Even if the valet is an employee of a valet company that does not let the hotel of the hook. The valet company is acting as the agent of the hotel and as such both the hotel and the valet company can be held liable.
Basically the scenario plays out as follows: As a hotel guest, you entrust our vehicle to the hotel. The fact that the hotel contracts out that responsibility to a third party does not absolve the hotel of responsibility in any way, form or fashion.
In the same way a small hotel may outsource catering, housekeeping etc. If something goes wrong, the guest may seek redress from the hotel.