Abstract
Overtime, and with the advent of moving to asset-light, the companies in the corporate hotel industry have given up parts of the value chain. This has enabled new intermediate markets to emerge which have divided a previously integrated production/service process and enabled sets of specialized firms to enter and for the industry to become vertically disintegrated. This paper examines the drivers, as well as the necessary conditions and enabling processes, which have facilitated this industrial change. For the major hotel companies, competing in a disintegrated industry has far-reaching consequences which have a spill-over effect on tourism education and research.