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Hilton Just Spent $932M Buying Its Own Stock. Ask Yourself Who That's Really For. MGM China Hit Record Revenue. Then EBITDA Went Backward. MGM Beat Estimates by $0.03. The ADR Decline Is the Number Worth Watching. Churchill Downs Wants to Dump Nine Casinos. The Per-Key Math on Terre Haute Is Brutal. Accor's RevPAR Grew 2.2%. Without the Middle East, It Was 4.6%. That Gap Is the Story. IHG Has Spent $3.9 Billion Buying Back Its Own Stock Since 2022. That's Not Confidence. That's a Capital Allocation Bet. Viceroy Comes Back to Manhattan. The Last Time Didn't End Well. Hilton Just Spent $932M Buying Its Own Stock. Ask Yourself Who That's Really For. MGM China Hit Record Revenue. Then EBITDA Went Backward. MGM Beat Estimates by $0.03. The ADR Decline Is the Number Worth Watching. Churchill Downs Wants to Dump Nine Casinos. The Per-Key Math on Terre Haute Is Brutal. Accor's RevPAR Grew 2.2%. Without the Middle East, It Was 4.6%. That Gap Is the Story. IHG Has Spent $3.9 Billion Buying Back Its Own Stock Since 2022. That's Not Confidence. That's a Capital Allocation Bet. Viceroy Comes Back to Manhattan. The Last Time Didn't End Well.

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Capital Expenditure Obligations

1 story · First covered Feb 16, 2026 · Latest Feb 16

Capital Expenditure Obligations Coverage

Hyatt's Asset-Light Path Is a Franchise Fee Machine. Read Your FDD.

Brands

Feb 16

Hyatt's Asset-Light Path Is a Franchise Fee Machine. Read Your FDD.

Hyatt keeps selling hotels and signing management deals. The press calls it strategy. The franchise agreement calls it something else entirely.

EV

Elena Voss 4 min read · Feb 16