There has been a seismic shift in hotel ownership the past five years as hotel chains have been selling off their real estate to focus on management. The major hotel companies made the strategic decision to divest real estate in the 1990s for three reasons, says Patrick Ford, president, Lodging Econometrics, Portsmouth, N.H.: to focus on core competencies, return profits to shareholders, and eliminate the volatility that real estate can have on stock prices. Most of the transactions have ...

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