The latest hotel supply trends reveal a market shaped by strong event-driven demand and moderating construction activity. Valentine’s Day, the Super Bowl, Mardi Gras, and NBA All-Star Weekend delivered significant performance gains. At the same time, rooms under construction continue to decline, signaling a more restrained supply pipeline.
These hotel supply trends, combined with slower economic growth, offer important insight for owners and investors as we move further into 2026.
The week of February 8–14 delivered one of the strongest February performances in recent years.
U.S. hotel RevPAR increased 4.6% for the full week. On Valentine’s Day alone, RevPAR surged 12.1%. Even excluding that single day, RevPAR still rose 2.7%, showing broader demand strength.
Full-week occupancy climbed 1.6 percentage points to 61.5%, its highest level since early November. ADR increased for the third consecutive week, rising 1.9%, although rate growth remained below inflation.
Valentine’s Day itself produced standout results:
Luxury through upper-midscale hotels all reported occupancy above 80%. RevPAR gains in those segments exceeded 10%. The economy segment posted high single-digit RevPAR growth.
Importantly, occupancy, ADR, and RevPAR marked the best Saturday results since mid-October 2025.
While Valentine’s Day anchored the week, several large-scale events amplified hotel demand trends across the country.
More than half of all U.S. markets reported weekly RevPAR growth of 5% or more. One-third achieved double-digit gains.
Super Bowl Sunday drove exceptional performance in San Francisco and San Jose.
The two markets recorded a combined 492% RevPAR increase on Sunday. Combined ADR surpassed $524, with San Francisco reaching $616. Occupancy across the two markets reached 80.8%, driven by San Jose’s 82.6% occupancy.
Supply growth played a meaningful role. Since 2016, San Jose’s hotel supply increased 13%, while San Francisco’s supply grew only 2%. As a result, more fans stayed in San Jose, closer to Levi’s Stadium. San Jose posted a 12-percentage-point occupancy increase compared to the 2016 Super Bowl.
Last year’s Super Bowl in New Orleans shows how concentrated supply can amplify volatility.
During that weekend, ADR reached $815 and occupancy climbed to 93.6%. However, weekly RevPAR declined 20.3% after the event. Sunday and Monday RevPAR fell 82.9%, then rebounded 17% Tuesday through Thursday. Performance ultimately surged 82.5% during the final Mardi Gras weekend.
This comparison highlights how market size and supply levels shape hotel demand trends before and after major events.
Los Angeles experienced a 26.5% RevPAR increase during NBA All-Star Weekend. The growth was driven by an 18.2% ADR gain and a five-percentage-point occupancy increase. Weekend occupancy reached 91%.
Luxury and upper-upscale hotels captured most of the demand growth. Meanwhile, San Francisco, which hosted the event last year, saw weekend RevPAR decline 40.8%.
Saturday RevPAR leaders included:
Chicago, Dallas, Las Vegas, Saint Louis, and Seattle also reported strong double-digit gains.
However, hurricane-impacted markets remained a drag, posting an 8% weekly RevPAR decline. Without those markets, weekly RevPAR growth would have reached 5.4%.
Beyond transient travel, group demand showed notable improvement.
Group demand increased by 5.8% for the week. Weekdays accounted for nearly all of the growth.
Los Angeles and New York recorded the largest increases. San Diego and Atlanta posted smaller gains. The early-year event calendar is clearly driving both leisure and group segments.
These patterns reinforce the importance of event-driven demand in current hotel supply trends.
While demand accelerated, supply growth continued to ease.
Rooms under construction are trending downward. The number of hotels under construction has declined, and total room growth remains relatively flat compared to the aggressive expansion cycle from 2016 to 2019.
When examining the past decade, inflation-adjusted construction and renovation activity appears to be declining. Elevated material costs, reflected in the Producer Price Index (PPI), are influencing development decisions.
Higher construction costs are likely leading to:
As total rooms under construction decline, future supply pressure may remain contained.
Hotel supply trends must be viewed within the broader economic context.
The U.S. economy expanded at an annualized rate of 1.4% in Q4 2025. This was well below the 4.4% growth recorded in Q3 and below the 3% forecast.
The October government shutdown played a major role. Government spending and investment contracted 5.1%, subtracting 0.9 percentage points from overall growth.
Consumer spending slowed to 2.4%, down from 3.5%. Goods purchases declined slightly, while services spending increased 3.4%. For full-year 2025, GDP grew 2.2%, compared to 2.8% in 2024.
Despite slower GDP growth, labor conditions remain stable.
Initial jobless claims fell to 206,000 in mid-February, below expectations. Continuing claims edged up to 1,869,000. Overall, the data reflects limited layoffs and steady employment conditions.
A stable labor market continues to support travel demand and overall hotel demand trends.
At the state level, Colorado provides an important example of current hotel supply trends.
There are more than 1,400 hotel owners statewide. Room distribution remains relatively balanced:
Denver holds approximately 26,600 upscale-to-luxury rooms, making it the dominant higher-end concentration within the state. This concentration underscores Denver’s importance in driving statewide performance at the upper tiers.
The latest data shows a clear pattern. Event-driven demand remains strong, while supply growth continues to moderate. Although GDP slowed due to temporary government disruption, the labor market remains stable.
As we move further into 2026, understanding hotel supply trends will be critical. Event calendars, construction pipelines, and local market supply concentration will all shape performance outcomes.
If you are evaluating acquisition opportunities, considering a disposition, or assessing how shifting hotel supply trends may impact your portfolio, our team is here to help. Contact us to discuss how these latest market signals may affect your specific assets and investment strategy.
Jourdyn leads the strategic marketing initiatives for NewGen Advisory, overseeing brand development, market positioning, communications, and business growth efforts across the firm.
With more than a decade of experience in marketing and business development, Jourdyn specializes in building brands, creating demand-generation strategies, developing thought leadership programs, and executing integrated marketing campaigns that drive measurable business results. Her expertise spans digital marketing, public relations, content strategy, events, social media, lead generation, and corporate communications.
At NewGen, Jourdyn is responsible for shaping and executing the firm’s marketing strategy, ensuring consistent brand visibility across all channels while supporting advisors, clients, and strategic initiatives nationwide. She works closely with leadership to develop campaigns, elevate industry presence, strengthen client engagement, and position NewGen as a trusted advisor within the hospitality investment sector.
Jourdyn holds a Bachelor of Arts in Mass Communication and Media Studies from Arizona State University and a Master of Business Administration (MBA) with an emphasis in Marketing from Grand Canyon University.
Most mornings you’ll find Jourdyn in the gym before sunrise and spending time with her husband and children.
Allysia Howerton joined NewGen Advisory in 2026 as a Pipeline & Transaction Assistant, relocating from St. Louis, MO to Arizona to take on the role. She brings a background spanning property management, client services, sales, and administrative leadership, with a track record of managing complex workflows and keeping transactions moving efficiently from inception to close.
Known for her organization, attention to detail, and relationship-driven approach, Allysia supports transaction management, pipeline coordination, and day-to-day brokerage operations — and is passionate about growing her career within the hospitality real estate industry.
Outside of work, she enjoys discovering new coffee shops and restaurants, traveling to experience new cultures, and spending time with her dogs.
2 years
Josie Numedahl joined NewGen Advisory in July 2024 as a Real Estate Assistant (REA). Originally from Iowa, she relocated to Arizona to pursue her education, graduating from Grand Canyon University in 2022 with a Bachelor’s degree in Marketing and Advertising.
Josie began her professional career as a recruiter in the finance and accounting sector, and brings that client-facing, detail-oriented background to her work at NewGen.
Outside of work, she enjoys reading, hiking, exploring local coffee shops, and spending time with friends.
X years
Anthony is the Staff Accountant for NewGen Worldwide, LLC and its subsidiaries Green Card Fund, LLC and NewGen Advisory, LLC, working directly under CFO Michael Lepore to handle day-to-day accounting functions across all NewGen operations.
Green Card Fund (greencardfund.com) is a USCIS-recognized EB-5 Regional Center authorized to raise foreign capital for domestic development projects. EB-5 investors fund community-need projects and receive an immigration benefit in exchange for job creation. To date, GCF has facilitated over $125 million in foreign direct investment, delivered immigration benefits to more than 250 families, and created over 2,500 jobs in healthcare, education, and hospitality across Arizona and Washington, D.C.
NewGen Advisory (newgenadv.com) is a full-service commercial real estate brokerage specializing in hospitality assets.
Prior to joining NewGen, Anthony completed coursework at Paradise Valley Community College before co-founding a family business that produced custom-wrapped die-cast model cars for corporate clients — handling vehicle customization, display stands, and branded packaging. Serving as Director of Operations, he gained hands-on experience in management, production workflows, and running a business from the ground up.
Outside of work, Anthony is a lifelong ice hockey player with a passion for motorsports — particularly motocross and classic cars. Among his favorites: the 1963 C2 Corvette Sting Ray, the 1965 Shelby Cobra S/C, and the 1971 Plymouth Hemi ‘Cuda. He hopes to one day own and operate a bookkeeping firm serving small businesses.
X years
Nick serves as Director of Operations for NewGen Worldwide and NewGen Advisory, bringing a detail-oriented, forward-thinking approach to supporting the company’s continued growth. A Minneapolis native, Nick studied at Denison University and the University of Minnesota before making his way to Arizona, where he now lives in Mesa.
He spent a decade in the hospitality industry as a server, bartender, and restaurant manager — hands-on experience that gave him a strong operational foundation and a natural fit within NewGen’s hospitality-focused business.
Outside of work, Nick is an avid writer with a passion for art, photography, and travel, and enjoys documenting his experiences through the lens.
X years
Nycole serves as Chief of Staff at NewGen Advisory, where she trains and manages the Real Estate Assistant (REA) team. She works closely with REAs to ensure agents receive consistent, high-quality support throughout every stage of a deal — from contract to close.
Alongside the Office Manager, Nycole leads onboarding for new agents, REAs, and team members across NewGen Worldwide’s subsidiaries, and has developed a training library to streamline the process for incoming staff. She is also actively involved in evaluating and implementing new platforms to improve agent and REA workflows, while providing leadership with the data needed to monitor KPIs and track revenue goals.
Her background in franchise operations management — spanning startups to scaling franchises — makes her a versatile and valuable member of the NewGen team.
20+ years
Michael is the Chief Financial Officer of NewGen Worldwide, LLC and its subsidiaries Green Card Fund, LLC and NewGen Advisory, LLC — a diversified real estate investment and capital solutions firm focused on creative, flexible solutions. Michael and his team oversee day-to-day accounting, budgeting, forecasting, and financial modeling across all NewGen operations.
Green Card Fund (greencardfund.com) is a USCIS-recognized EB-5 Regional Center authorized to raise foreign capital for domestic development projects. EB-5 investors fund community-need projects and receive an immigration benefit in exchange for job creation. To date, GCF has facilitated over $125 million in foreign direct investment, delivered immigration benefits to more than 250 families, and created over 2,500 jobs in healthcare, education, and hospitality across Arizona and Washington, D.C.
NewGen Advisory (newgenadv.com) is a full-service commercial real estate brokerage specializing in hospitality assets.
Prior to joining NewGen, Michael built over 20 years of experience in accounting, tax, and operations management serving small to mid-sized businesses. He holds active CPA licenses in both New York and Arizona. His career spans public accounting — including a role as Audit Manager at PricewaterhouseCoopers — as well as private accounting and business ownership, giving him a broad, hands-on command of accounting and management functions. That dual perspective allows him to bring both tax strategy and business strategy to bear when evaluating financial decisions. He is a member of the American Institute of Certified Public Accountants (AICPA) and the Arizona Society of Certified Public Accountants (ASCPA).
A proud Italian-American, Michael lives in Scottsdale with his wife, Patty, and their three children, Alyssa, Anthony, and Joey. Outside of work, he coaches ice hockey and has a passion for cooking Italian food.
X years
Kyle is a co-founder, Principal, and Chief Executive Officer of NewGen Worldwide, LLC and its subsidiaries Green Card Fund, LLC and NewGen Advisory, LLC — a diversified real estate investment firm focused on creative, flexible solutions. Beyond his broad responsibilities as CEO, Kyle’s primary focus is leading Green Card Fund, developing and implementing capital solutions domestically and internationally, and identifying attractive investment opportunities.
Green Card Fund (greencardfund.com) is a USCIS-recognized EB-5 Regional Center authorized to raise foreign capital for domestic development projects. EB-5 investors fund community-need projects and receive an immigration benefit in exchange for job creation. To date, GCF has facilitated over $125 million in foreign direct investment, delivered immigration benefits to more than 250 families, and created over 2,500 jobs in healthcare, education, and hospitality across Arizona and Washington, D.C.
NewGen Advisory (newgenadv.com) is a full-service commercial real estate brokerage specializing in hospitality assets — a natural evolution of NewGen Worldwide’s business model, built on business partners Girish Patel and Dan Rama’s lifetime experience in the industry. Kyle’s financial acumen and creative approach to structuring deals help NewGen Advisory clients identify and secure profitable opportunities.
Kyle earned a B.A. in Interdisciplinary Studies from Arizona State University with a focus in Business and Urban Planning. He has long been involved with the Greater Phoenix Economic Council’s (GPEC) International Leadership Council, and in 2016 was elected to the Board of Directors of Invest in the USA (IIUSA), the national EB-5 trade association, where he actively contributes to legislative reform efforts and the permanent reauthorization of the EB-5 program.
Kyle splits his time between company offices in Phoenix, AZ and Washington, D.C. Outside of work, he is an avid reader, global traveler, and snowboarder — and after logging over a million miles as a passenger, he has recently taken to the cockpit, learning to fly himself.
20+ years
Girish Patel is a co-founder and Principal of NewGen Worldwide, LLC and its subsidiaries Green Card Fund, LLC and NewGen Advisory, LLC — a diversified real estate investment and capital solutions firm focused on creative, flexible solutions across hospitality and healthcare. Among his core responsibilities are leading strategic initiatives, overseeing financial management, and driving real estate investment acquisitions.
Green Card Fund (greencardfund.com) is a USCIS-recognized EB-5 Regional Center authorized to raise foreign capital for domestic development projects. EB-5 investors fund community-need projects and receive an immigration benefit in exchange for job creation. To date, GCF has facilitated over $125 million in foreign direct investment, delivered immigration benefits to more than 250 families, and created over 2,500 jobs in healthcare, education, and hospitality across Arizona and Washington, D.C.
NewGen Advisory (newgenadv.com) is a full-service commercial real estate brokerage specializing in hospitality assets — a natural evolution of NewGen Worldwide’s business model, grounded in Girish’s and business partner Dan Rama’s lifetime experience in the industry. Having grown up in his family’s hotel business as an immigrant, Girish developed a bottom-up understanding of hospitality — mastering operations before becoming an investor, lender, and consultant. That ground-level perspective, tested across multiple economic cycles, underpins his 20+ years as a successful business owner and brings a distinctive depth of insight to NGA’s clients and investors.
Committed to continuous learning and giving back, Girish established the RC Patel Memorial Scholarship for students pursuing careers in real estate investment. He also serves on the Board of Directors of Global Ties Arizona, an organization that strengthens international relationships by making exchange programs more impactful.
X years
Dan is a co-founder and Principal of NewGen Worldwide, LLC and its subsidiaries Green Card Fund, LLC and NewGen Advisory, LLC — a diversified real estate investment and capital solutions firm focused on creative, flexible solutions. His primary role is leading NewGen Advisory and serving as its Designated Broker in Arizona.
Green Card Fund (greencardfund.com) is a USCIS-recognized EB-5 Regional Center authorized to raise foreign capital for domestic development projects. EB-5 investors fund community-need projects and receive an immigration benefit in exchange for job creation. To date, GCF has facilitated over $125 million in foreign direct investment, delivered immigration benefits to more than 250 families, and created over 2,500 jobs in healthcare, education, and hospitality across Arizona and Washington, D.C.
NewGen Advisory (newgenadv.com) is a full-service commercial real estate brokerage specializing in hospitality assets — a natural evolution of NewGen Worldwide’s business model, built on Dan’s and business partner Girish Patel’s lifetime experience in the industry. Throughout his career, Dan has been involved in the disposition of over $600 million in hospitality assets, advising clients on acquisitions, mergers, and divestitures across the United States.
Dan began his career as a hotel operator and owner in 1994 following his studies at the University of Arizona, going on to build a portfolio as a franchisee of Red Brick Pizza, Holiday Inn, Ramada Inn, and Comfort Suites. He holds General Manager Certifications from Holiday Inn, Motel 6, and Days Inn, and is a Certified Hotel Owner (CHO) with a Certification for Hotel Industry Analytics (CHIA).
Beyond his company responsibilities, Dan is an active industry voice. He serves as an Ambassador with the Asian American Hotel Owners Association (AAHOA) — the largest hospitality owners association in the U.S. — and previously served as its Southwest Regional Director. He also sits on the Board of Directors of the Arizona Lodging and Tourism Association (AZLTA).
Dan lives in Gilbert, AZ with his wife, Chetna, their son Suraj, and their daughter Sonya. Outside of work, he enjoys golf and cheering on the Denver Broncos.
15+ years
Suraj is the Chief Legal Officer of NewGen Worldwide, LLC and a member of its senior leadership team, where he contributes to the operational management and strategic planning of the company and its subsidiaries — including Green Card Fund and NewGen Advisory. NewGen Worldwide is a diversified firm engaged in real estate investments, creative capital solutions, and advisory services for the entrepreneurial investor.
Suraj first served as outside counsel for Green Card Fund and NewGen Worldwide from 2008 to 2014 before joining the organization as Chief Legal Officer. In this role, he leads the company’s legal, regulatory, and corporate governance functions, with responsibility spanning real estate, risk management, contractual relations, and investment strategies. He also oversees the business administration of NewGen Advisory, a full-service commercial real estate brokerage specializing in hospitality assets.
Prior to joining NewGen, Suraj was Managing Partner of Bhakta & Associates, PLLC, a full-service business law firm where he represented a broad range of clients across acquisitions and sales, corporate structuring, contracts, franchise law, development and construction, and equity and debt financing.
A native of Ohio, Suraj graduated from The Ohio State University in 1999 with a B.S. in Business Administration and earned his J.D. from Case Western Reserve University in 2002. He resides in Peoria, AZ with his wife, Neena, and their two sons, Shiv and Soham.
