I am sticking (for whatever it is worth-a different debate altogether) to

Mainstream Media

Annual Published Reports which seem all to be audited by the Big Four

Meetings I have had with people who are management or presentations I have attended by management of all of the above

Input from great similar Flyertalkers

My own personal experiences and those of my friends and colleagues

While certainly not a scientific study and certainly not also a valuation report- I think the point here is that we are all customers and the purpose of Flyertalk as I understand it is to help customers get more from their travel experiences through the leverage of frequent customer (affinity) programs. Flyertalk would quickly become a very boring place if the conversation went like this:

1. I checked into the SXY hotel today and they cancelled my elite membership card
2. Why was that?
3. They make more profit without it and said to hell with points and alliances.
4. Cool. Did you get an upgrade?
5. Of course not- only cheap scum want upgrades. I paid full rack rate.
6. Full rack rate? Listen if you don't pay it there are four customers in line whose expense accounts are so big they will pay it.
7. Really great. I hope all management at SXY get huge bonuses this year.
8. But they aren't very innovative? They just want to protect being the only hotel allowed to open in Boomtown?
9. That's right and it will stay that way. So pay up and be happy. And don't think you know anything about operating a hotel chain. You are just a stupid customer.
10. You mean we should all be "lemmings" like in the movies and books?

Yup.

End of Flyertalk.