Big Hotels Carrying International Brand Names Are Often Not Actually

Big hotels carrying international brand names are often not actually owned by the companies whose logo they display.This is because:

A) they are franchise operations
B) the real estate is owned by a local company, who has a management contract with the hotel chain company
C) a local company holds the master franchise rights to the name in that territory
D) all of the above are common arrangements in the hotel industry
E) none of the above is a normal arrangement in the hotel industry