Average daily rates across U.S. luxury and upper-upscale hotels have continued to outperform broader hospitality benchmarks.

Family offices with hospitality exposure are concentrating new commitments in resort destinations and major leisure-driven urban markets.

Limited-service product is bifurcating, with branded portfolios in growth markets faring better than independents in secondary metros.

Cost inflation in labor, insurance and food-and-beverage inputs remains the dominant operating challenge industry-wide.