This paper aims at comparing the performance of company-owned hotels and franchised hotels within a plural form chain. In this perspective, the main advantages of mixing both franchising and company ownership within a same chain are reviewed before setting up the following research question: “Are there any differences between franchised units and company-owned units as far as their performance is concerned?”. The empirical study of more than 300 hotels belonging to a same chain is composed of two parts: some basic statistics and then a Data Envelopment Analysis. The findings indicate that the company-owned hotels are significantly more efficient than the franchised ones. The discussion highlights the contributions, limits and perspectives of this research.