Which of the following best describes a company that operates multiple hotel chains?

A company that operates multiple hotel chains is best described as a parent company. A parent company typically owns one or more subsidiary companies and exercises control over them. In the context of hotels, a parent company would oversee various hotel brands, each possibly catering to different market segments, while maintaining overall strategic direction and policies for these brands.

This structure allows the parent company to leverage synergies across its brands, optimize operations, and enhance brand performance through shared resources, marketing strategies, and corporate governance. Parent companies may also be involved in brand development and expansion, making strategic decisions about where and how to grow their portfolio of hotel chains.

While management companies and asset management companies do play roles within the hospitality industry, they are focused on specific aspects of hotel operation and ownership rather than the broader ownership context described by the term "parent company." Management companies typically operate hotels on behalf of the owners, while asset management companies focus on maximizing the value of hotel properties rather than acting as overarching owners of multiple brands. Franchises represent a business model where a brand licenses its name and operational practices to independent operators, which does not align with the concept of a company that owns multiple hotel chains.