Thursday revealed escalating cost pressures. HotelData.com analysis of 5,000 US hotels shows labor cost per occupied room jumped 12.8% in 2025 to $48.32, with Q4 posting a sharp 21.1% year-over-year spike as productivity gains failed to offset rising wages. ITB interviews emphasized hotels must rebuild data foundations before AI can succeed, while Journey executives explained how treating experiences as bookable inventory can generate 50% of revenue from non-room sources. The analysis arrives as HotStats warns revenue growth no longer translates to stronger margins due to rising costs.