What are you thoughts on rebuilding the two sites to region specific lodging? This way I could leave the other 4 to long tail and terms they are already ranking for (each is unique anyway).
I'm going to let others chime in. I'm the wrong person to be asking these questions as I'm probably going to suggest what you don't want to hear. What is that suggestion you ask? If you're talking about one brand here with 4 different locations, of course I'm going to recommend one site with 4 different sections targeting each location. Why all the domains? That has to be a nightmare from a management and reporting perspective.
Is the Hotel Industry really that challenging? Personally I feel you have a lot more weight to throw around under one domain in this particular scenario. Others may present a different view. :)