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Message from Rod Clough, President - HVS Americas
The spring conference season is in full swing, and if you haven’t yet locked in your NYC travels for early June, most definitely put BLLA’s Boutique Hotel Investment Conference on your list. This event focuses on the boutique hotel space, and the lineup is an extraordinary one—not to mention the opportunity for new connections in a smaller, manageable conference environment. I love this event. Please join me on June 3 at Convene on Park Avenue.
We’ll also be at AAHOACON26 in early April (connect with us in Philadelphia at booth 1504), as well as at ALIS CALA and the Commercial Real Estate & Lending Conference (CRELC) in late April, followed by the NYU International Hospitality Investment Forum in late May/early June and The Lodging Conference this fall.
Additionally, the HVS Hotel Broker Survey, Spring 2026 Edition, comes out in early April (many thanks to our broker friends who have helped us with this), and our next HVS Live Insider Briefing will be held on May 28.
We continue to support clients across a wide spectrum of consulting requirements. Whether you’re looking for guidance with your project’s feasibility, design, financing, pre-opening efforts, management, disposition, valuation, and/or any other challenge, my team is here to help.
In partnership,
Rod Clough, MAI, CRE, MRICS
President, HVS Americas
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HVS Takeaways: Optimism Dominates at Hunter Conference 2026
Optimism took center stage at this year’s Hunter Conference, with continued strength in luxury and upper-upscale properties driving greater investor interest. The industry remains hopeful that the FIFA World Cup will prove to be a windfall, Middle East conflicts will soon be resolved, and gas prices will stabilize, leading to a stronger second half of 2026 for RevPAR growth, hotel pricing, and transactions.
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Hotel Discount Rates and Equity Yields:
A Decade of Shifting Investor Expectations
Over the past decade, equity yields for hotel investments have declined steadily across all segments, reflecting growing investor confidence in the asset class. Discount rates, by contrast, have remained relatively stable, moving with broader economic conditions. With equity yields approaching a natural floor, stability is the most likely near-term outlook.
| | Inside the Market: Expert Briefing | | |
HVS U.S. Market Pulse: March 2026
U.S. hotel performance is posting notable gains compared with 2025 levels, as travel continues to be a priority for many despite persistent inflation, the Middle Eastern conflict, and longer security lines at airports. While luxury hotels are posting the greatest RevPAR gains, even economy and midscale hotels are showing occupancy improvement (as we expected).
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Sedona’s Lodging Market: Resilience and Pricing Power
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.
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Why Is San Diego a Favorite Among Hotel Investors?
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.
| | People Series: Meet the People Who Make HVS Americas Exceptional | | | | |
HVS's U.S. Hotel Franchise Fee Guide is a study authored by industry experts and based on extensive research and analysis of the hotel franchising industry. Our findings encompass a total of 93 hotel brands, as franchisors for 20 economy, 13 midscale, 19 upper-midscale, 21 upscale, and 20 first-class brands participated in this annual analysis. The study is an essential resource for anyone interested in investing in the hotel industry or looking to expand their existing portfolio.
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The latest HVS Broker Survey offers exclusive insights from top hotel brokers across the United States. This twice-yearly report delivers real-world data on cap rates, revenue multipliers, exposure times, and market sentiment—broken down by hotel type. Whether you're buying, selling, or advising, this survey gives you the data-driven edge to make smarter, faster investment decisions.
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Brokerage & Advisory Hotel Listings
Are you looking to acquire or sell hotels? We offer a wide range of asset opportunities and customized financial solutions to meet your specific needs. Notably, we have many price reductions on exclusive hotel investment opportunities and have introduced deals in Mexico. Despite a slower national transaction market, our team continues to generate strong buyer interest through a competitive, nationwide network. Now is a great time to explore the market and take advantage of these timely offerings. Contact us today to schedule a consultation with our team.
| | HVS Spotlight: Client Testimonials | | |
Event Attendees
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Brian Arevalo, Emeldina Paratusic, Sam Wespiser, and Nico Cooper attending Appraisal Institute: Lunch with the Cook County Assessor
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Eric Guerrero, James Rebullida, Matt Omansky, Matt Almy, Andrew Frosch, and Jerod Byrd, MAI, attending AAHOACON26
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Kathleen Donahue attending Wyndham's 2026 New Construction Owner's Orientation
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Shannon Sampson attending ALIS CALA
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Kirsten Smiley, MAI, attending the Commercial Real Estate & Lending Conference (CRELC)
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HVS is the only global consulting firm focused exclusively on the hospitality industry.
We provide comprehensive expertise through every phase of ownership
across a wide range of hospitality assets.
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Superior Results through Unrivaled Hospitality Intelligence. Everywhere.
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