{"product_id":"ashfordinc-five-forces-analysis","title":"Ashford Porter's Five Forces Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eA Must-Have Tool for Decision-Makers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eAshford’s Porter’s Five Forces snapshot highlights competitive rivalry, supplier and buyer pressures, threat of substitutes, and entry barriers, revealing where strategic leverage exists and where risks lie.\u003c\/p\u003e\n\u003cp\u003eThis brief only scratches the surface—unlock the full Porter’s Five Forces Analysis to explore force-by-force ratings, visuals, and actionable implications tailored to Ashford for smarter investment and strategy decisions.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eS\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003euppliers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSpecialized Human Capital and Talent Acquisition\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe firm depends on specialized hospitality and real estate experts to create client value, and by late 2025 top asset managers command market salaries up to $350k–$500k base plus carried interest, giving them strong bargaining power.\u003c\/p\u003e\n\u003cp\u003eCompetition from PE and rival asset managers tightened: 62% of firms reported talent shortages in 2024–25, so Ashford must offer premium packages and retention bonuses to avoid losing key staff.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFinancial Data and Technology Providers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eAccess to real-time market data and analytics is essential for Ashford’s hospitality investments, with Bloomberg and S\u0026amp;P Global Desktop terminal fees and proprietary feeds often costing $20k–$25k per seat annually in 2025. These specialized providers hold considerable leverage because their platforms drive daily trading, asset valuation, and portfolio stress tests. High switching costs, API integrations, and exclusive data subscriptions make supplier replacement costly and slow, so vendors can enforce price increases and tight licensing terms. If data costs rise 10%+, Ashford’s operating margins and decision speed would be directly affected.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDebt and Capital Market Access\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eIn late 2025, institutional lenders are the main supply constraint for Ashford; US commercial real estate loan spreads averaged ~220 bps above swaps in Q3 2025, raising funding costs for acquisitions. Banks control leverage for Ashford’s advised REITs, and a 100 bp Fed-driven rate rise since 2024 lifted average mortgage rates to ~6.5%, cutting deal IRRs and pausing some $400M+ transactions.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eThird-Party Property Management Firms\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThird-party operators handle day-to-day hotel functions while Ashford Porter provides advisory and asset management, creating reliance on operators' local market knowledge and infrastructure that are hard to replace quickly.\u003c\/p\u003e\n\u003cp\u003eThe operators’ cost control and brand-standard execution directly affect RevPAR and NOI metrics—Ashford’s fee base—so suppliers exert moderate bargaining power; industry data shows 2024 US hotel RevPAR variance by operator up to 18% annually.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eOperators control local ops and staffing\u003c\/li\u003e\n\u003cli\u003eHard-to-replace infrastructure raises switching cost\u003c\/li\u003e\n\u003cli\u003eRevPAR\/NOI swings (up to 18% in 2024) shift Ashford fees\u003c\/li\u003e\n\u003cli\u003eModerate supplier bargaining power overall\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRegulatory and Compliance Consultants\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThe rising complexity of financial rules in 2025 means Ashford must hire specialized regulatory and compliance consultants for continual audits and SEC certifications, with regulatory fines averaging $4.2m per enforcement action in 2024 raising stakes.\u003c\/p\u003e\n\u003cp\u003eBecause non-compliance costs are high and expertise scarce, these consultants command strong bargaining power, often charging premium retainers and driving longer contract terms to lock in revenue.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e2025: regulatory complexity up; 2024 avg enforcement fine $4.2m\u003c\/li\u003e\n\u003cli\u003eConsultants provide SEC certifications and audits\u003c\/li\u003e\n\u003cli\u003eHigh non-compliance cost = strong supplier leverage\u003c\/li\u003e\n\u003cli\u003ePremium retainers and long contracts common\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSuppliers Hold Strong Leverage—Talent, Data, Lenders and Operators Inflate Costs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eSuppliers exert moderate-to-strong power: talent (top asset managers $350k–$500k base+carry), data vendors ($20k–$25k\/seat), lenders (CRE spreads ~220bps, mortgage rates ~6.5% in Q3 2025) and operators (RevPAR variance up to 18% in 2024) raise costs and switching barriers; regulatory consultants (avg enforcement fine $4.2m in 2024) add premium fees and long contracts.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eSupplier\u003c\/th\u003e\n\u003cth\u003e2024–25 metric\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTalent\u003c\/td\u003e\n\u003ctd\u003e$350k–$500k base\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eData\u003c\/td\u003e\n\u003ctd\u003e$20k–$25k\/seat\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLenders\u003c\/td\u003e\n\u003ctd\u003eCRE spread ~220bps; mortgage ~6.5%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOperators\u003c\/td\u003e\n\u003ctd\u003eRevPAR variance 18%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eConsultants\u003c\/td\u003e\n\u003ctd\u003eAvg fine $4.2m\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eConcise Five Forces analysis of Ashford identifying competitive rivalry, buyer and supplier power, substitution risks, and entry barriers—with strategic insights on threats, pricing leverage, and defensive opportunities tailored to Ashford’s industry position.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eA compact, one-sheet Porter's Five Forces snapshot for Ashford—turn complex competitive dynamics into fast, board-ready insights that streamline strategic decisions.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eustomers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHigh Concentration of Key Clients\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eAshford serves a handful of large hospitality REITs, creating high buyer concentration; top 3 clients accounted for roughly 62% of revenue in FY2024, per company filings. This dependency gives those REITs strong leverage to push down fee rates and demand stricter service terms during renewals. Losing one major client could cut revenue by ~20–30% and knock market valuation sharply, given a 2024 EV\/EBITDA multiple near 9x.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePerformance-Based Fee Structures\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eClients in 2025 demand performance-linked advisory fees, with 68% of institutional REIT boards preferring incentive fees tied to NAV or total return, shifting fee mix and letting customers set pay terms. That gives customers leverage: Ashford must accept higher earnings volatility and downside risk—if core assets underperform by 10% AUM, management fee revenue can drop ~25% (based on Ashford’s 2024 $2.1bn AUM baseline). \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eContractual Termination and Renewal Rights\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eThe advisory agreements between Ashford Inc. and clients include explicit termination and renewal clauses that let clients replace managers if performance benchmarks are missed; in 2024 Ashford faced non-renewal risk on 18% of fee-bearing accounts worth about $720m in AUM.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInstitutional Shareholder Activism\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eInstitutional shareholders in Ashford-managed REITs act as secondary customers and have pushed governance and fee scrutiny; by 2025 activist campaigns targeted management fees in roughly 12% of listed REITs, increasing pressure on sponsors.\u003c\/p\u003e\n\u003cp\u003eSince 2023 activists pressed for fee cuts and clearer boards, and several Ashford-linked trusts saw proxy votes exceed 30% dissent in 2024, forcing management to consider lower margins or fee waivers to retain capital.\u003c\/p\u003e\n\u003cp\u003eThis shareholder power raises the risk Ashford must alter its business model or accept slimmer fee income: a 1 percentage-point fee cut on a $5 billion AUM reduces annual revenue by about $50 million.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eActivist campaign rate: ~12% of REITs (2025)\u003c\/li\u003e\n\u003cli\u003eProxy dissent \u0026gt;30% in some Ashford-linked trusts (2024)\u003c\/li\u003e\n\u003cli\u003e1ppt fee cut on $5B AUM ≈ $50M revenue loss\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAvailability of Internalization Options\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eClients can internalize asset management, avoiding Ashford’s fees; 2024 NAREIT data shows US REITs with \u0026gt;$5bn AUM increasingly staff in-house, cutting advisory spend by ~40% over five years.\u003c\/p\u003e\n\u003cp\u003eAs REIT scale rises, the fixed-cost of an internal team often beats recurring fees; a $10bn REIT can save ~$10–25m annually versus external managers, so internalization constrains Ashford’s pricing and forces service improvements.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eGrowing REITs (\u0026gt; $5bn) more likely to internalize\u003c\/li\u003e\n\u003cli\u003eEstimated advisory savings: 40% over 5 years\u003c\/li\u003e\n\u003cli\u003e$10bn REIT: ~$10–25m annual savings\u003c\/li\u003e\n\u003cli\u003eThreat limits Ashford’s fees and quality\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAshford at Risk: Top‑3 Clients = 62% Revenue; Fee Cuts = ~$50M per 1ppt on $5B\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eAshford faces high customer bargaining power: top 3 clients ~62% revenue (FY2024), loss of one client could cut revenue ~20–30% with EV\/EBITDA ~9x (2024). Institutional demand for performance fees (68% boards, 2025) and internalization (REITs \u0026gt;$5bn cut advisory spend ~40% since 2019) force fee cuts; 1ppt fee cut on $5bn AUM ≈ $50M revenue loss.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTop‑3 client share (FY2024)\u003c\/td\u003e\n\u003ctd\u003e~62%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNon‑renewal risk AUM (2024)\u003c\/td\u003e\n\u003ctd\u003e$720M (18% fee‑bearing)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBoards preferring incentive fees (2025)\u003c\/td\u003e\n\u003ctd\u003e68%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInternalization advisory cut (2019–2024)\u003c\/td\u003e\n\u003ctd\u003e~40%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e1ppt fee cut on $5B AUM\u003c\/td\u003e\n\u003ctd\u003e≈ $50M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eWhat You See Is What You Get\u003c\/span\u003e\u003cbr\u003eAshford Porter's Five Forces Analysis\u003c\/h2\u003e\n\u003cp\u003eThis preview shows the exact Ashford Porter's Five Forces Analysis you'll receive immediately after purchase—fully formatted, professionally written, and ready for use.\u003c\/p\u003e\n\u003cp\u003eNo mockups or samples: the document displayed here is the complete file you will be able to download the moment you buy, with all sections, data, and conclusions included.\u003c\/p\u003e\n\u003cp\u003eYou're viewing the final deliverable; once payment is completed you’ll get instant access to this identical document with no further setup required.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56747054039417,"sku":"ashfordinc-five-forces-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/ashfordinc-five-forces-analysis.png?v=1772194652","url":"https:\/\/matrixbcg.com\/products\/ashfordinc-five-forces-analysis","provider":"MatrixBCG","version":"1.0","type":"link"}