AT FIRST GLANCE, THE hotel business seems much like a lot of other American industries. Many of the best-known brand names are controlled by a few consolidated megaplayers.

Under that surface, however, is a different reality Those major players may control and franchise the brand names, but they're not the ones developing and operating the hotels. Interestingly, the development and operation side is anything but consolidated. Countless small to medium-sized players are in this part of the business, and these players have been relatively stable, not nearly as prone to gobbling up one another as are companies in other industries.

Following are some of the key names on ...