Top-quartile branded assets are refinancing into competitive five-year takeouts. Comparable assets in the same chain scale, sometimes in the same submarket, can’t clear quotes from the same lender list. That gap is the cleanest read of where the hotel market sits in 2026, and it isn’t closing. In a normal cycle, hoteliers can typically expect to see weak properties rebound while stronger ones plateau. That is not what’s happening this cycle.  The forces separating the two ends are structural. PIP costs keep climbing while […]

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