Tourism is a water-intensive sector which highly impacts water availability, quality, and equity, and is increasingly scrutinized amidst climate change and growing competition for water resources. This thesis assesses water-related risks in a global portfolio of hotel destinations operated by a multinational tourism company, focusing on high-risk locations and the applicability of the Alliance for Water Stewardship (AWS) Standard in guiding equitable and context-sensitive water management. Using a mixed-method approach, the study integrates quantitative screening using the World Resources Institute’s Aqueduct Water Risk Atlas and the World Wide Fund for Nature’s Water Risk Filter with qualitative desk research and an operational risk questionnaire. The PRR framework, covering physical, regulatory, and reputational risks is used to structure the analysis. From 361 destinations across 37 countries, a total of 25 in five high-risk countries (Spain, Greece, Turkey, Mexico, and Egypt) were selected based on water risk severity and operational significance. Detailed basin- and site-level assessments revealed critical vulnerabilities including extreme baseline water stress, high seasonal variability, inadequate governance capacity, and reputational risks linked to water equity concerns. The AWS Standard offers a strong and flexible framework for site- and catchment-level action but requires adaptation to tourism-specific contexts. The study recommends integrating water equity into stewardship strategies, prioritizing high-impact sites, and leveraging risk assessment tools to align corporate water stewardship with local governance and community needs. Findings contribute to sustainable tourism practice by linking technical risk metrics with governance, equity, and strategic decision-making in the tourism sector.