FOUND Hotel, Miami Beach is one of the first hotels in Series by Marriott. |
– CORY CHAMBERS, CHIEF
COMMERCIAL OFFICER,
REMINGTON HOSPITALITY
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inbound international visits are projected to decrease 6.3 % from 72.4 million in 2024 to 67.9 million in 2025. The good news, as Chambers sees it, is that the bottom is in sight if not already here.
At the same time, group and business events continue to build momentum, said Chambers. Sports, social and luxury leisure remain strong, and extended stay remains at the top of the performance curve.
CHALLENGING TIMES UNABATED Despite a relentless focus in the news on immigration and tariffs, operators and analysts have so far seen relatively small impact.“ Immigration has not affected us as much as I would have thought,” said Nicholas.
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There was anticipation, he said, that there might be ICE raids on resorts, but that has not happened. Contract labor companies have not seen a huge impact either.
As for tariffs, said Nicholas, as much as they were talked about – especially when it comes to products like coffee, eggs and cheese and FF & E,“ nothing dramatic has emerged.”
Bellisario agreed that there has been no significant impact from immigration policies, partly because of softer occupancy that calls for fewer employees. Tariffs, he said, have not had a substantial effect on operations; the bigger impact, he said, is on CapEx.“ With costs up so much and profitability hurt, projects were deferred in the spring,” he said. However, he added, some real
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estate investment trusts have now resumed projects.
SHIFTING FOCUS Asset transactions lagged in 2025, but 2026 should see better deal flow due to a stronger capital markets environment, marked by falling interest rates, significant ready capital from investors and maturing debt forcing recapitalizations. Global hotel transaction volume reached $ 24.5 billion in the first half of 2025, down 17.5 % compared to the same time period a year ago, according to data from JLL Research Hotels & Hospitality.
Hotel development, said Bellisario, is below historic levels because“ the math just doesn’ t pencil like it used to,” especially for urban, full-service or big-box convention center
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hotels. Instead, he said, the big brands have moved into the lower-cost extended-stay segment, where margins are higher and where operators might need only 10 full-time employees and weekly cleaning.
While new supply growth in 2025 hovered around 1 %, the“ white space,” Bellisario said, is in Asia where 8 % to 12 % growth offsets U. S. sluggishness. International in general, he said,“ is growing like a weed” at four to five times the rate in the U. S.
Hyatt Studios, Hyatt Select and Unscripted by Hyatt are brands, said Dan Hansen, head of Americas development for Hyatt Hotels Corp.,“ built for this environment” with lower build costs, faster ramp-up and the ability to grow in markets where Hyatt hasn’ t historically
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10 hotelsmag. com Jan / Feb 2026 |