Marriott International (MAR)

Marriott operates hotels but hardly owns any: its income is a fee for brand and management.

The building belongs to an investor while the company supplies the brand, the booking system, the loyalty programme and management. The fee is a share of hotel revenue plus a portion of profit. Capital needs are minimal, so margins are high and cyclicality milder than for a property owner.

The industry metric is revenue per available room, combining occupancy and rate. It grows chiefly on price rather than guest count and therefore handles inflation well. The loyalty programme with tens of millions of members is a separate asset: it brings the guest directly, bypassing booking sites and their commission.

Risks: the business-travel cycle, dependence on investors' willingness to build new hotels, and competition from short-term rentals. Marriott pays a dividend and buys back stock actively.