Marriott International Inc

Some of Hyatt’s competitors—Hilton (HLT), Marriott (MAR), Wyndham (WYN), and Starwood (HOT)—compete in all the segments: Hotels and Resorts, Residential Units, and Vacation Ownership Units.

A global hospitality group, Hyatt (H) operates industry-leading brands such as Park Hyatt, Andaz, Hyatt, Grand Hyatt, and Hyatt Regency. As of December 31, 2014, the company operated 587 properties with more than 155,000 rooms.

Vacation unit sales rely on disposable income available to customers. The stable US economy and growing household incomes have positive impacts on Wyndham.

Wyndham invests in technology to improve its e-commerce capabilities and marketing abilities and to help it differentiate itself from competitors.

Wyndham Hotel Group provides services under a franchise model but also offers professional oversight and operations support under a management model.

Wyndham Worldwide is considered the world’s largest hotel franchiser. It owns the world’s largest vacation ownership and exchange network.

What are the key revenue drivers of TripAdvisor’s (TRIP) click-based advertisement revenue? We can break them down into a few key metrics.

The hotels segment is TripAdvisor’s main segment, contributing about 82% of the company’s total revenues.

In 2006, Starwood’s management embarked on an asset-light strategy. It decided to sell a significant portion of Starwood’s owned hotel portfolio.

On February 10, 2015, Starwood Hotels and Resorts announced plans to spin off its vacation ownership business into a separate publicly traded company.

The revenue from owned, leased, and consolidated joint ventures is primarily derived from hotel operations. This includes room rentals and food and beverage sales.

Marriott’s revenues totaled nearly $3.6 billion in the fourth quarter of 2014, compared to $3.2 billion in the fourth quarter of 2013.

Hilton Worldwide (HLT) generates revenue from its hotel operations. Hilton’s system-wide occupancy increased 2.3% YoY to 71% in 4Q14.

Hilton’s 4Q14 revenue increased 7% YoY to $2,828 million. For 2014, its revenue increased by 10.5 billion, or 7.9%—compared to 2013.

Marriott (MAR) operated a total of 3,916 hotel properties in fiscal year 2013. Most of these properties were either managed, franchised, or licensed.

Marriott has a diverse portfolio of 18 brands. It describes the brands as “individually distinct and collectively powerful.”

The EV to EBITDAR multiple is used in businesses where there’s significant rental and lease expenses—hotels and airlines. We’ve used this to analyze Marriott’s valuation.

Hilton has operating expenses related to its owned and leased hotels and timeshare properties. This is separate from depreciation and amortization expenses.

RevPAR is calculated by dividing hotel room revenue by the total available room nights. It’s used in the hotel industry to measure the company’s ability to generate greater revenue from each room.

Timesharing—also known as vacation ownership—is a method of getting the right to use a vacation property like a hotel or a resort. The buyer owns “timeshare interests” or intervals.

Timeshare revenue accounted for ~18% of total revenue from segments. The company generates revenue by marketing and selling timeshare interests and managing resort operations.

Hilton’s hotels, resorts, and timeshare properties are spread across 91 countries and territories. On December 31, 2013, Hilton’s portfolio consisted of 678,630 rooms.

Hilton’s growth plans are measured by the number of rooms under construction. Its growth plans rank first in the industry in all its markets—domestic and international.

The company said on its website that its “business model is focused on franchising and managing hotels, rather than owning them, enabling us to grow at an accelerated pace with limited capital investment—we call this ‘asset light.’