The U.S. hospitality market remains as dynamic as ever. As 2026 approaches, here are 10 key trends we are monitoring closely:

• The debt markets remain active, providing liquidity and driving spreads down as momentum begins to trickle to the equity side. 
• The ultra-high-end consumer is driving much of U.S. spending. Brands catering to this demographic stand to benefit. 
• Volume should increase in short order as zombie deals are clearing. Lenders are pursuing remedies and equity is at the end of fund life or working through legacy non-performing assets. 
• Modular construction is gaining traction as equity players are growing more comfortable with this type of development than ever before. Domestic production — versus shipped rooms — has a considerable impact on project economics. 
• Institutional players such as Trinity Investments are seeing robust buyer appetite for resort properties, achieving strong pricing and favorable return metrics. 
• Global capital is cautious, focusing heavily on geopolitical and financial events. 
• APAC, outside of Japan, and EMEA-based capital sources are focused within the regions, though contrarian plays are emerging.
• Underrepresented brands in the U.S. are concentrated on continued expansion, potentially bringing capital to transactions. 
• Cross-border capital is watching the value of the dollar and determining when risk-adjusted returns will justify re-entering the U.S. investment market. 
• Investors believe markets such as San Francisco are coming off the bottom, driving sales volume up more than 200% through Q3.