After a stable fiscal-year 2026, the recently published fiscal-year 2027 per-diem rates indicate a return to measured growth, with the standard continental United States (CONUS) lodging allowance increasing by $3 per night. This article explores how long-term trends continue to reveal significant differences among U.S. lodging markets, particularly in major gateway cities and resort destinations.

Each year, HVS researches and compiles development costs from our database of actual hotel construction budgets. This source provides the basis for our illustrated total development costs per room and per product type.

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.

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.

This fifteenth annual Lodging Tax Study presents data on city, state, and special district lodging and sales taxes imposed on lodging sales. We provide historical data on tax rates and collection and distribution of revenue from lodging taxes levied in all 50 States and the 150 largest US cities. Our analysis of 25 major U.S. hotel markets shows room revenue growth slowing through 2024 and leveling off through the first eight months of 2025, reflecting weakening travel demand across key markets.

The Oregon Coast is a vibrant, drive-to destination in the Pacific Northwest, known for its scenic charm and strong tourism appeal. With steady post-pandemic recovery and revitalization efforts underway, the region is poised for continued growth, drawing visitors to its coastal cities year-round.

Decisions at the federal level, such as import tariffs, are affecting global markets, and cuts initiated by the Department of Government Efficiency (DOGE) are having impacts across the nation. These policies are also significantly affecting hotels in Washington, D.C., the market located at the heart of the federal government.

The Boston lodging market continues to progress, steadily closing the gap on pre-pandemic RevPAR levels (inflation adjusted). With the new-construction pipeline empty and a record year anticipated in the convention sector, the market’s future is among the brightest in the nation.

Newark, New Jersey, has been undergoing gradual revitalization efforts during the last roughly 15 years. The city has been gaining recognition given the ease of access to Manhattan and within New Jersey, the newly renovated Newark Liberty International Airport, and waterfront areas along the Passaic River and Newark Bay.

The Hotel Real Estate Society (HRES) in Washington, D.C., met this week to network and tour a local luxury hotel. This article provides a quick overview of the organization, which was co-founded by Chelsey Leffet, and some information on this latest event.