I”m not convinced that Starwood’s model was unsustainable. I think that they had they been private for example, they would have been a lovely chain and been able to stay that way. As far as I know (and maybe I’m wrong), if the merger had not gone through with Marriott, Aanbang, Hyatt, etc. no one was saying Starwood should be liquidated.

I actually think that Starwood could have existed even as a smaller hotel chain if they wanted - they could have sold off Sheraton and Four Points too if they wanted and had a small network of hotels - St. Regis, Luxury Collection, Westin, Element, W, aLoft, and called it a day.

I think the bigger mistake SPG made right before the merger was the huge expansion of hotel brands very quickly - and those that had limited service benefits - the so-called “tribute portfolio”, the Design Hotels thing, and others.

The asset light model made/makes a lot of sense in the aftermath of the 2008 financial crisis. I’m curious how people will feel about that in the next recession/economic activity. These hotel chains may decide that owning the assets is more to their advantage the next go around.