HVS (Sept 2026): U.S. RevPAR grew just over 10% mid-September; fall meetings look healthy; H1 saw ~1,000 hotel sales (+14%) at ~8.2% caps and ~$137,000 per key.
Staffing response: more full-time-with-benefits roles, contract labor, and early robotic cleaning use cases in public spaces.
H1 2026 transactions: nearly 1,000 hotels sold (~+14% vs H1 2025), ~8.2% average cap, ~$137,000 per key; Q3 mid-Sep ~8.4% / ~$142,000 per key (MSCI RCA via HVS).
Bottom Line
HVS’s September pulse describes an industry that is still making money the old-fashioned way—filled rooms from sports and domestic leisure—while restacking labor with contracts and machines and clearing hotel sales at mid-8% caps. Owners should underwrite fall meetings strength and next-year ADR moderation in the same model, not as competing stories.
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