Hotel asset managers remain confident in the lodging sector’s outlook for 2026, buoyed by strong first-quarter performance, expectations of RevPAR growth and continued reinvestment, according to new data from the Hospitality Asset Managers Association. The findings come from HAMA’s Spring 2026 Industry Outlook Survey, a semiannual poll of 86 members—roughly one-third of the association’s total membership—covering operating fundamentals, capital plans and emerging issues affecting hotel performance. The results were released during HAMA’s Annual Spring Meeting in Washington, D.C. last week
Nearly 60 percent of respondents said the hotels in their portfolios are expected to exceed budgeted RevPAR for the full year, reflecting momentum coming out of a strong first quarter. Owners are also planning to deploy capital, with close to 90 percent of respondents indicating upcoming renovation activity and more than 70 percent actively seeking acquisition opportunities.
“HAMA members continue to have a positive view of the hospitality industry,” HAMA President Dina Winder said in a statement. “After the strong performance of the first quarter, nearly 60 percent of our members are expecting the hotels in their portfolios to exceed budgeted RevPAR for the full year. And owners are reinvesting in the industry, with nearly 90 percent planning hotel renovations and more than 70 percent actively seeking acquisitions.”
Key Concerns Shift
While overall sentiment remains positive, respondents identified ongoing challenges that could pressure performance. The three most frequently cited concerns were lodging demand trends, geopolitical risk tied to the Iran war and broader conflict, and continued wage increases.
Recession fears, by contrast, continued to fade for the third straight survey cycle. Just over 16 percent of respondents said they are concerned the U.S. will enter a recession in 2026, down sharply from 37 percent in HAMA’s Fall 2025 survey and 49 percent in the Spring 2025 edition.
Capital markets remain a source of uncertainty. Respondents were divided on cap rate expectations, with roughly equal groups anticipating either modest compression or a 25-basis-point increase, reflecting persistent ambiguity around interest rates, transaction pricing and investor sentiment.
Brand, Management Changes
Beyond market fundamentals, the survey indicates that owners and asset managers continue to scrutinize brand alignment and management performance within their portfolios. Respondents reported ongoing evaluations of whether current brand affiliations and management agreements are delivering the expected value amid rising costs and evolving guest expectations.
The results suggest that while wholesale brand or operator changes are not universal, many owners remain open to renegotiations, conversions or management adjustments as part of broader asset repositioning strategies, particularly in the context of planned renovations and reinvestment.
AI adoption Grows
Artificial intelligence also emerged as an increasingly relevant topic in the Spring 2026 survey. Asset managers cited growing use of AI-driven tools across revenue management, forecasting, marketing and back-office functions, viewing technology adoption as a means to improve efficiency and offset labor pressures.
While respondents emphasized that AI is still evolving within hotel operations, many indicated that its role is expanding from experimentation to practical application, particularly as owners look for data-driven insights to support pricing, staffing and capital decisions.
Measured Optimism
Overall, the Spring 2026 Industry Outlook Survey points to cautious confidence among hotel asset managers. Strong operating performance and active investment plans are helping to offset concerns around labor, geopolitics and capital markets, while strategic reviews of brands, management structures and technology adoption underscore a focus on long-term value creation.
The survey reflects the collective views and forecasts of HAMA members and offers a snapshot of sentiment as the industry moves further into 2026.
2025 HAMA Student Competition Award Winners
For the 20th year in a row, the HAMA Education Committee created a real-world scenario offering student participants attending colleges/universities with a hospitality program the opportunity to assess a fictitious management company transition for a 1,200-room convention hotel. Students compared and evaluated three RFP responses to make an informed management company selection. This year, seven undergraduate and seven graduate universities submitted entries.
The winners this year were the Boston University undergraduate team, comprised of Amru Mahmoud, Jonathan Bear, John Sherburne, Devon Karras and Richard Lohnes, and the Florida International University graduate team, made up of Sophia Mayo, Jacob Reeder, Yasmin Bryan and Marc Velson Jerome.
Boston University made their decision based on the selected management company generating a higher market value, stronger EBITDA and lower execution risk. Florida International University also selected the same company and noted it would maintain the continuity of the sales pipeline, avoid brand-conversion disruption and downtime and with a larger key money contribution from the brand, reduce owners net exposure.
“Each year, we are more and more impressed with the quality of the submissions and the next generation of hospitality asset managers,” HAMA Education Chair John Paulsen. “Over 30 HAMA members participated as mentors to guide the students or judge the submissions. Through our student competition, HAMA continues to build that bridge between the academic and practical sides of our industry. These are well thought-out, insightful opinions that demonstrate a deep understanding of the hotel landscape and what it takes to succeed in today’s marketplace. The future of the industry is in good hands.”