The Ritz-Carlton hotel chain is wholly owned by Marriott International, one of the largest hospitality conglomerates in the entire world. Marriott acquired The Ritz-Carlton Hotel Company in a series of transactions starting in the late 1990s and culminating in full ownership, integrating the legendary luxury brand into its vast portfolio of lodging properties. While Marriott owns the brand name, management standards, and reservation systems, the physical real estate properties themselves are frequently owned by independent real estate investment trusts, development companies, or individual investors who license the flag.