Any hotel manager needs at least some business experience and hopefully some knowledge of hospitality and customer service, but the general rule is, the more stars a hotel has the better the qualifications you'll need to manage it.
A twenty-room drive-up that always has vacancies will only need someone who knows how to call maintenance when the boiler springs a leak. They're not looking for anything flashy, like a bunch of letters before or after your name.
On the opposite end of the spectrum, modern high-class joints with spas, infinity pools, and very big restaurants that sell very small plates of food for very high prices will most likely require that you have at least a bachelor's degree in hospitality or hotel management. You might even need an MBA and will definitely need some years of experience to manage a place like that (source).
To you it may just be an expensive piece of paper, but to the owners of these sky-high money castles, a degree means the difference between getting four stars and getting shut down as a public hazard.