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 Market Snapshot: Asia Pacific 2025 highlights an overview of transaction activity in the region and presents 24 markets’ current hospitality landscape; each covering demand and supply dynamics, hotel performances, and key transactions.

The Caribbean has long captivated travelers with its natural beauty, year-round sunshine, and vibrant culture. Within the ABC Islands (Aruba, Bonaire, and Curaçao), Curaçao has recently emerged as a standout, fueled by its distinct identity, growing investments, and increasing global visibility.

HVS discusses the main hotel transactions that took place in the first half of 2025 and looks at the trends in single-asset and portfolio transactions over the years.

In Focus: Indonesia provides an overview of Indonesia's tourism landscape and hotel market performance, infrastructure developments, hotel transactions and investments in 2024, an in-focus topic on the 10 priority destinations as well as an outlook.

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.

The Nova Scotia lodging market, particularly in Halifax, has experienced rapid growth in the years following the pandemic. In 2024, provincial RevPAR levels are projected to reach 128% of their 2019 benchmark, driven by rising ADR and an enhanced hotel supply.

HVS discusses the main hotel transactions that took place in the first half of 2024 and looks at the trends in single-asset and portfolio transactions over the years.

Since the COVID-19 pandemic, San Francisco has been navigating a difficult recovery affected by multiple issues, from safety concerns to a weak convention calendar. However, the long-term outlook remains cautiously optimistic given the growing presence of AI companies and major sporting events planned for 2026.