Pros
The prestige of working for a top name can't be beat, as long as that is enough for you. For employees entering into the company, stick with a franchised hotel. They are usually run a lot more realistically than a property run by the corporation.
Cons
As most companies today, they only look at the bottom line. They forget about everything above that line that produces it...the people. Conrad Hilton put people first, thus creating the greatest hotel company in the world. Sorry to say he'd be embarrassed to see his company today. In a hotel owned or managed by the corporation, more and more is demanded from less and less staff. Salaries in a corporate run hotel are far less than their franchised competitors. Employees on every level feel the burden of smaller staffs and increased occupancies, thus creating truly unrealistic workloads. They contribute to the 70% industry-wide turnover rate.