NATIONAL REPORT – While U.S. hotel results forecasts remain
mixed at best, the latest survey of 81 Hospitality Asset Managers Association
(HAMA) members was more optimistic, at least for the upcoming fourth quarter of
2025, with more than 70% expecting RevPAR increases of 1% to 3% and two-thirds
actively pursuing acquisitions.
“Factor in 80% planning renovations in the coming year, and
we see a very engaged community with sights on a strong future,” said HAMA
President Chad Sorensen.
When looking at 2026 RevPAR growth expectations, 7.4% of
survey respondents are expect results to be flat, 72.8% expect 1% to 3% growth,
18.5% expect 4% to 6% increase and 1.2% expect a RevPAR decline.
Survey respondents were also asked about factors they are
most concerned about right now with demand leading the way at 78%. Here are the
full results:
- Demand 77.8%
- ADR growth 51.9%
- Tariffs 34.6%
- Wage increases 33.3%
- Fed rate changes 32.1%
- Management company performance 25.9%
- Immigration/deportation trends 23.5%
- Union activity 23.5%
- Labor availability 22.2%
- Increased insurance costs 8.6%
Just over a third of respondents (37%) believe the U.S. will
enter recession in 2025, a decrease from the 49% who felt so in the spring 2025
survey.
Approximately 57% of respondents have made or are planning
to make changes to brand and/or management as part of their current strategy.
Looking closer at expected full-year RevPAR results versus
budget, 17% are expecting a flat year, 49% expect 1% to 3% growth, 12% expect
4% to 6% growth, 2% see 7%-plus growth and 19% expect RevPAR declines.
When asked about how many of their hotels are expected to exceed
gross operating profit forecasts for full-year 2025, 59% said they expect a 0%
to 25% of their properties, 25% expect 26% to 50%, 10% see 51% to 75% increasing
and 6% expect 76% to 100% of their hotels beating GOP budgets.
Lastly, survey respondents said that since the last HAMA
survey in the spring 20% have either handed back to the keys to the lender or
entered into a forced sale.