Every year HVS performs reviews across a wide range of markets throughout the world.
Nestled among the iconic red rock formations of northern Arizona, Sedona is one of the most distinctive leisure destinations in the American Southwest. Over the past decade, Sedona’s hotel market has demonstrated remarkable resilience, supported by strong leisure demand, constrained hotel supply, and a reputation as a premium outdoor and wellness destination.
San Diego remains one of the West Coast’s most attractive hotel investment markets, driven by diversified demand from leisure, conventions, military, and life sciences. With roughly 45% of downtown keys owned by REITs and private equity, the market reflects strong institutional confidence, resilient performance, active transactions, and long-term growth supported by major infrastructure investments.
While Las Vegas experienced moderation in several key performance metrics in 2025 relative to 2024, the market demonstrated continued resilience, supported by a strong calendar of major events, sports-related visitation, and a diversified entertainment offering. In 2026, Las Vegas is expected to maintain solid operating fundamentals, with growth patterns continuing to normalize following the post-pandemic rebound.
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.
Colorado Springs has long stood as one of Colorado’s most popular drive-to leisure destinations during the peak summer months. Government entities and related contract business have also supported strong lodging dynamics. While disruptions within the government segment over the past year have resulted in uncertainty for the near term, the long-term outlook remains optimistic.
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.
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.
Greater Houston’s lodging market is stabilizing, with distinct performance differences across submarkets. While 2024 posted strong results lifted by major events and weather-related displacement, inflation-adjusted levels show that real-dollar gains over 2019 are more modest. As 2025 has unfolded, differences between the city and outlying submarkets have become clearer as the market returns to more typical operating patterns.
We have written thousands of articles about all aspects of hospitality, including valuations, investing, lending, operations, asset management, and much more.
Nestled among the iconic red rock formations of northern Arizona, Sedona is one of the most distinctive leisure destinations in the American Southwest. Over the past decade, Sedona’s hotel market has demonstrated remarkable resilience, supported by strong leisure demand, constrained hotel supply, and a reputation as a premium outdoor and wellness destination.
San Diego remains one of the West Coast’s most attractive hotel investment markets, driven by diversified demand from leisure, conventions, military, and life sciences. With roughly 45% of downtown keys owned by REITs and private equity, the market reflects strong institutional confidence, resilient performance, active transactions, and long-term growth supported by major infrastructure investments.
While Las Vegas experienced moderation in several key performance metrics in 2025 relative to 2024, the market demonstrated continued resilience, supported by a strong calendar of major events, sports-related visitation, and a diversified entertainment offering. In 2026, Las Vegas is expected to maintain solid operating fundamentals, with growth patterns continuing to normalize following the post-pandemic rebound.
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.
Colorado Springs has long stood as one of Colorado’s most popular drive-to leisure destinations during the peak summer months. Government entities and related contract business have also supported strong lodging dynamics. While disruptions within the government segment over the past year have resulted in uncertainty for the near term, the long-term outlook remains optimistic.
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.
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.
Greater Houston’s lodging market is stabilizing, with distinct performance differences across submarkets. While 2024 posted strong results lifted by major events and weather-related displacement, inflation-adjusted levels show that real-dollar gains over 2019 are more modest. As 2025 has unfolded, differences between the city and outlying submarkets have become clearer as the market returns to more typical operating patterns.
Robust demand in urban centers continues to drive Canadian hotel values despite high interest rate environment.
