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HVS U.S. Hotel Development Cost Survey 2026

  HVS U.S. Hotel Development Cost Survey 2025 INTRODUCTIONAfter relative stability in 2025, the national lodging market has regained its footing in 2026. CoStar reported that 2025 RevPAR declined 0.3% nationally as softening occupancy more than offset modest ADR growth, leaving the industry largely treading water for the year. That pattern has changed in 2026, with occupancy, ADR, and RevPAR all trending higher through the first part of the year and RevPAR growth running well ahead of the modest gains recorded over the previous two years. This improvement has been underpinned by steady group and business travel in primary markets,…

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