How many brands can large hotel operators launch?

Hilton is about to unveil its 18th brand, according to Hotel Management.

Marriott operates 32. IHG counts 15 now, same number as Hyatt. How many different brands are enough? Or is there a sufficient number of stratified markets so guests can identify with all these brands?

A reason could be for Hotel companies to keep developing new brands so that they can suit certain micro-niche segments. Another reason, find ways to make their investment model attractive to different types of investors. Question is which reason is more prevalent.

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