This study proposes cross-dimensional measures of the degree of implementation of the lodging industry's asset-light & fee-oriented (ALFO) strategy. We apply a common factor analysis to measure the degree of implemented ALFO strategy on a sample of 14 lodging companies over the period 2001-2021. The analysis confirms that there is no one-size-fits-all approach and that companies position themselves distinctively on the two dimensions.FO has strengthened continuously since 2005, while the degree of AL increased rapidly between 2001 and 2005, but its evolution has been more erratic since then. Results shed light on the importance of intangibles in the asset-light strategy and the operalization of the construct. This study also contributes to the debate on the financial impact of the ALFO strategy. We show that AL and FO positively affect financial performance and firm value and that by combining them, the effect doubles.