2.
Let, Asset Beta of contract service be C.
So, βA Marriott × wtMarriott = βA Lodging × wtLodging + βA Restaurant × wt Restaurant + βA Contract × wt Contract
or, 0.5723 × 1.00 = 0.4063 × 0.6061+ 0.7445 × 0.1239 + C × 0.2701
or, 0.2701 × C = 0.5723 - (0.4063 × 0.6061+ 0.7445 × 0.1239)
or, C = 0.8658

Identifiable assets Asset Beta

Division Weight
(From Exhibit 2) (βA)
Lodging 2,777,400,000 0.61 0.41
Restaurant 567,600,000 0.12 0.74
Contract service 1,237,700,000 0.27 0.87
Unlevered or Ungeared or asset Beta (βA)

Marriott 4,582,700,000 1.00 0.57

So, βA (Contract Service) = 0.87

Step-1:

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 Unlevered or Ungeared or asset Beta (Step-1) = 0.87
Target Debt/Value = 40% (Given in Table-A)
βA
βE =
E
Levered or Equity Beta (βE)
( )
V
Step-2:

So, βE = 0.87/(1-0.4) = 1.44

requity = rf (Table-B) + β (Step-2) × (rm-rf) (Geometric Mean from Exhibit-5)

re = Risk Free rate + Equity Beta × Market Risk Premium
= 8.72% + 1.43 × 5.63%
= 16.84%
Cost of Equity (re)
Step-3:

rd = US Govt Interest rates (Table-B) + Debt rate premium above US govt Interest
rates (Table-A)
= 8.72% + 1.40 % = 10.12%
Cost of Debt (rd)
Step-4:

D E
WACC = (Table-A) × (1-T) × rdebt (Step-4) + × requity (Step-3)
V V
WACC
Step-5:

= 40% × (1-0.441) × 10.12% + (100%-40%) × 16.84%

= 12.37%

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QUESTIONS AND ANSWERS

1. Are the four components of Marriott's financial strategy consistent with its growth
objective?
Ans: We believe it does. If we go back to review the four components.
Manage rather than own hotel assets: Instead of syndicating the ownership of the
hotel properties, if Marriott would have held on to the ownership it would create two
challenges -
a. Firstly, the asset base and the capital required in the business would be many
times higher. Hence, the efficiency of the company would have been much
less, with lower asset and equity turnover.
b. Secondly, Marriott would be fully exposed to the ownership risk, primarily
the fluctuation of real estate prices, this would have increased its business
risk, which in turn would increase β, which in turn would have increased the
required rate of return and hurdle rates
c. Probably Marriott would be able to maintain fewer properties in fewer
geographic locations due to capital constraints. This would have reduced its
diversification of properties and again contribute towards increase of
business risk.
Managing the hotel properties as the operating lead investor allows Marriott to-
i. Manage the properties as per its business strategy
ii. Have a steady stream of management fees (3% of revenues to cover
overheads and 20% of profits before depreciation and debt service
iii. Optimize the business risk inherent in the operating model
Invest in projects that increase shareholder value: The focus on the hurdle rates
based on market interest rate, risk premium, and project risk is the right approach to
ensure that projects are able to deliver more than the opportunity cost of capital.
Marriott has rightly identified that hurdle rates are a key determinant of value addition,
an essential lever that would determine the NPV profitability of a project, and
consequently the growth of the company and increase of shareholder value.
Optimize the use of debt in the capital structure: The case appears to indicate
Marriot’s concern on the variability of the cash flows and its correlation with the
interest rate environment (e.g. the macro environment). For corporate real estate
financing, from lender’s perspective, cash flows available to service debt and the debt
service coverage are key factors in the financing decision, structuring cash flows to
ring-fence debt service and setting covenants on debt service coverage. Hence, the
company’s focus on debt service coverage to determine the optimum debt percentage
addresses this issue at the very start of the capital budgeting process. Moreover, using
a mix of floating rate and fixed rate debt reduces the variability of market value of the
debt as market interest rates change.

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 Repurchase undervalued shares: When a company has surplus cash, they need to
play a balancing act on following decisions –
i. Making capital expenditures – for maintenance or expansion, or finding other
ways to invest that maximizes enterprise value
ii. Paying dividends to the shareholders
iii. Diversify through acquiring new businesses/companies
iv. Repurchase their own stock
Theoretically, repurchasing the shares do not add real value to the enterprise. But with
EPS increasing, it does add support to push share prices up. Going through the case, the
objective of Marriott for the share repurchase programme is as follows:
 If the stock is undervalued, going below the warranted equity value that Marriott
calculates by discounting free cash flow to equity holders, only then the
company engages in share repurchase to prop up prices.
 Marriott does this after comparing its divisions with comparable businesses
using price-earnings approach, and making adjustments for different ownership
structure (debt-equity).
 The company specifically mentions leveraged buyout as one of the ownership
structures that is used, indicating that one of the objectives of share repurchase
could be a defensive strategy against leveraged buyout. Bumping up share
prices and reducing the supply of shares can reduce the opportunities available
to any potential buyer, or arbitrageurs who look for bargain purchase of blocks
of shares to be sold to the highest bidder.

2. How does Marriott use its estimate of its cost of capital? Does this make sense?
Ans: Marriott uses the WACC to estimate the opportunity cost of capital for
investments with similar risks and used this approach for to determine the cost of capital
for each of its division and for the corporation as a whole. The cost of capital for each
division was also updated annually.
This makes sense because each division's debt capacity, debt cost and equity cost is
likely to differ. This difference arises from the different business risk profile and
different financing strategy to optimize capital cost resulting in different leverage.
Hence, calculating it separately, gives an accurate weight per division and tie the cost
of debt and equity to the market value. This allows the company to evaluate investment
projects of each segment against the specific opportunity cost of capital for the
respective segment, ensuring that enterprise value is optimized across all businesses.

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3. What is the weighted average cost of capital for Marriott Corporation?
a) What risk-free rate and risk premium did you use to calculate the cost of equity?
b) How did you measure Marriott's cost of debt?
c) Did you use arithmetic or geometric averages to measure rates of return? Why?
Ans: WACCMarriott = 10.24% (Please see Page-7)
a) US Government Interest rate for 30 year maturity (8.95 % as on April 1988 from
Table-B) has been used as Risk free rate (rf) and Geometric average (5.63%) of the
spread between S&P 500 Composite Returns and Long-Term U.S. Government
Bond Returns during the year 1926-1987 has been used as Market Risk Premium,
for calculation of Cost of equity for Marriott Corporation.
b) The cost of debt (rdebt) is the market interest rate demanded by bondholders. In our
case, which is as follows:
rd = US Govt Interest rates (Table-B) + Debt rate premium above US govt Interest
rates (Table-A) = 8.95% + 1.30 % = 10.25%
c) We have used Geometric averages to measure rates of return, as the difference
between Arithmetic Mean (7.43%) and Geometric mean (5.63%) is not negligible,
suggesting volatility of returns. For volatile numbers, the geometric average
provides a far more accurate measurement of the true return by taking into account
year-over-year compounding. Also we have considered spread during the year
1926-1987. The longer the time horizon, the more critical compounding becomes
and the more appropriate the use of the geometric mean.

4. What type of investments would you value using Marriott's WACC?

Ans: Marriott’s WACC is an overall estimation of the company’s opportunity cost of
capital. However, for investment decisions across the three businesses, we would apply
the respective divisional WACCs as hurdle rates for relevant projects, e.g. lodging
hurdle rate will be applied for projects under the lodging division, restaurant hurdle rate
will be applied for projects in the restaurant division, etc.

5. If Marriott used a single corporate hurdle rate for evaluating investment

opportunities in each of its lines of business, what would happen to the company
over time?
Ans: Hurdle rate (or WACC) is the minimum rate of return on a project or investment
required by a manger or investor. In order to compensate for risk, the riskier the project,
the higher the hurdle rate. Since different divisions of Marriott Corporation have
different business risks and leverage levels, use of a single corporate hurdle rate to
evaluate investment opportunities would be inappropriate. Too low hurdle rate would
result in accepting more projects that may erode Shareholders value and too high hurdle
rate would inhibit acceptance of profitable projects and thereby limiting growth. This
could ultimately result in investments which will not be aligned with the objectives of
maximizing Shareholder’s wealth.

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6. What is the cost of capital for the lodging and restaurant divisions of Marriott?
a) What risk-free rate and risk premium did you use in calculating the cost of
equity for each division? Why did you choose these numbers?
b) How did you measure the cost of debt for each division? Should the debt cost
differ across divisions? Why?
c) How did you measure the beta of each division?

Ans: WACCLodging = 8.77% (Page-9) and WACCRestaurant = 11.72% (Page-11)

a) Following US Government Interest rates are used as risk free rate for lodging and
Restaurant Division.
Division name Maturity Rate Reason for using this rate
Lodging 30-year 8.95% Long useful lives of the lodging assets
Restaurant 10-year 8.72% Shorter useful lives of the restaurant assets

Geometric average (5.63%) of the spread between S&P 500 Composite Returns and
Long-Term U.S. Government Bond Returns during the year 1926-1987 has been
used as Market Risk Premium for calculation of Cost of equity for both lodging and
Restaurant division.

b) The cost of debt (rdebt) is the market interest rate demanded by bondholders. In our
case, which is as follows:
Division name rdebt Reason for difference in rdebt
Lodging 8.95%+1.10% = 10.05% US Govt Interest rate and Debt rate Premium
Restaurant 8.72%+1.80% = 10.52% for the 2 divisions are different

c) Equity Beta (βE) of lodging and Restaurant Division has been calculated using the
following 2 steps:
Step-1: Approximating Asset Beta (βA) of lodging and restaurant divisions by taking
weighted average of Asset Betas of proxy companies (Exhibit-3) in the same
business.
Step-2: Calculation of Equity Beta (βE) by levering the obtained Asset Beta (βA).

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 7. What is the cost of capital for Marriott's contract services division? How can you
estimate its equity costs without publicly traded comparable companies?
Ans: WACCContract service = 12.37% (Page-13)
We do not have any information of publicly traded comparable companies for contract
services. Yet we have calculated Asset Beta (βA) of Marriott Corporation, its Lodging
and Restaurants Division. A company's beta is a weighted average of the betas of its
different lines of business, which is:
βA Marriott × wtMarriott = βA Lodging × wtLodging + βA Restaurant × wt Restaurant + βA Contract × wt Contract

Let, Asset Beta of contract service be C

So, 0.5723 × 1.00 = 0.4063 × 0.6061+ 0.7445 × 0.1239 + C × 0.2701
or, 0.2701 × C = 0.5723 - (0.4063 × 0.6061+ 0.7445 × 0.1239)
or, C = 0.8658
Hence, the result of asset beta for contract service is 0.87.

Bibliography
Wikipedia. (n.d.). Retrieved from https://en.wikipedia.org/wiki/Marriott_International

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