Hilton runs more than 8,000 hotels across 140-plus countries and barely holds the deeds to any of them. The real business is a fee machine wrapped around 200 million loyalty members - and it started with one man and a cheap hotel in Cisco, Texas.
Hilton Grand Vacations sells something more complicated than a hotel room: a repeatable claim on future holidays. Its real product is the machinery that turns deeds, points, loans and resort operations into a travel habit for more than 720,000 members.