Résumé
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. The
fee-oriented strategy has strengthened continuously since 2005, while that of the asset-light strategy has
increased rapidly between 2001 and 2005, but its evolution has been more erratic since then. Our results shed
light on the importance of intangibles in the asset-light strategy and the operationalisation 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.