Marriott International, Inc. (NASDAQ:MAR) and Hilton Worldwide Holdings Inc. (NYSE:HLT) barely own any hotels. Both mostly rent out their names, collect a royalty on someone else's building, and let a franchisee carry the cost of the carpets. That makes them closer to licensing businesses than to property companies. Two numbers decide which is worth more. How fast each is adding rooms today, and how many rooms each has already signed for tomorrow. Hilton wins the first and Marriott wins the second. The market is paying for the first. Hilton trades near forty-five times its past year's earnings while the larger Marriott trades near thirty-six.
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