In a huge majority of cases,the major hotel chains simply maintain management contracts with "their" hotels, and don't actually own them. Hotels are mostly owned by mammoth investment firms, or then the major hotel chains accumulate a few percent of the revenue for their work. These management contracts are usually pretty long term,though there are often clauses for individual hotels to accumulate out of the contracts if things aren't going as well as they had hoped.
In the grand scheme of things it's fairly scarce to see hotels rebrand, though it does happen occasionally. Sometimes the changes in branding surprise me, and as it seems like hotels are frustrated by their lack of success and are trying to find a scapegoat,and they think rebranding is the solution.
To give a few examples of hotel rebrandings I've written about in the past few years, the InterContinental Berchtesgaden was rebranded as the Kempinski Berchtesgaden, and the W San Diego was rebranded as the Renaissance San Diego,and the InterContinental Westminster London was rebranded as the Conrad St. James London. The Berchtesgaden rebranding I sort of accumulate, since Kempinski is a brand which resonates more with German consumers than InterContinental. The other two maintain me scratching my head, or though...
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Source: boardingarea.com