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Corporation","tier":3,"returns_yearly":{"2021":-2.2,"2022":-28.7,"2023":29.1,"2024":-11.8,"2025":-17.3,"2026":-22.3}},{"slug":"byd-electronics","name":"BYD일렉트로닉스","name_en":"BYD Electronics","tier":3,"returns_yearly":{"2021":-56.1,"2022":16,"2023":-0.4,"2024":60.6,"2025":-19.4,"2026":-24.1}},{"slug":"baidu","name":"바이두","name_en":"Baidu","tier":3,"returns_yearly":{"2022":-8.2,"2023":-23.4,"2024":-13.5,"2025":74.2,"2026":-45.7}},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":3,"returns_yearly":null},{"slug":"shinko","name":"신코덴키","name_en":"Shinko Electric Industries","tier":3,"returns_yearly":null},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":3,"returns_yearly":null}],"analysis":"글로벌 호텔 프랜차이저 기업. 최근 몇 년간 견조한 상승이 이어졌고 2026년 +9.1%다. 수요단(평균 +12.9%)·본주(+9.1%)·공급단(평균 -13.5%)이 비슷한 보폭이다. 전파가 한 바퀴 돈 동조 국면이라, 다음 구간은 사슬 방향보다 개별 실적이 가른다. 연결 노드 중 가장 앞선 곳은 JP모건 체이스(+12.9%), 가장 처진 곳은 오라클(-17.8%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Marriott International, Inc. operates across Global hotel franchisor. It stayed steadily positive in recent years and is +9.1% in 2026. Demand side (avg +12.9%), the stock (+9.1%) and supply side (avg -13.5%) are moving in step. Propagation has completed a lap, so the next leg depends on individual results more than chain direction. Among connected nodes the furthest ahead is JPMorgan Chase (+12.9%) and the furthest behind is Oracle (-17.8%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It bears the costs of owned and leased hotels and centralized services and relies on external cloud vendors for reservation and human-resources systems.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"citizenM","counterparty_slug":null,"confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2026-02-10","basis":"citizenM 브랜드 및 관련 지식재산권 인수 대가, 조건부 성과보상 제외","value":355000000,"period":"2025 acquisition","basis_en":"Consideration for the citizenM brand and related intellectual property, excluding contingent earn-out payments","qualifier":null},"note":"메리어트는 2025년 3분기에 citizenM 브랜드와 관련 지식재산권을 3억5,500만 달러에 인수했다. 성장 조건에 따른 최대 1억1,000만 달러의 추가 지급 가능액은 이 metric에 포함하지 않았다.","note_en":"Marriott completed its $355 million acquisition of the citizenM brand and related intellectual property in the third quarter of 2025. The metric excludes up to $110 million of potential growth-based earn-out payments.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-10","url":"https://www.sec.gov/Archives/edgar/data/1048286/000104828626000007/mar-20251231.htm","title":"메리어트 인터내셔널 2025 회계연도 Form 10-K","title_en":"Marriott International 2025 Form 10-K","excerpt":"2025년 3분기에 인수를 완료했다.","excerpt_en":"completed the acquisition in the 2025 third quarter"},{"stance":"mentions","publisher":"삼정KPMG 경제연구원","publisher_en":"KPMG Samjong Economic Research Institute","kind":"research","lang":"ko","published_at":"2025-07-21","url":"https://assets.kpmg.com/content/dam/kpmgsites/kr/pdf/2025/eri/business_focus/%EC%82%BC%EC%A0%95KPMG-%EC%A0%84%ED%99%98%EC%A0%90-%EB%A7%9E%EC%9D%B4%ED%95%9C-%ED%98%B8%ED%85%94%EC%82%B0%EC%97%85-%EB%B9%84%EC%A6%88%EB%8B%88%EC%8A%A4-%ED%8A%B8%EB%A0%8C%EB%93%9C%EC%99%80-%EC%84%B1%EC%9E%A5-%EC%A0%84%EB%9E%B5-20250720.pdf.coredownload.inline.pdf","title":"전환점 맞이한 호텔산업, 비즈니스 트렌드와 성장 전략","title_en":"Hotel Industry at an Inflection Point: Business Trends and Growth Strategies","excerpt":"보고서는 메리어트의 citizenM 인수를 글로벌 호텔 기업의 브랜드 포트폴리오 다각화 사례로 분류했다.","excerpt_en":"The report cites Marriott's citizenM acquisition as a case of hotel-brand portfolio diversification."},{"stance":"confirms","publisher":"PR Newswire·연합뉴스","publisher_en":"PR Newswire and Yonhap News Agency","kind":"news","lang":"ko","published_at":"2025-04-28","url":"https://www.prnewswire.com/kr/news-releases/uBA54uB9ACuC5B4uD2B8u002DuC778uD130uB0B4uC154uB110u002Cu002DuC2DCuD2F0uC98Cu006Du002DuBE0CuB79CuB4DCu002DuC778uC218u002DuBC1CuD45C-302439843.html","title":"메리어트 인터내셔널, 시티즌M 브랜드 인수 발표","title_en":"Marriott International Announces Acquisition of the citizenM Brand","excerpt":"인수가 종료되면 브랜드와 지식재산권에 3억5,500만 달러를 지급할 예정이라고 밝혔다.","excerpt_en":"Marriott said it would pay $355 million for the brand and related intellectual property at closing."}]},{"direction":"revenue","counterparty":"라스베이거스 샌즈","counterparty_slug":"las-vegas-sands","confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2026-02-06","basis":"Londoner Grand 15년 프랜차이즈 계약의 고정지급액 현재가치","value":57000000,"period":"2025-2040","basis_en":"Present value of fixed payments under the 15-year Londoner Grand franchise agreement","qualifier":null},"note":"메리어트 인터내셔널은 샌즈차이나 자회사와 Londoner Grand를 Luxury Collection 브랜드로 운영하는 15년 프랜차이즈 계약을 맺었으며, 샌즈차이나 자회사는 2025년 1월 계약상 고정지급액의 현재가치 5,700만 달러를 무형자산과 금융부채로 인식했다.","note_en":"Marriott International entered a 15-year franchise agreement with a Sands China subsidiary to operate Londoner Grand under its Luxury Collection brand, and the subsidiary recognized $57 million in January 2025 as the present value of contractual fixed payments.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-06","url":"https://www.sec.gov/Archives/edgar/data/1300514/000130051426000013/lvs-20251231.htm","title":"LAS VEGAS SANDS CORP 10-K (2026-02-06)","title_en":"LAS VEGAS SANDS CORP 10-K (2026-02-06)","excerpt":"공시는 Marriott 프랜차이즈 계약 기간이 15년이라고 명시한다.","excerpt_en":"effective January 1, 2025, for a period of 15 years"},{"stance":"confirms","publisher":"라스베이거스 샌즈","publisher_en":"Las Vegas Sands","kind":"ir","lang":"en","published_at":"2025-10-29","url":"https://www.sands.com/news/a-look-at-the-londoner-macao-sands-chinas-largest-and-most-updated-integrated-resor/","title":"런더너 마카오: 샌즈차이나의 최대 최신 복합리조트","title_en":"A Look at The Londoner Macao: Sands China's Largest and Most Updated Integrated Resort","excerpt":"회사는 Londoner Grand가 Marriott Bonvoy의 마카오 첫 Luxury Collection 호텔이라고 밝혔다.","excerpt_en":"Marriott Bonvoy's first Macao Luxury Collection hotel"},{"stance":"confirms","publisher":"메리어트 인터내셔널","publisher_en":"Marriott International","kind":"news","lang":"en","published_at":"2025-02-18","url":"https://www.prnewswire.com/news-releases/the-luxury-collection-debuts-in-macao-with-the-unveiling-of-londoner-grand-a-luxury-collection-hotel-macao-302376528.html","title":"럭셔리 컬렉션, Londoner Grand 공개와 함께 마카오 진출","title_en":"The Luxury Collection Debuts in Macao with the Unveiling of Londoner Grand, a Luxury Collection Hotel, Macao","excerpt":"Marriott는 Londoner Grand를 Luxury Collection 호텔로 공개했다.","excerpt_en":"Londoner Grand, a Luxury Collection Hotel, Macao"}]},{"direction":"revenue","counterparty":"JPMorgan Chase","counterparty_slug":"jpmorgan-chase","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-10","basis":"JPMorgan Chase 보노이 공동브랜드 카드 계약에서 메리어트가 받는 상대별 대가","value":null,"period":"multi-year agreement","basis_en":"Issuer-specific consideration Marriott receives under the JPMorgan Chase Bonvoy co-branded card agreement","qualifier":"confirmed_no_disclosed_value"},"note":"메리어트는 미국에서 JPMorgan Chase와 보노이 공동브랜드 카드 다년 계약을 맺고 있다. 계약 개시 때의 고정 대가와 카드 사용액에 따른 월별 변동 대가를 받지만 상대별 금액은 공개하지 않았다.","note_en":"Marriott has a multi-year U.S. Bonvoy co-branded card agreement with JPMorgan Chase. It receives fixed consideration at contract inception and monthly variable consideration tied primarily to card usage, but does not disclose the amount by issuer.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-10","url":"https://www.sec.gov/Archives/edgar/data/1048286/000104828626000007/mar-20251231.htm","title":"메리어트 인터내셔널 2025 회계연도 Form 10-K","title_en":"Marriott International 2025 Form 10-K","excerpt":"미국에서 JPMorgan Chase와 다년 계약을 맺었다.","excerpt_en":"multi-year agreements with JPMorgan Chase"}]},{"direction":"revenue","counterparty":"아메리칸 익스프레스","counterparty_slug":"american-express","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-10","basis":"아메리칸 익스프레스 보노이 공동브랜드 카드 계약에서 메리어트가 받는 상대별 대가","value":null,"period":"multi-year agreement","basis_en":"Issuer-specific consideration Marriott receives under the American Express Bonvoy co-branded card agreement","qualifier":"confirmed_no_disclosed_value"},"note":"메리어트는 미국에서 아메리칸 익스프레스와 보노이 공동브랜드 카드 다년 계약을 맺고 있다. 계약 개시 때의 고정 대가와 카드 사용액에 따른 월별 변동 대가를 받지만 상대별 금액은 공개하지 않았다.","note_en":"Marriott has a multi-year U.S. Bonvoy co-branded card agreement with American Express. It receives fixed consideration at contract inception and monthly variable consideration tied primarily to card usage, but does not disclose the amount by issuer.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-10","url":"https://www.sec.gov/Archives/edgar/data/1048286/000104828626000007/mar-20251231.htm","title":"메리어트 인터내셔널 2025 회계연도 Form 10-K","title_en":"Marriott International 2025 Form 10-K","excerpt":"미국에서 아메리칸 익스프레스와 다년 계약을 맺었다.","excerpt_en":"and American Express"}]},{"direction":"cost","counterparty":"부킹 홀딩스","counterparty_slug":"booking-holdings","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-18","basis":"메리어트 인터내셔널 관련 Booking.com 숙박 예약 매출","value":null,"period":"FY2025","basis_en":"Booking.com accommodation reservation revenue attributable to Marriott International","qualifier":"confirmed_no_disclosed_value"},"note":"메리어트는 Booking.com과의 유통 계약을 통해 브랜드 호텔의 객실 예약을 받으며, 부킹 홀딩스는 Booking.com 숙박 예약의 수수료와 거래 순매출을 인식하지만 메리어트에서 발생한 금액은 따로 공개하지 않는다.","note_en":"Marriott distributes rooms at its branded hotels through an agreement with Booking.com, under which Booking Holdings recognizes commissions and transaction net revenue from accommodation reservations but does not separately disclose the amount attributable to Marriott.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-18","url":"https://www.sec.gov/Archives/edgar/data/1075531/000107553126000009/bkng-20251231.htm","title":"Booking Holdings Inc. 10-K (2026-02-18)","title_en":"Booking Holdings Inc. 10-K (2026-02-18)","excerpt":"머천트 매출의 대부분은 Booking.com 숙박 예약에서 발생한다.","excerpt_en":"The majority of our merchant revenue is from Booking.com's accommodation reservations."},{"stance":"confirms","publisher":"메리어트 인터내셔널","publisher_en":"Marriott International","kind":"filing","lang":"en","published_at":"2024-03-31","url":"https://www.hotel-development.marriott.com/resourcefiles/fdd-document/2024-auto-fdd-3-31-2024.pdf","title":"2024 Autograph Collection Domestic Franchise Disclosure Document","title_en":"2024 Autograph Collection Domestic Franchise Disclosure Document","excerpt":"메리어트는 Booking.com과 계약을 맺고 브랜드 호텔의 예약을 Booking.com 웹사이트에서 받는다.","excerpt_en":"We have an agreement with Booking.com."}]},{"direction":"cost","counterparty":"신타스","counterparty_slug":"cintas","confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2014-08-14","basis":"메리어트의 신타스 직원 유니폼 구매 관계","value":null,"period":"relationship disclosed in Marriott's 2014 Sustainability Report","basis_en":"Marriott purchases of Cintas associate uniforms","qualifier":"confirmed_no_disclosed_value"},"note":"메리어트 인터내셔널은 신타스에서 직원용 재생 폴리에스터 유니폼을 구매했으며, 2013년 기준 계열 9개 브랜드가 해당 유니폼을 사용했다.","note_en":"Marriott International purchased recycled-polyester associate uniforms from Cintas, with nine Marriott brands using the uniforms based on the 2013 program data disclosed in 2014.","sources":[{"stance":"confirms","publisher":"Marriott International","publisher_en":"Marriott International","kind":"ir","lang":"en","published_at":"2014-08-14","url":"https://www.globenewswire.com/news-release/2014/08/14/658831/31867/en/Marriott-International-Conservation-Measures-on-Track-to-Meet-2020-Goals.html","title":"메리어트 인터내셔널, 2020년 보전 목표 달성 순항","title_en":"Marriott International Conservation Measures on Track to Meet 2020 Goals","excerpt":"메리어트는 재활용 플라스틱병에서 만든 폴리에스터 직원 유니폼을 구매하기 위해 신타스와 협력했다.","excerpt_en":"Marriott partnered with Cintas to purchase associate uniforms made from recycled polyester from post-consumer plastic bottles."}]},{"direction":"cost","counterparty":"Amadeus","counterparty_slug":null,"confidence":"mid","metric":{"type":"contract_value","unit":"USD","as_of":"2021-11-18","basis":"Amadeus ACRS 도입 계약 금액","value":null,"period":"multi-year deployment","basis_en":"Contract value for deployment of the Amadeus Central Reservations System","qualifier":"confirmed_no_disclosed_value"},"note":"메리어트는 자체 예약 시스템을 Amadeus의 클라우드 기반 ACRS로 교체하는 계약을 체결했다. 계약 금액은 공개되지 않았다.","note_en":"Marriott contracted to replace its proprietary reservations system with Amadeus's cloud-based ACRS. The contract value has not been disclosed.","sources":[{"stance":"confirms","publisher":"Amadeus Hospitality","publisher_en":"Amadeus Hospitality","kind":"news","lang":"en","published_at":"2021-11-18","url":"https://www.amadeus-hospitality.com/insight/amadeus-announces-agreement-with-marriott-international-crs/","title":"Amadeus Announces Agreement with Marriott International to Deploy Transformative, Cloud-based CRS Solution","title_en":"Amadeus Announces Agreement with Marriott International to Deploy Transformative, Cloud-based CRS Solution","excerpt":"Amadeus는 메리어트가 ACRS를 도입하는 계약을 발표했다.","excerpt_en":"an agreement with Marriott International to deploy the Amadeus Central Reservations System"}]},{"direction":"cost","counterparty":"Oracle","counterparty_slug":"oracle","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2021-04-20","basis":"Oracle Fusion Cloud HCM 구독·서비스 대가","value":null,"period":"2020 launch and ongoing use","basis_en":"Consideration for Oracle Fusion Cloud HCM subscriptions and services","qualifier":"confirmed_no_disclosed_value"},"note":"메리어트는 핵심 인사 업무를 자동화하기 위해 Oracle Fusion Cloud HCM을 도입했다. Oracle에 지급하는 구독료와 서비스 대가는 공개되지 않았다.","note_en":"Marriott deployed Oracle Fusion Cloud HCM to automate core human-resources functions. Subscription and service consideration paid to Oracle has not been disclosed.","sources":[{"stance":"confirms","publisher":"Oracle","publisher_en":"Oracle","kind":"news","lang":"en","published_at":"2021-04-20","url":"https://blogs.oracle.com/oraclehcm/marriott-hr-upgrades-to-cloud-suite-as-employees-and-guests-return-to-its-properties","title":"Marriott HR upgrades to cloud suite as employees and guests return to its properties","title_en":"Marriott HR upgrades to cloud suite as employees and guests return to its properties","excerpt":"메리어트는 Oracle Fusion Cloud HCM 시스템을 출시했다.","excerpt_en":"launching a new Oracle Fusion Cloud Human Capital Management (HCM) system"}]}]}