Background: Tourism development involves multiple stakeholders—government agencies, local communities, private businesses, NGOs, investors, and international organizations. Managing conflicting interests while promoting sustainability demands effective governance models.

Objective: This study evaluates tourism governance models in multi-stakeholder environments, focusing on collaboration mechanisms, institutional arrangements, power dynamics, and policy outcomes across three global destinations.

Methods: A qualitative comparative case study method was used involving 36 interviews with local authorities, tourism entrepreneurs, NGOs, and community representatives. Policy document analysis and stakeholder mapping were conducted for Bali (Indonesia), Barcelona (Spain), and Cox’s Bazar (Bangladesh).

Results: Collaborative governance models enhanced transparency and sustainability outcomes, while top-down governance created conflict and resistance. Power imbalances favored the private sector and government, often marginalizing local communities. Effective governance required co-management structures, participatory planning, and transparent benefit-sharing.

Conclusion: Multi-stakeholder tourism governance must integrate community voices, limit elite capture, and strengthen regulatory frameworks. Hybrid governance—balancing centralized control with decentralized participation—is most effective for sustainable tourism.