Most branded hotels are not owned by the hotel brand. The hotel brand sells the brand name and (presumed) quality control, but different businesses usually own the real estate, such as REITs or other types of hotel owners.
Extended Stay America is an exception to this, they own all of their real estate.
Also, unrealized gains in real estate would be priced similarly by investors for both Hyatt and Airbnb, so that would not make a difference to P/E.
