Do brands matter? A comparison of branded and independent hotels' performance during a full economic cycle

▶ Branded hotels achieve significantly higher occupancy rates than independent hotels during all phases of the economic cycle. ▶ Independent hotels experience significantly higher ADRs than branded hotels during all phases of the economic cycle. ▶ Branded and independent hotels achieve similar NOIs during economic expansions, but branded hotels record significantly higher NOIs than independent hotels during economic recessions.