Marketing is critical for business success, but it frequently faces budget cuts during economic downturns. This study examines the impact of marketing expenditures on Total Revenue (TrevPAR) across various hotel business models—chain, franchise, and independent—paying special attention to shifts during the Covid-19 pandemic and the differences in their revenue structures. Before the pandemic, increased marketing investment had a positive effect on TrevPAR across all hotel types; however, during the pandemic, this positive impact was only noted in franchise hotels. Furthermore, the study highlights that the influence of marketing spending on hotel performance is not consistent and varies significantly depending on the type of hotel.