Technically, most hotels do own the property they offer. Hilton, Hyatt, Starwood, Marriott, IHG, Choice, Wyndham are all brands. They sell the reputation, that the owners of a hotel building buy (i.e. franchise) and pay royalties to.
Sometimes a hotel brand owns the hotel building, sometimes a hotel brand manages the hotel, and sometimes they do both. But in the vast majority of cases, the hotel brand is in a franchising agreement with the hotel owner, and many times the hotel owner will hire a management company to deal with running the hotel itself.
Or at least thats what wikipedia says (1).
like many hoteliers, Hyatt operates hotels for a fee as a management company, and does not usually own the real estate
(1)http://en.m.wikipedia.org/wiki/Hyatt_Regency_walkway_collaps...