The options that a web hosting service has are very similar to the hosting options that you have. Web host uses a co-location service that provides rack space and connectivity for the web host's servers. Web host leases its servers and bandwidth from a network operating center, but configures the servers with its own software. Web host leases its servers, connections, and software from a network operating center. The web host performs the marketing and customer support functions.
Web host is a reseller for one of the above.
You should consider the length of time in which the hosting service has been in operation. New hosts will experience a learning curve that can result in a lower service level. For example, one new hosting service suffered a significant period of downtime due to intrusion by a hacker. The host quickly implemented higher levels of security to prevent future intrusions. It makes sense to select a hosting service that already knows how to prevent such problems.