There has been a seismic shift in hotel ownership over the past five years, as hotel chains have been selling off their real estate to focus on management. Major hotel companies made the 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, to return profits to shareholders, and to eliminate the volatility that real estate can have on stock prices. Most of the transactions have ...

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