Hospitality National Report

Hotel fundamentals improved through the first half of 2026 as occupancy and revenue growth accelerated ahead of the World Cup. While softer international visitation presents a near-term headwind, rising group and corporate travel are expected to provide a meaningful offset. At the same time, moderating travel and labor cost pressures may help sustain profitability, while improving transaction activity suggests investors are adapting to a higher-rate environment.

• Discussion of domestic, group and corporate travel demand trends
• Analysis of international visitation and potential impacts on hotel performance
• Hotel construction activity and market-level supply pressures breakdown
• Update on hotel investment sales, lending conditions, debt maturities and refinancing risks