My understanding was that Marriott and Hilton were asset light and loyalty programs light, because their customers were franchise and they have a large footprint. IE light assets, because they don't really own the properties. I thought Hyatt still own their properties and didn't franchise, so they needed a stronger loyalty program because of this and there smaller footprint. I did not realize they sold a lot of their properties too.

I don't understand your point of view with the A) book with Marriott Directly and b) consider Marriott as a credible option. If I am booking with them directly I am showing loyalty, if I find them a credible source, I am showing them loyalty. What is you definition of loyalty booking with another hotel?