An interesting anecdote from Kyle at Live and Let Fly in his article on the topic:
https://www.wsj.com/articles/marriot...er-11572910559
Hilton/IHG earnings both flat, Hyatt up. Marriott profits down 23% - how exactly can that be possible when they are actively reducing costs to their customers (hotels), and if they have such a crazy high 90% approval rate vs. the program a year or so ago? Makes you go hmmmmm....