Reinsurers just absorbed mid-single-digit billions from June's severe storms across six of the most hotel-dense markets in the country. The premium increase you budgeted for Q4 renewal is probably wrong now, and the math hits whether your property took damage or not.
CMBS office delinquency hit 12.34% in January 2026 and distressed sales surged to $4.3 billion last year. The conversion math at 40-60% below replacement cost looks compelling on paper, but the gap between "viable candidate" and "operating hotel" is where the real risk lives.
Pebblebrook just scheduled its Q1 2026 earnings call for April 29. The interesting number isn't on the calendar... it's the gap between their 2026 guidance and what the portfolio actually delivered last year.
Strong Q1 airline earnings on international routes are a 30-60 day leading indicator for gateway hotel demand, and most properties gutted their international sales infrastructure during COVID and never rebuilt it.
