U.S. hotels had a difficult year in 2025, with RevPAR down 0.3%—the first non-recessionary decline on record. Conditions are improving, and 2026 appears to be a stabilization year. This playbook examines the pricing floor, segment performance variations, and PIP and debt maturity pressures. It also includes a “seller-readiness checklist” for timing a sale.

U.S. hotels began 2026 steadily, with flat occupancy and slightly higher ADR for January. As of February, HVS expects modest RevPAR growth in 2026 and stronger gains in 2027 and 2028. Cap rates are trending downward as more distressed assets sell, while transaction activity is slowly gaining momentum, supported by lower interest rates.

Park City is experiencing an unprecedented wave of residential and hotel development, driven by expanding ski infrastructure and growing year-round demand. This article places current lodging growth in context by comparing Park City’s hotel supply to that of other mature ski resorts, illustrating why the market remains well positioned to absorb additional inventory over time.

Hartford’s hotel market has demonstrated strong performance, with occupancy and ADR exceeding pre-pandemic levels. However, a significant decline in hotel room supply has hindered the convention center’s ability to attract large-scale events, underscoring the need for additional lodging to support long-term competitiveness.

This article reviews the key dynamics shaping Taormina’s hotel market in 2026, from tourism demand and hotel performance to evolving supply patterns, lifestyle positioning and investment activity.

The hotel sector in Minneapolis–St. Paul continues to evolve and recover from pre- and post-pandemic oversupply and demand changes. Leisure and event-driven travel have returned with renewed energy, but not yet at the scale needed to fully offset the region’s corporate travel losses.

Amidst great global geopolitical and economic uncertainty, Canadians showed their true “Elbows Up” resilience. The national hotel occupancy level cracked the 66% mark with close to 70 million occupied rooms across the country. This is a remarkable achievement, especially given that it was coupled with a 3.5% increase in average daily rates nationally, resulting in a 4.2% RevPAR uptick. The luxury segment saw the greatest lift in RevPAR at 8.7%, more than twice the national average.

Los Angeles’ occupancy remains below pre-pandemic levels, due primarily to entertainment-related strikes, soft leisure demand, weak international visitation, and wildfire disruptions in early 2025. However, the region’s diverse economy positions it for recovery, aided by the 2026 FIFA World Cup. Entertainment production and international air travel are expected to stabilize, while ADR should grow.

In this article, we provide the market opinions of key HVS global leaders in many different regions of the world. HVS operates across the world, and regional leaders are keenly aware of the dynamics and trends that are influencing performance, profitability, and value.

Recent HVS data show gross operating profit margins declining broadly, driven by increases in labor, operating standards, and shared-service allocations. With ADR growth anticipated to flatten, revenue can no longer absorb rising costs. As hotels convert less revenue into profit, owners must rely on active asset management, benchmarking, and operational realignment to protect NOI in 2026.