There may be more than one correct answer:

4) For the hotel owners, long-term management contracts can be catastrophic because:

A. The operator may not deliver

B. This restricts the pool of prospective buyers, and indirectly the value of the asset

C. The owner has no control on what will happen to the brand in 30 years for example; before the expiry of the management contract the ownership structure of the management company may change for instance unanswered