The hotel management agreement is a common, but arguably at times misunderstood, hotel operating structure. This study has sought to explore how both owners and hotel management companies (“operators”) perceive aspects of ownership in managed hotels. In-depth interviews were held with both operator and owner executives and it was found that, even though interviewees appeared to be aware of the nature of the relationship established by a hotel management agreement, in practice operators in particular use a working definition of the model that is more akin to a lease. Misunderstandings of the hotel management agreement can cause confusion as to where risks and responsibilities lie. Based on these findings, we argue that ownership of the operating business, in addition to that of the hotel’s real estate, deserves to be more explicitly acknowledged and addressed.