Sector deep dive
Asset-Light, Revisited — Hospitality's Next Decade
The trade that built the modern hotel industry is changing. We re-examine the asset-light model and where its next leg of growth credibly comes from.
March 4, 2026·58 pages·Subscriber access
Abstract
A re-examination of the asset-light hotel model across Marriott, Hilton, IHG, Accor, and Hyatt — pipeline conversion, fee growth durability, lifestyle and loyalty as separable businesses, and where the next leg of EPS comes from.
Authors
Daniel Park
Partner, Hospitality & Hotel Investments
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