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Inhaven Research

Case studies for the people who run hospitality.

Original research from the Inhaven team on how vacation rental and hospitality management businesses actually create value. Free to download, written for operators.

A 25-Year History of Hospitality Management: Why Local Wins and National Scale Fails
August 2026

Case Study 01

A 25-Year History of Hospitality Management: Why Local Wins and National Scale Fails

On December 30, 2024, Vacasa announced its distressed sale at 97% below its IPO price. Seventeen days later, Aimbridge Hospitality announced an out-of-court restructuring. Coincidence? We researched 25 years of hospitality management history and reached one conclusion: local wins and national scale fails.

  • Histories of national management companies and their route to distress
  • Five pillars of successful hospitality management
  • Why management companies hit diseconomies of scale
  • Three operating frameworks for building your own management company

PDF: full case study

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