Even the one's that don't operate as franchises still don't own the properties. Most of Four Seasons, Fairmont etc. - the actual properties are owned by sovere

Even the one's that don't operate as franchises still don't own the properties. Most of Four Seasons, Fairmont etc. - the actual properties are owned by sovereign wealth funds etc. - think Saudis who need to park huge reams of cash somewhere and sit on it.