As the U.S. hospitality industry moves through the holiday season, November’s results reveal a hotel sector walking a fine line between stabilization and stagnation. Performance trends at month end underscore a pattern of limited RevPAR growth, inconsistent occupancy, and consumers showing mixed signals about their financial confidence.
The data from CoStar shows that, despite some bright spots in gateway and event-driven markets, the broader hotel landscape remains soft. The question heading into 2026 is clear: do November’s numbers signal a fragile equilibrium—or an early warning of deeper demand weakness in the year ahead?
In the two weeks ending Nov. 29, RevPAR declined 0.3%, with occupancy down 0.7 percentage points and ADR rising 0.9%. While that modest ADR gain suggests some pricing resilience, growth still lags inflation, meaning margins remain under pressure for hotel operators.
The overall story is one of stagnation—no collapse in demand, but no convincing momentum either.
Since late April, the U.S. hotel sector has seen room demand fall in 21 of the past 31 weeks, with occupancy down in 28 of those weeks. While supply growth has been slow, it continues to offset much of the incremental demand recovery. This imbalance has kept performance metrics stuck in neutral.
In short, demand softness isn’t just a seasonal phenomenon—it’s a structural drag that’s persisted for much of 2026.
Year-over-year comparisons remain distorted by 13 hurricane-affected markets (Helene and Milton). When these are excluded, the national picture looks slightly better: RevPAR up 0.9%, occupancy flat (-0.1 pts), and ADR up 1.1%.
This adjustment shows that, beneath the headline weakness, the underlying fundamentals are slightly more stable than they appear.
CoStar projects November RevPAR to fall roughly 2%, largely due to unfavorable calendar shifts—losing a Friday while gaining a Sunday. December’s outlook is similarly soft. When Christmas Eve and New Year’s Eve land on Wednesdays, as in 2026, both holiday and shoulder-night demand tend to historically underperform.
Among the top 25 hotel markets, only 10 posted positive RevPAR in November. Occupancy declines were more prevalent than ADR erosion, with 19 markets recording negative occupancy YoY, suggesting that fewer travelers, not just lower rates, are driving the slowdown.
Once the industry’s star performer, the Sunbelt region—from Texas to Florida—is now normalizing after years of outperformance. RevPAR losses in Tampa (-28.2%), Atlanta, and Houston highlight that correction.
Conversely, gateway cities like New York and San Francisco are stabilizing. San Francisco’s rebound, while notable, is primarily a recovery from exceptionally weak 2021–2024 levels rather than a sign of new long-term strength.
New York City continues to outperform most peers, buoyed by resilient corporate and international segments.
Since 2020, investors have poured into Sunbelt assets, drawn by strong leisure demand. Now, the pendulum is swinging back. Business travel, conferences, and group bookings—typical strengths of urban gateway markets—are reasserting their importance.
This rebalancing signals a more diversified growth pattern heading into 2026, with group and corporate recovery offsetting leisure fatigue.
Two cities—San Francisco (+51.3%) and St. Louis (+35.5%)—stood out in November with dramatic RevPAR surges. These gains were concentrated during Nov. 16–22 but extended into Thanksgiving week, lifting their monthly results well above the national average.
Both markets illustrate the power of large-scale conventions in driving short-term demand spikes.
From Q2 onward, St. Louis RevPAR rose 12.7%, supported by a 5.2-point occupancy gain and 3.2% ADR growth. San Francisco’s RevPAR climbed 13.3%, driven primarily by ADR growth (+7.4%).
Group business remains one of the few sustained demand engines in an otherwise mixed landscape.
Consumers entered Q4 with mixed spending behavior. Inflation-adjusted retail sales fell in September for the first time since May, with weakness concentrated in vehicles, electronics, clothing, and sporting goods.
Higher-income households continued spending, while middle-income consumers began cutting back—a dynamic that helps explain the relative resilience of luxury hotel demand compared with midscale properties.
Despite broad caution, restaurant and bar sales rose 0.7% in September and are up 6.7% YoY, outpacing inflation. That growth provides indirect support for leisure travel and food-and-beverage-driven hotel segments, which continue to rank among the more resilient areas of the hospitality sector.
The early October Prime Day shifted online spending patterns, creating a temporary lull in late-month data. Even so, nonstore retail—a proxy for e-commerce—was still up 6% year-over-year.
This indicates that while the consumer mood is cautious, it hasn’t collapsed. Spending timing—not spending capacity—explains much of the apparent weakness.
With October retail data delayed or incomplete due to the government shutdown, analysts have turned to surveys that show declining sentiment across all income brackets. The picture that emerges: a careful, price-sensitive consumer, not one in retreat.
Japan’s Q3 GDP fell 0.6%, marking its first quarterly decline since early 2024. The weakness reflected lower business investment, sluggish consumption, and falling exports following U.S. tariffs on Japanese goods.
This economic slowdown has direct implications for travel to the U.S.
A weaker yen makes trips to the U.S. significantly more expensive for Japanese tourists. The impact is most visible in Hawaii, but also felt across the mainland.
While the yen explains part of the travel slump, history shows it’s not the only factor—Japanese outbound travel was muted even in prior strong-currency periods.
Post-COVID, Japanese travel to the U.S. remains at historically low levels, far below pre-pandemic norms. The issue appears structural: demographic aging, shifting consumer priorities, and weakened business travel links.
For U.S. destinations dependent on Japan—particularly Hawaii and the West Coast—this remains a significant drag on international recovery.
As 2026 approaches, the U.S. hotel industry faces uneven momentum.
The path forward requires pricing discipline, targeted group sales strategies, and flexibility to adapt to shifting travel patterns. With the right balance of rate management and event targeting, the industry can weather its current softness and position for renewed growth later in 2026.
If you want a market-by-market action plan—or need help refining pricing, group sales, and calendar strategies for the holidays and early 2026—contact us. We’ll translate these trends into a clear playbook tailored to your portfolio and operating goals.
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.
