Sector coverage

Hospitality

The strategic battles inside the big four — Marriott, Hilton, IHG, Accor — plus what private equity is doing to mid-scale, soft brands, and lifestyle.

Photograph: Unsplash

$1.8T

Global lodging revenue (2025)

Source: STR/CoStar

+5.4%

RevPAR YoY, global luxury (Q1 2026)

Source: STR Global

62%

Marriott pipeline at lifestyle/lux brands

Source: Company filings

Coverage

Recent writing on Hospitality.

Hospitality·Jun 3, 2026

The hotel asset-light trade is not over — but the easy gains are gone

Marriott, Hilton, and IHG have spent two decades selling real estate and keeping the brand. The next leg of asset-light growth is harder, slower, and more dependent on capabilities they haven't historically built.

3 min read

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