Dual-branded hotels have received great attention in the industry recently. Our study uniquely examines the dual branding effects in two dimensions of synergy (operation and marketplace) and the role of dual branding composition in creating synergy. Based on the property-level data, this study conducts a systematic analysis to verify these benefits using a fixed-effects model and a matched-sample analysis. There are three key findings. First, the benefit of dual branding mainly comes from operating synergy. Dual branding could lower revenue volatility for all dual-branded hotels and reduce operating costs for those paired with the same-class hotels. Second, dual branding on marketplace performance varies by property characteristics. Third, the anchoring effect is asymmetric. In a different-class dual-branded hotel pair, the higher-class hotel’s occupancy is anchored down but the lower-class hotel’s occupancy is not anchored up.

双品牌酒店近期备受业界关注。我们的研究独特地考察了协同作用（运营和市场）两个维度中的双重品牌效应以及双重品牌组合在创造协同作用中的作用。本研究基于物业层面的数据，使用固定效应模型和匹配样本分析进行系统分析，以验证这些收益。有三个主要发现。首先，双品牌的优势主要来自运营协同。双品牌可以降低所有双品牌酒店的收入波动，并降低与同级酒店配对的酒店的运营成本。其次，市场表现上的双重品牌因物业特征而异。第三，锚定效应不对称。在不同级别的双品牌酒店对中，