Opinion

The Government Shutdown’s $6 Billion Toll on Travel and the U.S. Economy

Federal government shutdowns are more than political standoffs. They create immediate, measurable disruptions to America’s travel system, affecting both the supply of travel services and Americans’ ability and willingness to travel.

Joshua Friedlander
Joshua Friedlander
Vice President, Research, U.S. Travel Association
U.S. Travel Association
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National & International Policy
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Joshua Friedlander
by Joshua Friedlander
8 January 2026U.S. Travel AssociationFinance
U.S. Travel Association (USTA)
Opinion

Hotel Profitability in Transition: Cost Pressures and Budgeting Priorities for 2026

As the end of 2025 approaches, hotel owners, asset managers, and operators are preparing next year’s budgets in an uncertain environment where operating costs have reached new highs and revenue growth has slowed. The post-pandemic RevPAR surge has l...

Marcus R Lee
Marcus R Lee
Executive Vice President, Development, HVS
HVS
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Finance & Accounting
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Asset Management
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Marcus R Lee
by Marcus R Lee
22 December 2025HVSFinance
HVS
Opinion

2025 Lodging Tax Report - USA

Since room sales generate lodging tax revenues, an overview of hotel market trends provides insight into the industry’s current and future fiscal impacts. As documented in our 2024 HVS Lodging Tax Study, the national lodging market has experienced r...

Thomas A. Hazinski
Thomas A. Hazinski
Managing Director of HVS Convention, Sports, & Entertainment Facilities Consulting in Chicago
HVS
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Lodging Industry
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Finance & Accounting
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Thomas A. Hazinski
by Thomas A. Hazinski, Henry Detmer and Max Leeds
30 October 2025HVSFinance
HVS
Opinion

Restricted Appraisal vs. Standard Appraisal: Understanding the Differences

Per the Uniform Standards of Professional Appraisal Practice (USPAP), there are two appraisal report formats: the restricted appraisal report and the standard appraisal report. But what’s the difference between these two report types, and how do you...

Brian F. Bisema
Brian F. Bisema
Managing Director and Partner of HVS Boston
HVS
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Finance
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Asset Management
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Brian F. Bisema
by Brian F. Bisema
20 October 2025HVSFinance
HVS
Opinion

2025/26 Federal Per-Diem Update: Steady Rates Ahead

The federal government per-diem rate is made up of a lodging allowance and a meals and incidental expense (M&IE) allowance. The per-diem lodging rates, which set the maximum amount a federal traveler can reimburse, are based on the average rates for...

Chelsey Leffet
Chelsey Leffet
Managing Director, Northeast Leader, HVS
HVS
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Finance & Accounting
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National & International Policy
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Chelsey Leffet
by Chelsey Leffet
2 October 2025HVSFinance
HVS
Opinion

The Dark Side of Hotel Insurance: A History of Broken Promises

Hotel insurance has long been sold as a safety net for one of the world’s most unpredictable industries. But behind the polished marketing and “peace of mind” slogans lies a history riddled with fine print, exclusions, and moments where insurers pro...

Thomas Cleary
Thomas Cleary
Hospitality Practice Leader, The Loomis Company, and a consultant of Cayuga Hospitality Consultants.
Cayuga Hospitality Consultants
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Innovation
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Thomas Cleary
by Thomas Cleary
25 August 2025Cayuga Hospitality ConsultantsFinance
Cayuga Hospitality Consultants
Opinion

Turning Numbers Into Narratives

Budget season in hospitality can feel like trying to land a plane in fog—numbers are everywhere, and every decision impacts your property’s future. That’s where the Budgeting Playbook comes in as a clear, actionable guide to help you build a strateg...

Tim Hayes
Tim Hayes
Vice President of Financial Analysis, Newport Hospitality Group
Newport Hospitality Group
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Finance
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Lodging Industry
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Tim Hayes
by Tim Hayes
18 August 2025Newport Hospitality GroupFinance
Newport Hospitality Group
Opinion

Summertime Blues: Corporate Finance Faces a Financial Reporting Reckoning

Summer is just at the half-way point, but financial reporting for many borrowers for second quarter is still around the corner. Given market volatility, tariffs and other financial burdens – initial indicators suggest that companies are likely strai...

Marianne Martin
Marianne Martin
Corporate Finance Partner, JMBM’s Corporate Practice
JMBM
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Finance
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Legal
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Marianne Martin
by Marianne Martin and Bennett G. Young
31 July 2025JMBMFinance
JMBM Global Hospitality Group
Opinion

HVS U.S. Hotel Development Cost Survey 2025

In 2025, the national lodging market has continued to demonstrate resilient performance, maintaining strong average daily rate (ADR) and revenue per available room (RevPAR) metrics despite flat occupancy growth. Compared to 2023 and 2024, ADR and Re...

Luigi Major
Luigi Major
Vice President, Houston at HVS
HVS
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Finance
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Markets & Performance
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Supply Construction
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Luigi Major
by Luigi Major
18 July 2025HVSFinance
HVS