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A strong supply of management companies and a sudden decline in hotel demand led to owners gaining leverage in the management contract negotiation process, a change that was facilitated by the US real estate crash of the late 1980s.

I don't understand the meaning of the above sentence. Will somebody help me? Many thanks.
Comments  
What exactly don't you understand?
You should explain or paraphrase the sentence first, so everyone can see which part troubles you.
Students: Are you brave enough to let our tutors analyse your pronunciation?
Look, I'm a native speaker and *I* can barely understand this, so give Dela a break.

More context would make it more clear who the "management companies" are, and why they needed to negotiate with the hotels, but basically, with fewer people requiring the services of the hotels, the management companies are in a stronger position to bargain with the hotels. For some reason, the real estate crash (which I don't actually recall happening) made the management company's position in the bargaining even stronger.
The paragraph is:

During the early 1980s when the hotel industry was growing at a healthy pace, traditional management contracts tended to meet the needs of both owners and operators. However, owners throughout the hotel industry had been agitating for more voice in how their properties were managed. A strong supply of management companies and a sudden decline in hotel demand led to owners gaining leverage in the management contract negotiation process, a change that was facilitated by the real estate crash of the late 1980s. Many property owners lost their investments, some of whom had contracted the services of The X (a hotel management company).
DelaA strong supply of management companies and a sudden decline in hotel demand led to owners gaining leverage in the management contract negotiation process, a change that was facilitated by the US real estate crash of the late 1980s.

I don't understand the meaning of the above sentence. Will somebody help me? Many thanks.
1, there were many management companies on the market offering their severces.
2, at the same time, hotels were not in high demand any more.
3, as a result of 1 and 2, owners were gaining uphand in negotiations with management companies for contracts.
4, the change was brought about by the real estate crash occurred in late 1980's in the US.

The sentence itself is not difficult, as it is written in fairly simple grammar. I suspect you have trouble understand the content.
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You are right. Now I understand the part you explained. Thanks.

I still feel confused about the latter part:

the property owner is the hotel, right? If so, why they still lose money since they gain leverage in negotiation?