The hotel management agreement is now universally accepted as a tool to link hotel operators with investors who wish to develop and own hotels. Hotels are operated under management agreements in all parts of the world, and the same principal issues are present in any negotiation between operator and owner.1 As I discuss in this paper, agreements in the United States differ somewhat from those used in other parts of the world. In this report, I review the origins and evolution of the international hotel management agreement, and discuss the deal points that are commonly found in such agreements today.