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In Brief: Walker & Dunlop, Inc. has released its first Hospitality Outlook report, which finds that hotel investors are concentrating capital in luxury and upscale leisure properties as new development faces challenges from elevated financing costs and tighter underwriting standards.
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The recently sold Crystal Springs Resort in New Jersey – Image Credit Crystal Springs Resort
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Walker & Dunlop, Inc. has published its inaugural Hospitality Outlook, “Capital, Divergence, and the Search for Durable Returns.” The report finds that hotel investors are increasingly directing capital toward luxury and upscale leisure assets, while new hotel development remains difficult due to high financing costs and more stringent underwriting standards.
The report identifies a widening divide within the lodging sector, with hotel performance now determined more by asset quality, location, and traveler demographics than by broader market trends. Capital and demand are concentrating in a smaller group of submarkets and assets, making broad-based assumptions about hotel performance less reliable.
The increasingly selective investment environment has fueled demand for specialized advisory services. Walker & Dunlop recently expanded its hospitality team with the hires of Managing Director Evan Hurd and Director Max Chipouras in Nashville. Hurd and Chipouras specialize in hospitality investment sales, equity advisory, and structured capital solutions for hotel and resort assets nationwide.
U.S. RevPAR growth in the first quarter was 3.8%, according to the report. Investors are focusing on the fundamentals of individual neighborhoods, submarkets, and demand drivers, rather than relying on general market narratives. The report notes that the ability to identify resilient micro-locations and align capital accordingly is becoming increasingly important for investors.
Travel patterns are fragmenting across leisure, business, and group segments, resulting in hotel performance that is more dependent on local demand drivers and operational execution. Investors are placing greater emphasis on micro-location analysis when evaluating opportunities.
Hotel operators are also adopting lean staffing models and artificial intelligence tools to manage margins as labor costs remain under pressure.
You can read the full 2026 Hospitality Outlook here.
