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  "documentTitle": "2023 Security Analyst Meeting Full Deck",
  "authorId": "Marriott",
  "authorName": "Marriott International",
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  "notes": "The slide highlights the strategic shift towards a more franchised and international business model, alongside changes in fee revenue composition.",
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      "text": "Franchise penetration: 62%",
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      "text": "Rooms: % Franchised (50% vs 62%), % International (20% vs 37%). Fees as a % of Total Gross Fee Revenues: Non-RevPAR-Related Franchise Fees (5% vs 17%), Incentive Management Fees: Global (26% vs 17%), Incentive Management Fees: US & Canada (15% vs 7%)",
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      "text": "DIVERSIFICATION OF OUR BUSINESS",
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