98% of Marriott properties are actually owned by people who are not Marriott. Source: their annual report.

I went looking for this gotcha, because the first time I realized it, I became much more bullish about Airbnb's chances. Most of the major hotel chains have been working hard for years to adopt the capital structure that Airbnb had on day 1.

Everyone wants to be a brand/online ordering system which just drives business to contracted hotels for a fat cut. This makes them vastly more capital efficient, reduces their exposure to e.g. Chinese real estate, and lets them get e.g. 20% of a night's stay with 1% of the staffing requirements of actually running hotels.