2026年行业状况报告：从韧性到机遇

3LETTER FROM AHLA PRESIDENT & CEO ROSANNA MAIETTA 4INTRODUCTION 5OVERVIEW OF THE U.S. HOTEL INDUSTRY & PERFORMANCE 7COST PRESSURES & RISK FACTORSPARTNER HIGHLIGHT – CBRE: Environment Requires Focus on ExpensesPARTNER HIGHLIGHT – AVENDRA: How to Plan for a Dynamic Supply Chain: 15WORKFORCE & WAGES PARTNER HIGHLIGHT – ACTABL: Building the Future Hotel Workforce:Strengthening Retention, Mobility, and Adaptability 22U.S. TRAVEL DEMAND DRIVERS & MARKET CATALYSTSPARTNER HIGHLIGHT – DELOITTE CONSULTING LLP: Capturing Demand in aWorld of Change:Six Strategic Imperatives 30U.S. HOTEL GUEST SPENDING & TAX REVENUE 35CAPITAL MARKETS & ASSET TRANSACTIONSPARTNER HIGHLIGHT – JLL: Hotel Transactions Gain Momentum: 38DEVELOPMENT LANDSCAPE & HOTEL PIPELINE TRENDSPARTNER HIGHLIGHT – STR: Pipeline Backlog and Market Dynamics: 43CONCLUSION: MOVING FROM RESILIENCE TO GROWTH IN 2026 44APPENDIX 48REFERENCES 52CONTRIBUTIONS AND ACKNOWLEDGMENTS LETTER FROM AHLA PRESIDENT & CEOROSANNA MAIETTA In 2025, the U.S. hotel industry operated under sustained pressure from rising costs, unevenrecovery, and shifting travel patterns. Even so, hotels maintained demand, supported more thantwo million jobs, generated tens of billions of dollars in tax revenue for governments at every That resilience should not be mistaken for full recovery. Operating costs continue to outpacerevenue growth in many markets, and profitability remains below pre-pandemic levels afterinflation. However, the outlook for 2026 is clearer. Major global events will drive demand acrossU.S. destinations, and the permanent extension of key pro-growth tax policies has given owners This report provides a data-driven assessment of where the industry stands and what will mattermost in the year ahead. Among its key findings: • Hotels remain a major economic engine. The industry generated $85 billion in local, state,and federal taxes in 2025, with tax contributions expected to rise again in 2026. • Recovery remains uneven. Occupancy has not fully returned to pre-pandemic levels, andRevPAR growth continues to lag inflation in many markets. • Cost pressures present crippling challenges, with rising operating expenses keeping industryprofitability below 2019 levels. • Domestic travel dominates travel demand. Domestic leisure travel continues to anchor hoteldemand, while international inbound travel remains meaningfully below pre-pandemic levels, • Hotels are investing in people. Wages and benefits continue to rise, and employment growthis expected to accelerate in 2026 as operators expand to meet demand. Taken together, the 2026 State of the Industry report makes a clear case: converting resilienceinto sustained growth will require policies that foster positive travel sentiment, support workforce AHLA will continue to advocate for a policy environment that allows hotels to compete, grow,and deliver economic value nationwide. We look forward to working with policymakers, industry Rosanna MaiettaPresident & CEO The AHLA2026 State of the Industry Reportdescribes a hotel sector that remains fundamentallyresilient while adapting quickly to economic, market, and political change. In 2025, U.S. hotelierssought to realign their operations in response to a broad range of external challenges, demonstratingresilience across the industry. Natural disasters, economic volatility, and rapidly changing publicpolicy at all levels of government created an environment of sustained uncertainty, even as major While overall demand remained steady throughout the year, domestic gains offset a decline ininternational travel. Domestic travel emerged as the primary occupancy driver, reaching a level21.1% higher than the pre-pandemic levels in 2019 despite reductions in business and government Critically, inflation continued to outpace growth, with operating costs increasing four times the rateof revenue over the past five years, intensifying pressures on already dwindling margins. Operatingcosts increased across nearly every category in 2025, with property and liability insurance costsrising most sharply. Reflecting the industry’s commitment to offering highly competitive wages, The report identifies key market dynamics and emerging trends that shape current performance,and outlines strategic responses that can strengthen demand, maximize long term value, andunlock new business opportunities. This assessment is designed to equip industry leaders with Demand for travel is hardwired into the American economy, not only a significant contributor toGDP but one of the nation’s most important service exports. American and international travelerswant personalized, memorable experiences. They want to participate in major cultural events. They As U.S. hotels prepare to welcome travelers in 2026 for major events including America250 and theFIFA World Cup tournament, hoteliers are focused on differentiating their properties, exceeding guestexpectations, and doing so while protecting profitabili