Identify the three distinct business foci within the hotel industry. Why are these roles commonly separated? Discuss the relationships that typically exist between the hotel brands, management companies, and hotel owners or investors. If you were to develop a hotel in your local market, would you develop a branded or independent hotel? Explain your decision. What is an asset light corporate strategy and why do most hotel chains pursue such a strategy? Explain why delivering exceptional guest experiences is ultimately in every hotel organization's best interestwhether the organization is involved in the branding, management, or ownership of hotel assets.