InvestorsKeyhole Unusual Options Activity

Marriot International attracts the attention of call buyers

Someone in the options market is amassing a large position in options on Marriott International (MAR) Tuesday. At 10:54 ET this morning, 12,500 contracts of both the July 97.50 call and the Jan. 2018 125 call crossed the tape. Open interest in the 97.50 strike was 1,054 prior to this trade and the price puts that trade on the high side of the spread, indicating that it was bought to open. The second lot, at the $125 strike, is the only trade in that contract for the day and moved near the middle of the spread. That said, there was no open interest in that contract, and given that this trade is almost certainly paired with the 97.50 position, it seems more likely than not that these contracts were also bought to open.

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About Marriott International

Marriott operates 1.35 million rooms across roughly 30 brands. Luxury represents nearly 10% of total rooms, while full service, limited service, and timeshares are 45%, 44%, and 2% of all units, respectively. Marriott, Courtyard, and Sheraton are the largest brands, while Autograph, Tribute, Moxy, Aloft, and Element are newer lifestyle brands. Managed and franchised represent 95% of total rooms. North America composes 67% of total rooms. Managed, franchise, and incentive fees represent the vast majority of revenue and profitability for the company.

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