Lodging CEOs question the value of a hotel investment. Is the industry at an inflection point?
🏨 U.S. hotel revenue per available room fell by 0.3% in 2025, but a minimal increase is expected in 2026. Inbound U.S. travel dropped by 5.4%, with international arrivals declining from 72.4M in 2024 to 68.5M in 2025. Canada led U.S. travel spending at nearly $16B despite a 25.1% visitation decrease. Noble Investment Group saw a strong 2025, with Q4 up 7% and January 2025 up 8%. Marriott's luxury segment and conversions fueled growth, with 40% of new openings attributed to conversions.
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