Syrasota Working Paper No. 1
Behavioral Hospitality · Working Paper No. 1 · 2026

The Brand Gravity Index

A framework for measuring the strategic weight a hotel brand carries on guests and capital.

Paul Rupert
Syrasota · Atlanta · May 2026
Abstract

This paper introduces the Brand Gravity Index, a measurement framework for hotel brand strength that resolves into three audience-specific views: Guest Gravity, Capital Gravity, and a synthesized Total Gravity. Brands are scored on ten dimensions and ranked within STR chain-scale tiers, with reputation operating as a floor and trajectory as a directional multiplier. The first edition covers 134 Americas hotel brands.

The framework's argument is that conventional brand-strength instruments — awareness studies, satisfaction surveys, owner-sentiment polls, single-number composites — each measure one dimension of pull while implicitly claiming to measure the whole. The 2026 rankings, presented in Section 3, demonstrate that this conflation has obscured a structural divergence between recognition and favor in several of the field's most familiar names.

§ 1

Introduction

Hotel owners have long sensed that certain brands contribute strategic weight to a property while others consume it. The industry has lacked the vocabulary to articulate this distinction at the level of measurement, and the absence of a vocabulary has produced an absence of rigor. The Brand Gravity Index proposes both.

The Index quantifies the strategic weight a hotel brand exerts in the marketplace — the pull it generates on rate, on distribution, on owner valuation, and on guest perception, independently of any specific property or transaction. Two flags with identical operational metrics can produce dramatically different outcomes for an asset because they exert different gravities on the audiences that determine its long-run trajectory. Sophisticated capital has priced this distinction informally for decades. The framework presented here is an attempt to price it formally.

The argument depends on a single conceptual move. Gravity is not one thing. A brand exerts one kind of pull on the traveling public and another on the capital that builds and trades hotels, and the two can diverge substantially. The Index therefore resolves into three views — Guest Gravity, Capital Gravity, and a synthesized Total Gravity — each drawing on a family of dimensions scored relative to chain-scale norms rather than against the entire field. A brand may rank very differently across the three, and the divergence is itself the diagnostic finding the framework is built to surface.

Within each view, brands are positioned across four strategic quadrants — True Gravity, Latent Gravity, Decaying Gravity, and Sub-Gravitational — defined by the intersection of scale-relative performance and brand awareness. A trajectory vector accompanies each brand to capture not only present position but directional movement. Section 2 sets out the visualization that organizes this; Section 3 presents the rankings within each tier-bracket; Section 4 documents the methodology.

§ 2

The Brand Gravity Quadrant

Figure 1 maps the Americas hotel brand universe by scale-relative performance and brand awareness. Dot size reflects Total Gravity; vectors indicate directional movement. The four quadrants distinguish brands that are strong and known (True Gravity) from those strong but quiet (Latent), those known but fading (Decaying), and those modest on both dimensions (Sub-Gravitational). The plot is intended as orientation; the ranked tables in Section 3 contain the diagnostic detail.

Figure 1. Americas hotel brand universe, scale-relative performance × awareness, 2026 edition.
DECAYING TRUE GRAVITY SUB-GRAVITATIONAL LATENT SCALE-RELATIVE PERFORMANCE → BRAND AWARENESS →
Traditional
Lifestyle
Soft brand / Collection
Rising trajectory
Declining trajectory
Brand position reflects 2026 cross-sectional scoring; vector direction and length reflect three-year trailing trajectory with forward pipeline weighting. Brands below the five-property Americas threshold are excluded.
§ 3

Rankings within tier-brackets

Brands compete on structurally different terms by chain scale, so the field is divided into three brackets — each combining two adjacent STR chain-scale tiers — and ranked within each. The three views below correspond to the three audiences the framework is built to measure. Within each view, the rankings should be read against the brand's bracket peers; cross-bracket comparisons are not interpretable.

Total Gravity is an equal-weight synthesis of the Guest and Capital views.

Luxury & Upper Upscale

The prestige tiers, ranked together — where cultural presence, accolades, and desirability carry the most weight.

BrandScoreTrj.
1Four Seasons95↑︎
2Ritz-Carlton93↑︎
3JW Marriott78↑︎
4St. Regis76→︎
5Waldorf Astoria75↑︎
6Fairmont73→︎
7Edition72⇑︎
8Grand Hyatt72↑︎
91 Hotels71⇑︎
10Luxury Collection71→︎
11Mandarin Oriental69↑︎
12Aman68↑︎
13InterContinental67→︎
14Kimpton67↑︎
15Gaylord64↑︎
16Park Hyatt64↑︎
17Rosewood64↑︎
18Nobu Hotels63↑︎
19Hilton Hotels62→︎
20Hyatt Regency62→︎
21Westin62↓︎
22Ace Hotel61↑︎
23Sofitel61→︎
24Autograph59↑︎
25Thompson59⇑︎
26Canopy by Hilton58⇑︎
27Graduate Hotels58⇑︎
28LXR58⇑︎
29Marriott Hotels58↓︎
30Curio Collection57↑︎
31Andaz55↑︎
32Hotel Indigo55↑︎
33Hyatt Centric55↑︎
34The Hoxton55⇑︎
35The Standard55↑︎
36Embassy Suites54↓︎
37Unbound Collection54↑︎
3821c Museum53↑︎
39Renaissance53↓︎
40Conrad50↓︎
41Radisson Blu50↑︎
42Dream Hotels49↑︎
43Le Méridien48↓︎
44W Hotels48→︎
45Wyndham Grand47→︎
46Destination by Hyatt44↑︎
47JdV42↑︎
48Radisson RED42↑︎
49Tapestry Collection42↑︎
50Tribute Portfolio39↑︎
51Vignette Collection37⇑︎
52Sheraton30⇓︎

Upscale & Upper Midscale

The workhorses of branded travel — where reputation, value, and consistency increasingly define gravity.

BrandScoreTrj.
1Hampton Inn95→︎
2Holiday Inn Express88↑︎
3Fairfield by Marriott84↑︎
4Home2 Suites84↑︎
5Moxy84⇑︎
6Residence Inn81↑︎
7Hyatt Place79↑︎
8Courtyard78→︎
9citizenM77⇑︎
10Homewood Suites75↑︎
11Hilton Garden Inn74→︎
12Delta Hotels70↑︎
13Hyatt House69↑︎
14AC Hotels68↑︎
15Aloft66→︎
16voco65⇑︎
17SpringHill Suites64→︎
18TownePlace Suites63→︎
19Drury62↑︎
20Staybridge Suites62→︎
21DoubleTree by Hilton61↓︎
22Radisson61↓︎
23Best Western Plus59→︎
24Holiday Inn57⇓︎
25Comfort Suites56→︎
26Four Points by Sheraton55↓︎
27Best Western Premier53→︎
28Cambria53↑︎
29Comfort Inn53↓︎
30Crowne Plaza52↓︎
31Element52↑︎
32EVEN Hotels51↑︎
33La Quinta51→︎
34Country Inn & Suites50→︎
35Motto by Hilton50⇑︎
36Hyatt Studios49⇑︎
37Sonesta ES Suites48→︎
38Aiden by Best Western46↑︎
39Atwell Suites46⇑︎
40Wyndham Garden44↓︎
41Caption by Hyatt43⇑︎
42Novotel43→︎
43Park Plaza43→︎
44Tempo by Hilton40⇑︎
45Vib40↑︎
46Wyndham39↓︎
47Clarion36↓︎
48Ascend Hotel Collection35↑︎
49GLo Best Western35↑︎
50Trademark Collection32↑︎
51Tryp by Wyndham32→︎
52BW Premier Collection30↑︎

Midscale & Economy

The recognition tiers — where awareness and guest-rated reliability dominate, and poor guest scores are penalized hardest.

BrandScoreTrj.
1Tru by Hilton95↑︎
2Candlewood Suites94→︎
3WoodSpring Suites88↑︎
4avid hotels82↑︎
5Best Western81↓︎
6Sleep Inn79→︎
7Garner73⇑︎
8Wingate72→︎
9Spark by Hilton71⇑︎
10Extended Stay America70→︎
11MainStay Suites70→︎
12Red Roof Inn70↓︎
13Everhome Suites69⇑︎
14AmericInn67↓︎
15City Express by Marriott67↑︎
16Hawthorn Suites67↓︎
17Microtel65→︎
18Quality Inn65↓︎
19Suburban Studios65→︎
20SureStay64↑︎
21ECHO Suites63⇑︎
22Super 860↓︎
23Motel 657↓︎
24Baymont53↓︎
25Days Inn51↓︎
26Ramada49↓︎
27Econo Lodge46↓︎
28Travelodge43↓︎
29Howard Johnson40⇓︎
30Rodeway Inn30↓︎

Guest Gravity measures the pull a brand exerts on the traveling public, weighted toward awareness, reputation, cultural presence, and accolade.

Luxury & Upper Upscale

The prestige tiers, ranked together — where cultural presence, accolades, and desirability carry the most weight.

BrandScoreTrj.
1Four Seasons95↑︎
2Ritz-Carlton94↑︎
3Edition78⇑︎
4Aman76↑︎
5Waldorf Astoria76↑︎
6JW Marriott75↑︎
7Mandarin Oriental75↑︎
8St. Regis73→︎
91 Hotels72⇑︎
10Fairmont71→︎
11Park Hyatt70↑︎
12Luxury Collection69→︎
13Grand Hyatt68↑︎
14Nobu Hotels68↑︎
15Rosewood66↑︎
16The Standard65↑︎
17InterContinental64→︎
18The Hoxton64⇑︎
19Kimpton63↑︎
20Ace Hotel62↑︎
21Sofitel61→︎
22LXR60⇑︎
23Gaylord59↑︎
24Thompson59⇑︎
25Westin59↓︎
26Hyatt Regency58→︎
27Hilton Hotels57→︎
2821c Museum55↑︎
29Andaz55↑︎
30Graduate Hotels55⇑︎
31Canopy by Hilton54⇑︎
32Marriott Hotels54↓︎
33Autograph53↑︎
34Curio Collection53↑︎
35Dream Hotels53↑︎
36Hotel Indigo52↑︎
37Hyatt Centric52↑︎
38Radisson Blu51↑︎
39Unbound Collection51↑︎
40Embassy Suites50↓︎
41Conrad49↓︎
42Renaissance49↓︎
43W Hotels48→︎
44Le Méridien46↓︎
45Destination by Hyatt45↑︎
46Radisson RED43↑︎
47JdV42↑︎
48Wyndham Grand40→︎
49Tapestry Collection37↑︎
50Vignette Collection36⇑︎
51Tribute Portfolio35↑︎
52Sheraton30⇓︎

Upscale & Upper Midscale

The workhorses of branded travel — where reputation, value, and consistency increasingly define gravity.

BrandScoreTrj.
1Hampton Inn95→︎
2Holiday Inn Express87↑︎
3Moxy84⇑︎
4Fairfield by Marriott82↑︎
5citizenM81⇑︎
6Home2 Suites77↑︎
7Hyatt Place76↑︎
8Residence Inn74↑︎
9Courtyard73→︎
10AC Hotels72↑︎
11Hilton Garden Inn69→︎
12Homewood Suites69↑︎
13Aloft68→︎
14Best Western Plus64→︎
15Delta Hotels64↑︎
16Hyatt House64↑︎
17voco64⇑︎
18Holiday Inn63⇓︎
19Radisson62↓︎
20DoubleTree by Hilton61↓︎
21TownePlace Suites58→︎
22Comfort Suites57→︎
23Motto by Hilton57⇑︎
24SpringHill Suites57→︎
25Comfort Inn56↓︎
26Drury56↑︎
27Novotel56→︎
28Staybridge Suites56→︎
29Crowne Plaza54↓︎
30EVEN Hotels54↑︎
31Element54↑︎
32Four Points by Sheraton54↓︎
33La Quinta54→︎
34Aiden by Best Western53↑︎
35Best Western Premier52→︎
36Country Inn & Suites52→︎
37Tempo by Hilton52⇑︎
38Park Plaza51→︎
39Caption by Hyatt50⇑︎
40Cambria48↑︎
41Hyatt Studios48⇑︎
42Sonesta ES Suites48→︎
43Vib48↑︎
44Wyndham Garden45↓︎
45Atwell Suites44⇑︎
46Wyndham41↓︎
47GLo Best Western40↑︎
48Tryp by Wyndham40→︎
49Clarion39↓︎
50Ascend Hotel Collection34↑︎
51Trademark Collection32↑︎
52BW Premier Collection30↑︎

Midscale & Economy

The recognition tiers — where awareness and guest-rated reliability dominate, and poor guest scores are penalized hardest.

BrandScoreTrj.
1Candlewood Suites95→︎
2Best Western90↓︎
3Tru by Hilton90↑︎
4WoodSpring Suites81↑︎
5Sleep Inn80→︎
6avid hotels77↑︎
7Red Roof Inn75↓︎
8Extended Stay America72→︎
9Spark by Hilton72⇑︎
10Wingate71→︎
11Quality Inn70↓︎
12City Express by Marriott67↑︎
13Everhome Suites67⇑︎
14AmericInn66↓︎
15Garner66⇑︎
16Hawthorn Suites65↓︎
17MainStay Suites65→︎
18Super 865↓︎
19Microtel63→︎
20Motel 662↓︎
21ECHO Suites61⇑︎
22Suburban Studios60→︎
23SureStay59↑︎
24Days Inn56↓︎
25Baymont54↓︎
26Ramada54↓︎
27Econo Lodge47↓︎
28Travelodge46↓︎
29Howard Johnson45⇓︎
30Rodeway Inn30↓︎

Capital Gravity measures the pull a brand exerts on the capital that builds and trades hotels, weighted toward fee economics, rate resilience, pipeline momentum, and resale impact.

Luxury & Upper Upscale

The prestige tiers, ranked together — where cultural presence, accolades, and desirability carry the most weight.

BrandScoreTrj.
1Four Seasons95↑︎
2Ritz-Carlton92↑︎
3JW Marriott83↑︎
4St. Regis78→︎
5Grand Hyatt76↑︎
6Fairmont75→︎
7Waldorf Astoria73↑︎
8Kimpton72↑︎
9Luxury Collection72→︎
10Gaylord70↑︎
11InterContinental70→︎
121 Hotels69⇑︎
13Hilton Hotels67→︎
14Hyatt Regency67→︎
15Edition66⇑︎
16Westin66↓︎
17Autograph65↑︎
18Canopy by Hilton64⇑︎
19Marriott Hotels64↓︎
20Graduate Hotels62⇑︎
21Mandarin Oriental62↑︎
22Rosewood62↑︎
23Curio Collection60↑︎
24Sofitel60→︎
25Ace Hotel59↑︎
26Aman59↑︎
27Embassy Suites59↓︎
28Thompson59⇑︎
29Hyatt Centric58↑︎
30Park Hyatt58↑︎
31Renaissance58↓︎
32Hotel Indigo57↑︎
33Nobu Hotels57↑︎
34Unbound Collection57↑︎
35Wyndham Grand55→︎
36Andaz54↑︎
37LXR54⇑︎
3821c Museum52↑︎
39Conrad51↓︎
40Le Méridien49↓︎
41Radisson Blu49↑︎
42Tapestry Collection48↑︎
43W Hotels47→︎
44The Hoxton46⇑︎
45Dream Hotels45↑︎
46Destination by Hyatt43↑︎
47Tribute Portfolio43↑︎
48JdV42↑︎
49Radisson RED42↑︎
50The Standard42↑︎
51Vignette Collection39⇑︎
52Sheraton30⇓︎

Upscale & Upper Midscale

The workhorses of branded travel — where reputation, value, and consistency increasingly define gravity.

BrandScoreTrj.
1Hampton Inn95→︎
2Home2 Suites92↑︎
3Residence Inn90↑︎
4Holiday Inn Express89↑︎
5Fairfield by Marriott88↑︎
6Courtyard85→︎
7Homewood Suites84↑︎
8Moxy84⇑︎
9Hyatt Place83↑︎
10Hilton Garden Inn82→︎
11Delta Hotels78↑︎
12Hyatt House77↑︎
13citizenM75⇑︎
14SpringHill Suites74→︎
15Staybridge Suites72→︎
16Drury71↑︎
17TownePlace Suites70→︎
18voco68⇑︎
19AC Hotels66↑︎
20Aloft66→︎
21DoubleTree by Hilton64↓︎
22Radisson63↓︎
23Cambria62↑︎
24Four Points by Sheraton60↓︎
25Comfort Suites59→︎
26Best Western Plus57→︎
27Best Western Premier57→︎
28Element55↑︎
29Crowne Plaza54↓︎
30Holiday Inn54⇓︎
31Hyatt Studios54⇑︎
32Comfort Inn53↓︎
33Country Inn & Suites53→︎
34Sonesta ES Suites53→︎
35Atwell Suites52⇑︎
36EVEN Hotels51↑︎
37La Quinta51→︎
38Motto by Hilton47⇑︎
39Wyndham Garden47↓︎
40Aiden by Best Western44↑︎
41Wyndham42↓︎
42Ascend Hotel Collection41↑︎
43Caption by Hyatt40⇑︎
44Park Plaza40→︎
45Clarion38↓︎
46Trademark Collection38↑︎
47Vib37↑︎
48BW Premier Collection36↑︎
49GLo Best Western35↑︎
50Novotel34→︎
51Tempo by Hilton32⇑︎
52Tryp by Wyndham30→︎

Midscale & Economy

The recognition tiers — where awareness and guest-rated reliability dominate, and poor guest scores are penalized hardest.

BrandScoreTrj.
1Tru by Hilton95↑︎
2WoodSpring Suites91↑︎
3Candlewood Suites88→︎
4avid hotels83↑︎
5Garner77⇑︎
6Sleep Inn75→︎
7MainStay Suites71→︎
8Best Western70↓︎
9Wingate70→︎
10Everhome Suites69⇑︎
11Spark by Hilton68⇑︎
12Hawthorn Suites67↓︎
13Suburban Studios67→︎
14AmericInn65↓︎
15Extended Stay America65→︎
16Microtel65→︎
17SureStay65↑︎
18City Express by Marriott64↑︎
19ECHO Suites63⇑︎
20Red Roof Inn63↓︎
21Quality Inn59↓︎
22Super 854↓︎
23Motel 651↓︎
24Baymont50↓︎
25Days Inn45↓︎
26Econo Lodge43↓︎
27Ramada42↓︎
28Travelodge40↓︎
29Howard Johnson35⇓︎
30Rodeway Inn30↓︎
§ 4

Methodology

The framework is presented here at the conceptual level. The specific weights assigned to each dimension within the tier-specific Guest Gravity profiles, the curvature of the reputation drag function, the magnitude of the trajectory multiplier at each step of the scale, and the calibration of each dimension against external benchmarks are not published. These are the operational instruments that make the framework function rather than the philosophical commitments that make it credible, and they remain proprietary in keeping with the customary practice for serious composite indices. The reader should be able to follow every ranking choice the Index makes and judge whether the reasoning matches their own without access to the recipe.

The ten dimensions

i.
Rate AuthorityGuest & Capital · Pricing
A brand's capacity to command rate against its competitive set, and to hold that rate through demand cycles. Rate level signals desirability; rate resilience signals durable pricing power. Both are measured against scale-typical norms rather than absolute dollar values.
ii.
Cultural PresenceGuest · Velocity
The brand's standing in editorial, design, and trend conversation — the current pulse of how the brand is discussed by tastemakers and the press. Distinct from accumulated recognition, this dimension captures momentum rather than memory, and is weighted heaviest at the top of the chain scale.
iii.
ReputationGuest & Capital · Delivery
The aggregated guest-experience signal — what travelers actually report after staying, normalized to scale-tier baselines. Reputation operates not only as a weighted input but as the floor mechanism through reputation drag: brands whose reputation scores fall meaningfully below their tier norm take an accelerating multiplier penalty on both Guest and Capital Gravity.
iv.
AwarenessGuest & Capital · Recognition
The brand's recognition among the broader traveling public. On the guest side, awareness functions as a ceiling: a brand cannot exert broad consumer pull on an audience that does not know it exists, however coveted it may be among insiders. On the capital side, awareness underwrites the booking base that secures financing.
v.
Accolade DensityGuest · Validation
Third-party prestige validation, captured through the concentration of independent five-star and five-diamond distinctions across a brand's portfolio, normalized to scale. A more objective desirability signal than guest review averages, and a sharper differentiator at the luxury tier.
vi.
Geographic PrestigeGuest · Distribution
The strategic geometry of a brand's footprint. Markets are not equal in the gravity they confer; a brand's distribution pattern reveals where it has chosen to plant itself and what that choice signals about brand intent and ambition.
vii.
Owner DemandCapital · Economics
The intensity with which owners compete to fly the flag, expressed through fee economics and incentive dynamics. A brand whose fee load owners willingly pay, and which need not pay to attract them, is exerting genuine supply-side gravity.
viii.
Pipeline and ResaleCapital · Forward Value
Two forward-looking capital signals taken together: pipeline momentum — the rate at which developers are choosing the brand now relative to its existing footprint — and resale impact, the brand's effect on a property's eventual exit valuation. Together they capture whether a flag compounds or erodes value over a hold period.
ix.
FootprintCapital · Operating Scale
A modifier applied to Capital Gravity but not to Guest Gravity. A single exceptional property and a portfolio of forty exert different gravitational force on a market, even at comparable per-property quality; capital-side measurable gravity is scaled accordingly. The guest view, by contrast, judges desirability without this penalty.
x.
TrajectoryAll Indices · Direction
A brand's net directional movement across the dimensional set over a rolling multi-year window, incorporating forward pipeline pressure. Trajectory captures the rate at which gravity is being earned or lost; for long-horizon flag decisions, direction frequently matters more than current position. Applied as a multiplier rather than an additive input.

Structural principles

1.
Three audiences, three gravities.
Gravity is not one thing. The Index resolves into three views: Guest Gravity, weighted toward recognition, desirability, and accolade; Capital Gravity, weighted toward fee economics, rate resilience, pipeline, and resale value; and Total Gravity, an equal synthesis of the two. A brand may rank very differently across them, and the divergence is the diagnostic information.
2.
Scale-relative by design.
Every dimension is scored relative to scale norms, not in absolute terms. A strong midscale brand and a strong luxury brand can register comparable gravity within their respective categories. The principle inverts conventional thinking, which has tended to conflate scale with strength.
3.
Recognition as a ceiling.
On the guest side, awareness functions as a cap rather than merely an additive contributor. A brand cannot exert broad consumer gravity among a public that has never encountered it, however coveted it may be among insiders. Genuine prestige still earns a meaningful floor, but the ceiling holds.
4.
Ranked within chain scale.
Brands are not compared across the whole field. Each is ranked within its STR chain-scale tier — Luxury, Upper Upscale, Upscale, Upper Midscale, Midscale, Economy — using a weighting profile calibrated to that tier. Cultural presence and accolade carry real weight at the top; awareness, reliability, and value dominate at the bottom.
5.
Reputation is a floor.
Recognition opens the door, but it cannot rescue a brand that guests consistently rate poorly. Brands whose guest satisfaction falls materially below their tier norm are penalized through an accelerating multiplier, so that a widely-known name with poor guest scores can sink beneath quieter brands that travelers actually prefer.
6.
Momentum is a multiplier.
Trajectory shapes the score directly, not merely the label. Rising brands are rewarded; declining brands are marked down. Two brands with identical present-day cross-sections diverge if one is ascending and the other fading. For long-horizon flag decisions, direction frequently matters more than position.
7.
Operating presence is required.
A brand must have at least five open Americas properties to be included. Brands below that threshold — announced but unopened, pipeline-only, or confined to other regions — are excluded. The threshold is a deliberate judgment: a brand with one or two locations may carry genuine prestige but cannot yet exert the sustained, market-wide gravity the Index is built to measure. Several decorated ultra-luxury names fall below the line and are held out until their Americas footprint matures.
8.
Footprint scales capital gravity.
On the capital side, measurable gravity is a function not only of how a brand performs but of how broadly it operates. The Index applies graduated adjustments so that thin-footprint brands cannot accumulate the same capital weight as brands of broader scale. The guest view, by contrast, judges desirability without this penalty.
9.
Diagnostic, not prescriptive.
The Index clarifies what a flag is structurally; it does not tell owners what to do with it. The purpose is to make flag decisions more informed than they would be in its absence — a lens, not a recommendation.
10.
Refreshed annually.
The Index is maintained on an annual cadence and updated as material shifts in the brand landscape warrant. Methodological refinements and the timing of each successive edition remain at Syrasota's discretion.

What the Index does not measure

The Index does not predict the financial performance of any specific property. It measures brand-level pull on aggregate audiences; individual asset performance is determined by location, operations, capital structure, management, and dozens of other asset-specific factors the Index does not capture. The Index does not forecast the future; the trajectory dimension is a present-moment reading of directional momentum built from trailing-window data, not a forecasting tool. The Index does not measure brand health from the perspective of internal stakeholders — employees, associates, corporate culture — which would require a separate instrument. The Index does not cover brands outside the Americas region, nor brands below the operating-presence threshold. The 2026 edition is a first edition and will improve.