HVS analysis shows Houston hotel submarkets posted 15% RevPAR growth in 2024 but remain only modestly above 2019 levels when adjusted for inflation.
HVS analysis highlights strong hotel demand growth driven by $1+ billion in upcoming developments including amphitheater, soccer stadium, and airport expansion.
While Greenville’s lodging sector has traditionally focused on business travelers, it has evolved in recent years to embrace a wider variety of demand. Given the strong presence of major companies in the automotive manufacturing, advanced materials, aerospace, aviation, and health services fields, commercial demand has always been strong for area hotels. The market’s diverse employment base and expanding economy continues to attract new companies and new residents. This relocation demand, coupled with the growth of the market’s tourism sector since 2020 and expansion of the city’s downtown neighborhood, has resulted in lodging demand shifting more towards the leisure segment.
The economic and hotel demand landscape of Huntsville has been undergoing an expansion over the last several years. With several large-scale projects underway in this already well-established market home to a multitude of major demand generators, Huntsville has become a hotspot for growth, which in turn has boosted hotel demand.
After an early post-pandemic rebound, Denver’s hotel market lost momentum in late 2023. Occupancy growth stalled in October 2023 as the leisure surge faded and corporate travel recovery plateaued, followed by limited rate growth through much of 2024. Occupancy declined each month from September 2024 through August 2025, as corporate and transient demand softened and government transient and group demand declined more significantly this year.
The San Francisco lodging market has been experiencing a major rebound in performance, with RevPAR up 8.9% as of year-to-date August. This improvement has been driven by a strong convention calendar, major employers implementing return-to-office mandates, and modest growth in tourism levels. San Francisco Travel Association anticipates Moscone Center will generate over 650,000 room nights in 2025, which equates to roughly 106.0% of 2023 levels but only 68.0% of peak 2019 performance. Salesforce, the city’s largest private employer, implemented a full return-to-office policy in January 2025. Gap, Inc. has been phasing in a return to office, increasing from two days a week in January to five days a week by the end of September 2025. The City of San Francisco has also implemented a four-day in-person mandate beginning August 2025.
On February 17, 2025, thousands of corrections officers at more than 25 prisons across Upstate New York went on strike over staffing shortages, poor working conditions, and the implementation of the HALT Act, which limits the use of solitary confinement in New York State prisons and jails. In an address to the public, New York State Governor Kathy Hochul reported that these strikes were considered illegal, as the state’s Taylor Law prohibits public employees from striking. The strike lasted 22 days before the State and the New York State Correctional Officers & Police Benevolent Association (NYSCOPBA) reached an agreement that brought many of the striking employees back to work.
That the persona of Donald Trump stirs strong emotions is clear. The same can be said about his policies. In particular his trade policy is seen by many non-Americans as an attack on long-standing friendships. The way Trump forces countries into (trade) concessions rubs so many the wrong way that they no longer view the U.S. as a reliable ally. In that light, economic shifts are taking place with major consequences, including for the number of visitors to the United States—and therefore for the U.S. hospitality sector.
Alaska has embraced its identity as “The Last Frontier” and experienced significant growth in eco-tourism, fueled by rising cruise traffic and interest in outdoor recreation, helping to offset the state's declining oil industry. Despite challenges with strained infrastructure and political uncertainty, the overall outlook remains positive, with tourism revenues reaching record highs year-over-year.
The hotel demand landscape of Downtown Indianapolis is evolving rapidly, driven by major developments, a packed events calendar, and growing business activity downtown. With several large-scale development projects underway in a variety of sectors, the city is creating exciting opportunities for hotel owners, developers, and investors.Indianapolis is entering a new era of growth, marked by a wave of transformative development, institutional investment, and a steady resurgence in leisure and business travel. Downtown is evolving rapidly, fueled by major infrastructure upgrades and high-profile projects that are reshaping the city’s competitive position in the Midwest. For hotel owners, operators, and developers, the combination of a strong event calendar, corporate relocations, and destination enhancements illustrates the market’s long-term strength and investment opportunities.
Galveston’s lodging market is being reshaped by capital investments and regulatory changes. Since 2019, more than $400 million has been spent on new cruise terminals, resort redevelopments, and boutique hotel conversions, while cruise passenger counts reached a record 1.7 million in 2024. With new projects underway and new short-term-rental oversights, growth will be affected by shifting supply and demand dynamics.
Convention Centers have emerged as a hub of industry, commerce, culture, and architecture. Since they first marked the maps in the mid-20th-century U.S., they have become a symbol of economic progress. As the global events industry rebounds from the COVID-19 pandemic’s disruption, convention centers across the U.S. are rapidly transforming to meet the evolving expectations of today’s planners and attendees. Events are no longer just about networking and sharing information; they are full-fledged experiences, powered by smart infrastructure, flexible layouts, immersive technology, and access to vibrant urban surroundings.
A sobering downturn: Official data reveals a clear slump in the first half of 2025, with declines in visitor volume, RevPAR, and room rates.
The Oregon Coast is a popular drive-to destination market that thrives on tourism. The coast offers a variety of vacation spots, from large, bustling tourism hubs to more rural destinations with small-town charm. Home to nearly 30 cities and towns, the coastal region is divided into three major sub-regions: the Northern and Central sub-regions feature the major tourism destinations, including Newport, Lincoln City, Cannon Beach, and Astoria, while the Southern sub-region relies primarily on travel to state parks. The coast’s proximity to Oregon’s major commercial centers, including Portland, Salem, Eugene, and Medford, provides the area with reliable demand for hotels. This demand peaks from May through October given the mild weather and the multitude of popular outdoor recreational activities during this period.
It's no secret that Nashville has emerged as a top-tier destination for tourism, commerce, and conventions. Tourism exploded as the city’s popular music-related attractions gained national attention and social groups flocked to the Broadway Historic District to enjoy the array of venues named for a multitude of country music stars. At the same time, corporate relocations and investment flourished as the city’s business-friendly environment, relatively low cost of living, and strong quality of life attracted many firms, including major technology companies like Oracle and Amazon. During this period, hotel demand (and subsequently hotel supply) expanded rapidly, kickstarted by the opening of the Music City Center convention facility in 2013. Through 2019, Nashville hotel occupancy levels soared, and developers were unable to build hotels fast enough to keep up with demand.
Located just south of Orlando, Kissimmee’s strategic position in Central Florida offers convenient access to surrounding commercial, leisure, and convention attractions. Traditionally a supporting player in the region’s tourism and business sectors, the city is emerging as a commercial and leisure destination in its own right, with planned developments anticipated to elevate its profile in hospitality and beyond.
The Manhattan market has been experiencing a prolonged post-pandemic occupancy recovery, despite strong ADR gains. Although legislative and supply changes should bolster this recovery, recent geopolitical factors and the tariffs and policy changes enacted by the new federal administration are expected to affect short-term hotel market trends. Our current demand forecast shows a full recovery beyond 2019 levels by 2027/28.
Decisions at the federal level, such as import tariffs, are affecting global markets, and cuts initiated by the Department of Government Efficiency (DOGE) are having impacts across the nation. These policies are also significantly affecting hotels in Washington, D.C., the market located at the heart of the federal government.
Sarasota has historically been a popular destination for transient winter travelers seeking warmer weather, resulting in heightened hotel demand in the first quarter of the year. This seasonality pattern was disrupted by the COVID-19 pandemic, when Florida’s position as a less-restrictive destination resulted in stronger visitation outside of the peak season and into the shoulder months. While demand has normalized somewhat in the post-pandemic period, off-season demand levels remain higher than those of pre-pandemic years.
The Texas Hill Country has been undergoing a remarkable transformation since 2021. Once celebrated for its rustic inns and German heritage, the region is now emerging as a premier destination for rural luxury escapes, fueled by a wave of high-end investments, wellness-focused brands, and experience-driven developments.