Right direction but still not accurate correct: most Marriott "properties" are just Marriott-licensed not even managed. Marriott sets the standards for operation and provides access to its booking system, corporate accounts, rewards system, and some marketing. The actual business operation is a lot smaller than most people outside of hospitality realize.

According to a recent SEC filing, they own 20 properties internationally, lease another ~40. They manage 2,149, and franchise 5,493.

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001048286/0...