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Skift and Navan have conducted global surveys of business travelers and travel and finance managers in each of the past 7 years, and now more than ever, both cohorts indicated that all-in-one solutions for corporate travel and expense are essential to their businesses.

Travel marketing is being rewritten in real time — and most brands are still playing by the old rules. See what 10 industry leaders are doing differently. Get the report.

Hotel stocks are flying high, and the big brands have never looked more profitable. But the people who actually own the hotels say they have never felt more squeezed.

In this clip, Skift Editor in Chief Sarah Kopit explains why the franchise model is starting to show cracks. Brands like Marriott and Hilton collect fees off the top line, often around five to six percent of revenue, before an owner pays a single bill. When costs surge and margins shrink, owners absorb the hit.

Sarah breaks down what is driving the pressure, including higher interest rates, higher construction costs, and weakening economics at the property level, even as the brand side continues to win.

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How are public travel companies performing around the world? The Skift Travel 200 pulls the data you need to understand global market movements. Paid subscribers get full access here.

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