Travelers Are Redefining Value as Competition for Every Trip Intensifies
Why this matters
Hospitality has separated by chain scale and demand segment, with luxury and resort outperforming and select-service holding pricing power on a leaner cost base. New construction starts remain at multi-decade lows, which has supported in-place RevPAR and made conversions of soft-branded flags an increasingly active part of transaction velocity. For sponsors with operational expertise, the sector continues to offer one of the more compelling income-plus-appreciation profiles available across CRE.
Editorial analysis · AI-assisted
MMGY's 2026 Portrait of American Travelers Summer Edition finds 49% of Americans plan a leisure trip in 3 months, but spending has softened as travelers grow more selective about destinations.
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