In this 1TourismWorld session hosted by Glenn Tyranski of 1BusinessWorld, Rod Clough, President of the Americas for HVS, explains why U.S. hotel transactions have remained constrained and what conditions can unlock stronger deal flow in 2026. Clough anchors his view in national performance trends, outlining occupancy direction, pricing discipline, and the mix of market level catalysts that can shift outcomes across segments and geographies.

The session frames 2025 softness as a combination of discretionary international travel shifting away from the United States, pullbacks in federal related travel and group business, and the uncertainty effects of tariffs and broader policy disruptions. Clough describes 2026 as a year where normalization matters, since markets adapt more effectively to known constraints than to fresh shocks, and he highlights convention recovery and event driven demand as practical tailwinds that can support occupancy and ADR improvement.

Clough then shifts to the mechanics that determine whether a deal clears, including cap rate expectations, renovation economics, and the buyer seller gap driven by cost, timing, and the credibility of post renovation NOI upside. The discussion closes with an operator and owner playbook that prioritizes asset readiness, disciplined profitability targets, and a clear plan for property improvement so assets attract competitive bidding when liquidity returns.