Why Marriott, Hilton and Hyatt Don’t Actually Own Most of Their Hotels | WSJ
DESCRIPTION: How does a company triple in size without owning its own assets? The hotel industry's transformation reveals one of the most elegant strategic pivots in modern business—and it's hiding in plain sight on every city block. This is the story of how Marriott, Hilton, and Hyatt moved from real estate empires to brand licensing powerhouses, fundamentally changing their business model to accelerate growth while eliminating risk. What looks like three different hotels on one Chicago block are actually all Marriott—and that's no accident. You'll discover how these brands shifted their customer from the guest to the owner-operator, how loyalty programs became currency that drives billions in franchise fees, and why the highest-performing hotels in Manhattan choose to stay independent while secondary markets rush to fly these flags. This isn't about hotels. It's about asset-light expansion, strategic de-risking, and the power of brand commodification—principles that apply far beyond hospitality. Watch this during your commute or coffee break. No case studies to write. No frameworks to memorize. Just a brilliantly told strategy story that will change how you see every hotel you walk past. Because sometimes the best business education comes from understanding what's already around you. TIMESTAMPS: 0:00 - The Hidden Pattern: Three Hotels, One Company 0:45 - How Marriott Tripled in Size 1:20 - The Strategic Shift: From Real Estate to Brand Licensing 2:15 - The Old Model vs. The New Economics 3:10 - Why Brands Abandoned Ownership 3:45 - The New Customer: Owner-Operators, Not Guests 4:30 - The Math: 5-15% Franchise Fees Per Property 5:15 - Dynamic Pricing: The Taylor Swift Effect 6:20 - Loyalty Programs as Currency 7:30 - When Flying a Flag Makes Sense (And When It Doesn't) 8:45 - Why Luxury Hotels Still Need Brand Control 10:00 - The Consolidation Effect: Three Giants Dominating 10:30 - What This Means for the Future of Hospitality
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