This study explores how the ownership structure of China's A-share-listed hotel industry affects the operating performance which can help understand the uniqueness of the hotel industry in China. On the basis of the panel data analysis of six A-sharelisted hotels in recent years, the research reveals the following. (1) The proportion of state-owned, institutional investors, tradable ownership and the equity balance index have negative effects on return on assets (ROA). While the proportion of managerial ownership has a positive influence on ROA. (2) The proportion of state-owned, tradable ownership and the equity balance index have positive effect on performance. The proportions of managerial ownership and the top ten shareholders have negative effects on Tobin's Q. (3) The proportion of state-owned, institutional investor shares, tradable ownership and the equity balance index have negative effects on the sustainable growth rate. We found that the Chinese hotel industry moves towards the trend of global operations but still keep it characteristics in the local market structure.