What is the U.S. hotel occupancy rate in 2026?

CoStar reported U.S. hotel occupancy of 69.7% in July 2026, up 2.3% year over year. For the full year, CoStar and Tourism Economics forecast occupancy of 62.8% in 2026, compared with 62.3% in 2025, in their June 2026 outlook.

What is the hotel CMBS delinquency rate in 2026?

Trepp reported a lodging CMBS delinquency rate of 5.35% in July 2026, up 13 basis points from the prior month, while the overall CMBS delinquency rate was 7.86%.

How many hotel loans are maturing in 2026?

According to Trepp data cited by FBT Gibbons in June 2026, 596 hotel-backed CMBS loans with a combined balance of $18.7 billion mature in 2026. That figure covers CMBS only, not bank, debt fund or life company loans.

How much new hotel supply is being built in the U.S.?

Lodging Econometrics counted 1,081 projects with 133,216 rooms under construction at the end of Q2 2026 and forecasts 74,820 rooms opening in 2026, a 1.3% supply increase.

Stokley Intelligence · Asset class

Hotel Market Outlook 2026: RevPAR & Debt

A structured view of the developments shaping U.S. hotels—and the situations those developments may create for owners, lenders and investors.

Updated September 2026 · Data through July 2026

In short

U.S. hotel performance strengthened through mid-2026: CoStar reported July 2026 occupancy of 69.7% and RevPAR of $119.77, up 8.2% year over year, while Lodging Econometrics projects new supply growth of just 1.3% in 2026. Credit is more mixed—Trepp's lodging CMBS delinquency rate rose to 5.35% in July 2026, and Trepp counts $18.7 billion of hotel CMBS loans maturing this year.

Current signals

$119.77

U.S. RevPAR, up 8.2% YoY

CoStar (STR) U.S. hotel performance · July 2026

5.35%

Lodging CMBS delinquency

Trepp, up 13 bps month over month · July 2026

133,216

Rooms under construction

Lodging Econometrics U.S. pipeline · Q2 2026

$18.7B

Hotel CMBS loans maturing in 2026

Trepp, 596 loans, as cited by FBT Gibbons · June 2026

Sourced market view · 01

What's happening

U.S. hotels posted broad gains in July 2026, with CoStar reporting occupancy of 69.7%, ADR of $171.74 and RevPAR of $119.77—up 2.3%, 5.7% and 8.2% year over year. Twenty-two of the top 25 markets grew RevPAR, and New York City led on ADR and RevPAR while hosting the FIFA World Cup Final.

Sourced market view · 02

What changed

Investment activity has picked up: JLL reported $5.6 billion of U.S. hotel transaction volume in Q1 2026, up 14.4% year over year, across 227 transactions. At the same time, new supply remains limited—Lodging Econometrics forecasts 74,820 rooms opening in 2026, a 1.3% supply increase, even as construction starts rose 17% by rooms in Q2 2026.

Sourced market view · 03

Why it matters

Strong headline RevPAR has not been evenly shared. JLL noted luxury RevPAR rose 7.8% in Q1 2026 while the economy segment declined 2.1%, and Trepp's lodging CMBS delinquency rate rose to 5.35% in July 2026. Owners of older, select-service or economy assets can face a maturity, a brand-required renovation or a sale while the national averages look healthy.

Stokley analysis

Stokley's perspective

Stokley view: the gap between improving sector demand and property-specific capital needs is where first-position bridge capital tends to be useful. That includes hotels facing 2026 maturities, owners who need to fund a brand PIP before refinancing, repositioned properties still ramping toward stabilized trailing numbers, and buyers acquiring assets at a discount from motivated sellers on a short timeline.

Capital pressure

Where market conditions become financing events.

Stokley analysis—not a representation that every property or borrower faces the same conditions.

01Trepp counts 596 hotel CMBS loans totaling $18.7 billion maturing in 2026, and fixed-rate loans written at lower coupons may not refinance at the same proceeds.
02Brand property improvement plans can require capital before a refinance or sale, and owners with tight liquidity may not be able to fund them from operations.
03Performance is diverging by chain scale, so economy and older select-service assets may miss conventional underwriting even in a strong RevPAR year.
04Trailing twelve-month results can lag a renovation or management change, which keeps recently improved hotels outside a permanent lender's box for a period.

Opportunity lens

Situations we're interested in.

Maturity and refinance gaps

Hotels with sound operations and a 2026 or 2027 maturity that need time to season results or complete a refinance on the required schedule.

PIP and renovation funding

Owners who need capital to complete a brand-required renovation or reflag before the improved property can support long-term financing.

Discounted and time-sensitive acquisitions

Buyers pursuing hotels from sellers under debt or liquidity pressure, where closing certainty and speed matter more than the lowest cost of capital.

Evidence

Sources and context.

Forward watchlist

What we're watching next.

—Monthly CoStar RevPAR after the World Cup lift fades from year-over-year comparisons
—Trepp lodging CMBS delinquency and special servicing trends into late 2026
—Performance spread between luxury and economy chain scales
—Construction starts and openings versus the 1.3% to 1.5% supply growth forecast through 2028
—Transaction volume and pricing for value-add and PIP-heavy hotel sales

Questions answered

Market and financing context.

What is the U.S. hotel occupancy rate in 2026?: CoStar reported U.S. hotel occupancy of 69.7% in July 2026, up 2.3% year over year. For the full year, CoStar and Tourism Economics forecast occupancy of 62.8% in 2026, compared with 62.3% in 2025, in their June 2026 outlook.
What is the hotel CMBS delinquency rate in 2026?: Trepp reported a lodging CMBS delinquency rate of 5.35% in July 2026, up 13 basis points from the prior month, while the overall CMBS delinquency rate was 7.86%.
How many hotel loans are maturing in 2026?: According to Trepp data cited by FBT Gibbons in June 2026, 596 hotel-backed CMBS loans with a combined balance of $18.7 billion mature in 2026. That figure covers CMBS only, not bank, debt fund or life company loans.
How much new hotel supply is being built in the U.S.?: Lodging Econometrics counted 1,081 projects with 133,216 rooms under construction at the end of Q2 2026 and forecasts 74,820 rooms opening in 2026, a 1.3% supply increase.

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