Most properties in North America are now owned by either pension funds or reits. I do find it interesting though that Marriot purchased the Kea Lani a few years back and agreed to a 50 plus year managment contract with Fairmont. In Asia and the Middle East the properties are owned by Developers who have signed long term contracts with Fairmont.
The time share products (Heritage Place) are usually owned by Developers who then sell the units to several investors in blocks of 1/10th ownership per unit.
For a list of what the prince owns go here:
http://www.kingdomhotels.com/hotelportfolio.html