Marriott, like the other big hotel companies, owns very few of its own hotels these days. The hotel owners enter into multiyear contracts with companies like Marriott allowing them to use a specific brand. “If we had not merged with Starwood, would we be trying to build 30 brands from scratch?” Marriott CEO Arne Sorenson asked, rhetorically, on Marriott’s November 6, 2016, earnings call, the first after the Starwood merger closed. “I think the answer is probably not. At the same time, having done this deal, the 30 brands all exist. They all have substantial capital that has been invested in them, particularly by the hotel owners who have made deliberate bets about which flag they put on their hotels. And we don’t have the power to, nor the desire to, try and convince them that those bets have not been good bets.” Get the full story at the New York Magazine