HLTHilton Worldwide Holdings Inc.

Hilton operates hotels under its brands while owning almost no buildings.

The model matches large hotel groups': the building belongs to an investor while the company provides the brand, booking system, standards and loyalty programme for a share of hotel revenue. Capital needs are minimal, so margins are high and cyclicality milder than for a property owner.

The key metric is revenue per available room, combining occupancy and rate. Growth comes chiefly from price, which makes the business inflation-resilient. The loyalty programme brings guests directly, saving commission to booking sites.

The brand portfolio spans budget to luxury, and growth depends on the number of signed development agreements — read as a leading indicator. Risks: business travel and the availability of hotel construction finance. Hilton pays a small dividend and buys back stock very actively.