Who Owns Sheraton Hotels Today? Complete Guide [2026]

The history and evolution of Sheraton ownership

Sheraton dates its start to 1937, when founders Ernest Henderson and Robert Moore acquired their first hotel in Springfield, Massachusetts. Marriott’s current Sheraton history page traces the brand from that first property through its international expansion.

Sheraton later became part of ITT. In 1998, Starwood Hotels & Resorts acquired ITT Corporation, whose hotel operations included Sheraton. Starwood subsequently operated Sheraton as one of its major global brands.

On September 23, 2016, Marriott International completed its acquisition of Starwood Hotels & Resorts Worldwide. Sheraton therefore became part of Marriott’s portfolio along with other former Starwood brands.

What Marriott controls vs. what hotel owners control

Marriott controls the Sheraton brand and the systems attached to it. That includes trademarks, brand standards, reservation and distribution systems, marketing programs, and participation in Marriott Bonvoy. Marriott’s 2025 Form 10-K describes these centralized systems for Marriott-managed and franchised properties.

The physical hotel may belong to somebody else. Depending on the contract, the property owner generally bears hotel operating costs and capital obligations, while Marriott receives franchise or management fees.

Brand owner, property owner, and operator are not always the same company

• Brand owner: Marriott International controls Sheraton’s name, trademarks, standards, and brand systems.
• Property owner: The company or investment entity that owns or controls the hotel real estate.
• Hotel operator: The company responsible for day-to-day hotel operations. This may be Marriott, the property owner, or a third-party hotel management company.

Franchise deals and management deals

Most Sheraton properties fit into one of two common operating structures:

• Franchise: A third-party owner or franchisee obtains the right to operate under the Sheraton brand. The hotel can be operated directly by the franchisee or by a management company approved under the franchise arrangement. The franchisee pays fees and must comply with Sheraton standards.
• Management agreement: A third party owns the hotel, but Marriott operates it on the owner’s behalf and earns management fees. The owner still retains the real-estate investment and normally remains responsible for costs specified in the management agreement.

Marriott’s hotel development program openly offers both managed and franchised business models. Its Sheraton Franchise Disclosure Document also describes franchisees’ obligations to comply with Sheraton standards and, when applicable, use an approved management company.

This structure is commonly described as an asset-light business model because Marriott can expand its brands and collect fees without buying every hotel building.

Does Marriott own many Sheraton hotels?

Usually, no. The important statistic applies to Marriott’s entire hotel system rather than to Sheraton alone. In Marriott’s latest annual filing, the company reported that it owned or leased fewer than 1% of its lodging properties worldwide.

At year-end 2025, Marriott reported 9,805 properties across its system. Only 51 were classified as owned or leased. Sheraton itself accounted for 436 properties and 147,958 rooms.

Those figures show why it is inaccurate to assume that a Sheraton sign means Marriott owns the real estate. Even if every Marriott-owned or leased property were a Sheraton—which they are not—the 51-companywide total would still represent only a small fraction of Sheraton’s 436-property portfolio.

Marriott does occasionally acquire a Sheraton property directly. In the fourth quarter of 2024, Marriott acquired the Sheraton Grand Chicago hotel and the fee-simple interest in the land beneath it. Marriott’s 2024 Form 10-K reported a $514 million purchase price including direct transaction costs. The company’s 2025 filing continued to report operating results from the property.

So a Sheraton may be owned by a local company, developer, investor group, institutional fund, partnership, or hotel REIT while the Sheraton brand and major brand systems come from Marriott.

How to find the owner of a specific Sheraton hotel

There is no single global list that always shows the current real-estate owner and operator of every Sheraton. For a particular property, start with the hotel’s street address rather than its brand name.

1. Search local property records. In the United States, the county assessor, recorder, land registry, or similar local office may identify the legal entity that owns the property.
2. Look up the ownership entity. If the deed lists an LLC, corporation, or partnership, search the relevant state or national corporate registry to learn more about that entity.
3. Check public-company filings. If the owner is a publicly traded REIT or hotel company, SEC filings and investor reports may identify the hotel in its portfolio.
4. Check franchise information separately. Marriott’s Sheraton Franchise Disclosure Document includes lists of franchised outlets for the jurisdictions and reporting date covered by that document, although ownership can change after publication.
5. Identify the operator separately. The company managing hotel staff and daily operations may be different from both Marriott and the property owner.

Why Sheraton ownership differs by country

Hotel ownership structures depend on local real-estate laws, financing rules, development practices, taxes, and investment markets. Some Sheratons are owned by regional hotel groups or private investors, while others are held by institutional funds, public companies, joint ventures, or government-linked entities.

The real-estate structure can also vary. An owner might hold both the hotel and land, own only the hotel under a long-term ground lease, or own the hotel as one part of a mixed-use development containing shops, offices, residences, or convention space.

Those differences do not change who controls the Sheraton brand: Marriott remains responsible for the brand system, while the underlying property ownership depends on the individual hotel.

How Sheraton hotels stay consistent with different owners

Different ownership does not mean each Sheraton can operate however it chooses. Franchisees must comply with the applicable Sheraton system and standards. Marriott-managed properties also operate through Marriott’s management systems.

Shared reservation channels, Marriott Bonvoy, marketing programs, training requirements, design standards, technology, and operating requirements help create a recognizable brand experience across markets.

However, individual hotels can still differ in age, room design, renovation timing, restaurants, facilities, staffing, and service execution. Owners make property-level investments, and individual buildings may be at different points in their renovation cycles. This is one reason it is worth checking the specific property—not only the Sheraton name—before booking.

Is Sheraton Grand the same as Sheraton?

Sheraton Grand is a designation used within the wider Sheraton family. Marriott’s Sheraton franchise documents list both Sheraton Hotels & Resorts and Sheraton Grand Hotels & Resorts among its company brands.

Four Points by Sheraton, despite carrying the Sheraton name, is reported by Marriott as a separate brand from Sheraton in its annual property tables. The same is true of Four Points Flex by Sheraton. Therefore, figures for the main Sheraton brand should not automatically include every hotel carrying the words “by Sheraton.”

How people invest in Sheraton hotels

There are several ways investors can gain exposure to a Sheraton property or to the companies involved in the brand:

• Direct deals: Buy a hotel, acquire an interest in a hotel-owning entity, or participate in a development that operates or plans to operate as a Sheraton.
• Public shares: Invest in Marriott International, the company behind the Sheraton brand, or in publicly traded hotel owners such as REITs. Buying Marriott shares does not mean directly owning Marriott’s individual hotel buildings.
• Partnerships: Join an investment or development group that builds, buys, converts, or renovates a hotel and enters into a Sheraton franchise or management arrangement.

A hotel sale also does not guarantee that the Sheraton brand agreement simply passes to the buyer unchanged. Franchise and management contracts can contain approval, assignment, transfer, renovation, termination, and other requirements. Prospective investors should review the actual agreements for the specific property.

The Federal Trade Commission’s franchise guide also recommends reviewing the Franchise Disclosure Document carefully and investigating the opportunity before committing money.

What’s next for Sheraton ownership

Sheraton’s property list will continue to change as hotels open, close, renovate, change owners, convert to Sheraton, or leave the brand. Marriott’s latest audited figures show 436 Sheraton properties at year-end 2025.

Marriott’s wider strategy remains heavily focused on franchise and management arrangements rather than accumulating hotel real estate. Its 2025 Form 10-K reported 7,644 franchised, licensed, and other properties and 1,966 managed properties, compared with only 51 owned or leased properties across the entire system.

That means the basic ownership pattern behind Sheraton is unlikely to look like a traditional chain in which one corporation owns every building. Marriott provides the brand and platform, while many separate property owners supply the real estate and investment capital.

Frequently Asked Questions

Conclusion

Marriott International owns and controls the Sheraton brand, but that does not mean Marriott owns every Sheraton building. Most individual Sheraton properties have separate real-estate owners and operate under franchise or management agreements that connect them to Marriott’s standards, reservation systems, marketing, and Marriott Bonvoy.

For a specific hotel, the most reliable approach is to separate three questions: who owns the Sheraton brand, who owns that particular property, and who operates the hotel day to day. Those answers may involve three different entities.