Kuştur Valuation Multiples

Marriott operates 1.8 million rooms across roughly 30 brands. At the end of 2025, luxury represented roughly 10% of total rooms, premium was 42%, select service was 46%, and midscale was 2%. Marriott, Courtyard, and Sheraton are the largest brands, while Autograph, Tribute, Moxy, Aloft, and Element are newer lifestyle brands. Managed and franchised represented 99% of total rooms as of Dec. 31, 2025. North America makes up 61% of total rooms. Managed, franchise, and incentive fees represent the vast majority of revenue and profitability for the company.

Hilton Worldwide Holdings operates 1.35 million rooms across its 25 brands, serving the premium economy through luxury segments. Hampton and Hilton are the two largest brands, representing 27% and 18%, respectively, of the company’s total rooms, as of Dec. 31, 2025. Recent brands launched over the past few years include Home2, Curio, Canopy, Spark, Tru, Tempo, LivSmart, and Outset. Additionally, there is a partnership with Small Luxury Hotels of the World and acquisitions of NoMad and Graduate Hotels. Managed and franchised hotels represent the vast majority of adjusted EBITDA, predominantly from the Americas.

Oriental Land is a prominent Japanese company primarily known for its ownership and operation of the Tokyo Disney Resort. It includes two theme parks, Tokyo Disneyland and Tokyo DisneySea, as well as hotels, shopping, and dining facilities. Oriental Land collaborates closely with The Walt Disney Company under a licensing agreement until 2076. This partnership has been instrumental in establishing Tokyo Disney Resort as one of the leading tourist destinations in Japan, attracting millions of visitors annually from domestic and international markets. Beyond its entertainment ventures, Oriental Land has also ventured into real estate development and operates Ikspiari, a retail and entertainment complex adjacent to Tokyo Disneyland.

Las Vegas Sands is the world's largest operator of fully integrated resorts, featuring casino, hotel, entertainment, food and beverage, retail, and convention center operations. The company owns the Venetian Macao, Sands Macao, Londoner Macao, Four Seasons Hotel Macao, and Parisian Macao, as well as the Marina Bay Sands resort in Singapore. We expect Sands to open a fourth tower in Singapore in 2031. Its Venetian and Palazzo Las Vegas assets in the US were sold to Apollo and Vici in 2022. After the sale of its Vegas assets, Sands generates all its EBITDA from Asia, with its casino operations generating the majority of sales.

InterContinental Hotels Group operates 1 million rooms across 20 brands addressing the midscale through luxury segments, as of Dec. 31, 2025. Holiday Inn and Holiday Inn Express constitute the largest brand, while Hotel Indigo, Even, Hualuxe, Kimpton, and Voco are newer lifestyle brands experiencing strong demand. The company launched a midscale brand, Avid, in 2017 and closed on a 51% stake in Regent Hotels in 2018. It acquired Six Senses in 2019 and launched another midscale brand, Garner, in 2023, followed by a premium conversion brand, Noted Collections, in 2025. Managed and franchised represent 99% of total rooms. As of Dec. 31, 2025, the Americas represented 52% of total rooms, with Greater China accounting for 20% and Europe, Asia, the Middle East, and Africa making up 28%.

Galaxy Entertainment is one of six casino licenseholders in Macao. Its major properties include Starworld casino in the Macao Peninsula and Galaxy Macau in Cotai, with a hotel capacity of approximately 5,564 rooms as of the end of 2024.

Hyatt is an operator of owned (3% of total rooms) and managed and franchised (97%) properties across about 40 upscale luxury brands, which includes vacation brands (Apple Leisure Group, Hyatt Ziva, and Hyatt Zilara), the recently launched full-service lifestyle brand Hyatt Centric, the soft lifestyle brand Unbound, the wellness brand Miraval, and the midscale extended-stay brand Studios. Hyatt acquired Two Roads Hospitality in 2018 and Apple Leisure Group in 2021. The regional exposure as a percentage of total rooms is 63% Americas, 15% rest of world, and 22% Asia-Pacific.

H World Group Ltd is a multi-brand hotel group in China with international operations. It operates in the leased, managed, and franchised models. The company has two operating segments: legacy Huazhu and legacy DH. Its brand and product offering includes Economy hotel brands: HanTing Hotel, Ni Hao Hotel, Hi Inn, Elan Hotel, Zleep Hotels, and Ibis Hotel, Midscale hotel brands: JI Hotel, Orange Hotel, Starway Hotel and Ibis Styles Hotel, Upper midscale hotel brands: Crystal Orange Hotel, IntercityHotel, Manxin Hotel, Mercure Hotel, Madison Hotel, Novotel Hotel, CitiGO Hotel and MAXX by Steigenberger, Upscale hotel brands: Joya Hotel, Blossom House, Steigenberger Hotels & Resorts, Jaz in the City, and Grand Mercure; and Luxury hotel brand: Steigenberger Icon and Song Hotels.

Indian Hotels Co Ltd is an owner and operator of hotels and resorts, domiciled in India. The company operates its hotels and resorts under the Taj, Vivanta, Ginger, Seleqtions, and other brands. Indian Hotels reports revenue across the following business lines: room income; food, restaurants, and banquet income; membership fees; management and operating fees; and others. Room income contributes a majority to the company's revenue, followed by food, restaurants, and banquet income. Indian Hotels derives the majority of its revenue domestically.

Accor operates 850,285 rooms across 48 brands, addressing the economy through luxury segments as of December 2024. Ibis (economy scale) is the largest brand (18% of total rooms at the end of 2024), followed by midscale brands Mercure (16%) and Novotel (13%). FRHI offers additional luxury and North American exposure. After the sale of the majority of HotelInvest (owned assets) in 2018-19, the majority of total EBITDA comes from asset-light managed and franchised hotels. Europe and North Africa represent 42% of rooms, Asia-Pacific 35%, the Americas 12%, and India, Middle East, and Africa 11%. Premium, midscale, and economy are 84% of total rooms, while luxury and lifestyle are the remaining 16%.

Sands China operates integrated resorts and casinos in Macao. Its properties include Sands Macao, the Venetian Macao, the Plaza Macao, the Londoner, and the Parisian Macao. It has about 23.5% market share in the Macao gaming sector in terms of gross gaming revenue as of 2025. Las Vegas Sands has a 74.8% stake in Sands China.

Ryman Hospitality Properties Inc is a lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and country music entertainment experiences. Its core holdings include meetings-focused resorts that are managed by Marriott under the Gaylord Hotels and JW Marriott brands. The company's operations are organized into three segments: Hospitality, Entertainment, and Corporate and Other. The majority of its revenue is generated from the Hospitality segment, which includes the Gaylord Hotels properties, JW Marriott properties, the Inn at Opryland, and the AC Hotel in its portfolio. The Entertainment segment includes the entertainment and media assets comprising Opry Entertainment Group, and the Corporate and Other segment includes corporate expenses.

MGM Resorts is the largest resort operator on the Las Vegas Strip with 37,000 guest rooms and suites, representing about one fourth of all units in the market. The company's Vegas properties include MGM Grand, Mandalay Bay, Park MGM, Luxor, New York-New York, and Bellagio. The Strip contributed approximately 59% of total EBITDAR in 2024. MGM also owns US regional assets, which represented a low 20s share of 2024 EBITDAR (MGM's Macao EBITDAR was 21% of the total in 2024). MGM's US sports and i-gaming operations are currently a high-single-digit percentage of its total revenue. The company also operates the 56%-owned MGM China casinos with a second property that opened on the Cotai Strip in early 2018. We estimate MGM will open a resort in Japan in 2030.

Wynn Resorts operates luxury casinos and resorts. The company was founded in 2002 by Steve Wynn, the former CEO. The company operates four megaresorts: Wynn Macau and Encore in Macao and Wynn Las Vegas and Encore in Las Vegas. Cotai Palace opened in August 2016 in Macao, and Encore Boston Harbor in Massachusetts opened June 2019. We expect the company to continue to build nongaming attractions in Macao over the next few years. We model Wynn's managed integrated resort in the United Arab Emirates to open in 2027. The company also operates Wynn Interactive, a digital sports betting and iGaming platform, in a few states. The company received 76% and 24% of its 2019 prepandemic EBITDA from Macao and the US, respectively. In 2024, both the US and Macao were each 50% of total EBITDA.

The Wharf (Holdings) Ltd has determined five reportable operating segments for measuring performance and allocating resources. The segments are investment properties, development properties, hotels, logistics, and investments. The investment properties segment mainly includes property leasing & management operations. The development properties segment encompasses activities relating to the acquisition, development, sales, and marketing of the Group’s trading properties. The hotel segment includes hotel management in Asia. The logistics segment mainly includes container terminal operations. The investment segment includes a diversified portfolio of listed equity investments. The majority is from the Development Properties segment. Geographically, the majority is from Mainland China.

Mumbai-focused real estate developer building luxury and premium residential towers and commercial space. It also owns a retail mall, office buildings and hotels, earning rent and hospitality income alongside property sales. Headquartered in Mumbai.

Vinpearl JSC, along with its subsidiaries, provides short-term accommodation services including hotel business and hotel services, amusement and recreation services, domestic travel, passenger transport, restaurant and catering business, construction investment, and real estate business. It operates various hotels and resorts across Vietnam, including Hon Tam Resort, Vinepearl Resort Nha Trang, Vinepearl Wonderworld Phu Quoc, Vinepearl Cua Sot Resort, and others. The Group's operating business segments are: Business services, hotel tourism, entertainment, and related services, which derive maximum revenue; and Real estate leasing and transfer business. Geographically, it operates only in Vietnam.

Whitbread PLC owns hotels and restaurants that operate in the United Kingdom. It operates more than 800 hotels under the Premier Inn brand and provides services in relation to accommodation and food both in the UK and internationally. Restaurant brands include Beefeater, Brewers Fayre, Cookhouse & Pub, Bar Block and Others. Geographically the company derives majority of revenue from UK division.

Caesars Entertainment's stand-alone portfolio includes about 50 domestic gaming properties across the Las Vegas (48% of 2025 EBITDAR) and regional (49%) markets. Additionally, the company hosts managed properties and digital assets that produced marginal EBITDA in 2025. Caesars' US presence roughly doubled with the 2020 acquisition by Eldorado, which built its first casino in Reno, Nevada, in 1973. Caesars' brands include Caesars, Harrah’s, Tropicana, Bally’s, Isle, and Flamingo. Also, the company owns the US portion of William Hill (it sold the international operation in 2022), a digital sports betting platform. The portfolio is set to expand to more than 60 casinos with the proposed acquisition of Caesars by Fertitta Entertainment and its Golden Nugget resorts.

As of Dec. 31, 2025, Wyndham Hotels & Resorts operates 869,000 rooms across more than 20 brands predominantly in the economy and midscale segments. Ramada is the largest brand, representing around 14% of all rooms, with Days Inn (13%) and Super 8 (10%) the next two largest brands, as of the end of 2025. During the past several years, the company has expanded its extended stay/lifestyle brands, which appeal to travelers seeking to experience the local culture of a given location. The company closed its La Quinta acquisition in 2018, adding around 90,000 rooms at the time the deal closed. Wyndham launched a new extended stay economy scale segment concept, ECHO, in the spring of 2022. The United States represented 58% of total rooms in 2025.

Vail Resorts Inc Bhd is a resorts and casinos company that operates mountain resorts and ski areas. The company has three business segments that include Mountain, Lodging, and Real Estate. The Mountain segment operates numerous ski resort properties that offer a variety of winter and summer activities, such as skiing, snowboarding, snowshoeing, hiking, and mountain biking. The Lodging segment owns and operates hotels and condominiums. The Real Estate segment owns, develops, and leases real estate, typically near its other properties. The company generates the vast majority of its revenue within the United States.

Boyd Gaming Corp is a multi-jurisdictional gaming company. The company operates wholly-owned gaming entertainment properties (casino space, slot machines, table games, and hotel rooms) in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. Geographical regions separate its business segments: Las Vegas Locals, Downtown Las Vegas, Midwest and South, and Online. The Midwest and South hold the key number of entertainment properties and generate the majority of the company's revenue.

UOL Group Ltd is a general real estate company. The company maintains an extensive portfolio in Singapore that is composed of development and investment properties, hotels, and serviced suites. The development properties consist of residential units, office towers, and shopping centers. The Group's property development segment generates the vast majority of its revenue, followed by hotel operations. Geographically, it generates the majority of its revenue from Singapore.

At year-end 2025, Choice Hotels operated 657,000 rooms across the economy, midscale, upscale, and extended-stay segments. Comfort Inn and Comfort Suites are the largest brands (27% of the company's total rooms), while Ascend and Cambria (10%) are lifestyle and select-service brands, and WoodSpring (5%) is the company's largest extended-stay brand. Choice closed on its Radisson acquisition in August 2022, which added about 70,000 rooms. Franchises account for 100% of total revenue, and the United States represented 78% of total rooms in 2024.

MGM China is one of six casino license holders in Macao. It operates two integrated resorts: the MGM Macau in the Peninsula and MGM Cotai in Cotai. The company is allowed to operate 750 gaming tables during its new 10-year concession period of 2023-32.

Atour Lifestyle Holdings Ltd is an upper-midscale hotel chain in China. The company derives revenues from franchise and management fees from its manachised hotels and sales of hotel supplies to manachised hotels, Operations of leased hotels, and sales of retail products. The company has one operating segment, which is the Atour Group.

An investment in wide-moat-rated Endeavour Group provides investors with exposure to one of the most well entrenched dividend-paying businesses in the Australian retail landscape. Following decades of enduring organic growth through store rollouts, Endeavour's off-premises retail segment—with more than 1,700 retail outlets mainly across its Dan Murphy's and BWS brands—accounts for approximately half of all off-premises retail liquor sales within Australia. Endeavour's immense scale in the off-premises retail segment is unrivalled within Australia. Indeed, Endeavour's sales are almost three times larger than its nearest retail competitor, Coles.

Bains de Mer Monaco is engaged in the gaming, hotel and leasing Industry. The Gaming sector combines the gaming table and slot machine operations at the Monte-Carlo Casino, the Cafe de Paris Casino, the Sun Casino, the Bay Casino, and the Rascasse. The Hotel sector includes all the accommodation and catering activities, the therapy and spa-centre and all the related hotel services provided in its establishments. The Leasing sector combines leasing activities of boutiques, office space and the hotel residence activities of the Monte-Carlo Bay and Balmoral. Bains derives the majority of revenue from the Hotel sector.

ITC Hotels Ltd is engaged in hospitality services, offering a collection of hotels and resorts. The group operates under six brands: ITC Hotels and Mementos in the luxury segment, Storii in the boutique premium segment, Welcomhotel in the upper upscale category, Fortune in the midscale segment, and WelcomHeritage in the heritage leisure space. The company operates within and outside India, with the majority of revenue from the India, as the majority of its location is within India, like Agra, New Delhi, Mumbai, Chennai, and many more top cities.

Marriott Vacations Worldwide Corp functions in the United States leisure industry. It owns and manages a cluster of resorts and accommodation facilities under trademarks like Marriott Vacation Club, Grand Residencies, and The Ritz-Carlton Destination Club predominantly in the United States. Some of its properties are also spread across Europe and Asia Pacific. Marriott's majority revenue components include the sale of vacation ownership products such as luxurious vacation packages. In addition, it offers purchase money financing to the end users of its core services. The company operates in two reportable segments: Vacation Ownership and Exchange & Third-Party Management. The majority of revenue is derived from the Vacation Ownership segment.

Minor International PCL operates hotels, restaurant operations, distribution, and manufacturing businesses. The company's operating segments of the company are Hotel, Mixed-use and others, and Restaurants. Majority of its revenue comes from European hotels. The Group mainly operates in Thailand and also has operations in other countries such as countries in Europe, Singapore, The People's Republic of China, The Republic of Maldives, The United Arab Emirates, Sri Lanka, Australia, the Federative Republic of Brazil, and countries in Africa, etc.

Hilton Grand Vacations Inc is a timeshare company engaged in developing, marketing, selling, managing, and operating timeshare resorts, timeshare plans, and ancillary reservation services, under the Hilton Grand Vacations brand. The company operates business in the following two segments: (i) Real estate sales and financing and (ii) Resort operations and club management. The majority of the company's revenue is earned through the Real estate sales and financing segment, which generates revenue from VOI sales, and Financing.

Shanghai Jin Jiang International Hotel (Group) Co Ltd is one of the hotel groups in China, engaged in hotel operation and management, franchising, and the businesses of restaurants, transportation, logistics, and travel agencies. The group operates a wide range of hotels, including full-service hotels and select-service hotels.

Fattal Holdings (1998) Ltd is engaged in the maintenance, management, operation, and rental of hotels in Israel. Its geographical segment includes Israel; and Abroad, mainly Germany; the UK and Ireland, and others. The company generates maximum revenue from Abroad, mainly in Germany.

Wynn Macau operates two integrated casino resorts in Macao, including Wynn Macau on the peninsula and Wynn Palace in Cotai. These properties feature with high-end hotels and brand-name stores, making Wynn an iconic high-end brand. Wynn Resorts has a 71% stake in Wynn Macau.

Red Rock Resorts Inc along with its subsidiary is a gaming, development and management company that develops and operates strategically-located casino and entertainment properties. Its casino properties are conveniently located throughout the Las Vegas valley and provide its customers a wide variety of entertainment and dining options. The majority of revenue is derived from Casinos, followed by Food and Beverages, Rooms and others.

Frasers Property Ltd owns, develops, and manages a diverse, integrated portfolio of properties. Its assets range from residential, retail, commercial, and business parks, to industrial and logistics in Singapore, Australia, Europe, China, and Southeast Asia. The company's operating segments include Singapore, Australia and Industrial, Hospitality, Thailand & Vietnam, and Others. It generates the majority of the revenue from the Singapore segment.

Melia Hotels International SA is a Spanish owner and operator of hotels. The company operates midscale, upscale, and premium hotels across several brands, including Sol Hotels & Resorts, Melia Hotels & Resorts, and Gran Melia. Melia may either own or lease the hotels it operates, and hotel operation contributes the majority of company revenue. In addition, hotel owners may operate hotels under a Melia brand in a franchise agreement, or can contract Melia's management services to operate the hotel on its behalf. The company generates approximately half of its revenue in Spain, and the rest from America and the EMEA region.

Resorttrust Inc is engaged in membership-based hospitality and healthcare services, operating through three reportable segments: Membership Business, Hotel Restaurant Business, and Medical Business. The Membership segment sells hotel memberships, provides loans to purchasers, and constructs membership hotels. The Hotel Restaurant segment operates and maintains hotels and restaurants, offering services such as cleaning, travel sales, insurance, and various membership-related commissions. The Medical segment handles medical memberships, runs medical facilities, provides consulting and home care services, rents and sells medical equipment, and develops systems for remote medical diagnostics and care.

Leela Palaces Hotels and Resorts Ltd own, operate, manage and develop luxury hotels and resorts under The Leela brand. Its Portfolio includes The Leela Palaces, The Leela Hotels and The Leela Resorts.

PENN Entertainment is an American casino and online betting operator headquartered in Wyomissing, Pennsylvania. It was founded in 1982 as PNRC Corp., reorganized and renamed Penn National Gaming in 1994, and took its current name in August 2022. It operates 43 properties in 20 states under brands including Hollywood Casino, Ameristar, Boomtown and L'Auberge, and it runs online sports betting and iCasino through theScore Bet and, until 2025, ESPN Bet. The company earns revenue mainly from casino gaming, with further income from food, beverage and hotel operations and from its interactive segment. It reported revenue of about USD 6.5 billion and net income of USD 222 million in 2022, with 21,875 employees. Its growth came largely through acquisitions, including Pinnacle Entertainment for USD 2.8 billion in 2018 and Score Media and Gaming for about USD 2 billion in 2021, and in August 2023 it agreed a ten-year, USD 2 billion licensing deal with ESPN that was terminated in November 2025.

Scandic Hotels Group AB is a Sweden-based company engaged in the operation of hotels. The company has a network of hotels in the Nordic market, which creates an offering for guests and customers. The majority of the company's revenue comes from the Room, Restaurant and conferences. Its business is operated through various geographical regions which include Sweden, Norway, Finland, and Other European and Central functions.

Isrotel Ltd manages & operates hotels which includes activities like restaurants, swimming pool halls, entertainment, and various recreation facilities. Its hotels include the Royal Beach (Eilat), the Isrotel King Solomon, & Isrotel Sport Club, among others. It operates more than fifteen hotels in Israel.

BTG Hotels (Group) Co Ltd engages in investment and management; hotel operation and management; property management; renting commercial premises; tourism services; development and sales of tourism products; taxi passenger transport; information consulting; exhibition and exhibition activities; catering services; design, production, agency, publishing domestic And foreign businessmen's advertising in China.

Transcorp Hotels PLC is principally engaged in hospitality operations, providing accommodation, dining experiences, meeting and conference facilities and leisure amenities. The company operates in one operating segment, which is the hospitality business. It owns and operates Transcorp Hilton Abuja and Transcorp Hotels Calabar. It also owns Aura by Transcorp Hotels, an online platform for booking accommodation, food, and memorable lifestyle experiences. The company derives revenue from the provision of Rooms, Food & Beverage, Event centre hall rental, Shop rental, Service charge, Recreation Service and Secretarial Service.

Kangwon Land Inc is a casino and resort company. The business has six business segments that include Casino, Hotel, Holiday Unit, Golf Course, Skiing Ground, and Other. Kangwon operates numerous resorts and casinos that have table games and slot machines. The company's resorts also have condominium units. The Golf Course segment generates revenue from courses the company has built around its resorts. The Skiing Grounds segment is engaged in skiing tickets and rentals through the company's integrated ski resort. The Other business segment controls interests such as Kangwon's theme park. Kangwon Land generates the vast majority of its revenue in South Korea.

Kyoritsu Maintenance Co Ltd operates six business segments: dormitory business, hotel business, Contracted Services Business, Food Services Business, Construction Business, and Other Business in Japan. The Dormitory business offers student dormitories, corporate dormitories, Domeal, and consigned dormitories. The hotel business includes a Resort Hotel named Dormy Inn. Contracted Services Business offers services including building management and building construction work. Other business segment includes the senior life business which manages houses for the elderly and the Public Kyoritsu Partnership business (PKP) which includes consigned services businesses provided to regional government bodies. The Company generates maximum revenue from the dormitory business.

Alrov Properties & Lodgings Ltd is an Israel-based real estate company. It is involved in investing in, developing and operating luxury projects. The company operating segments include Investment Property, lodging overseas, Lodging in Israel, Securities and others. It generates maximum revenue from the Investment Property segment. The company initiates projects related to hotels, office buildings, commercial and residential properties.