Americans are still booking summer trips, but they're cutting dining, shopping, and entertainment before they cut the hotel room. If you think that's good news for your property, you're only reading half the data.
Consumer confidence just slipped back under pressure from rising gas prices, and the historical pattern says leisure spending compresses within weeks... but it doesn't hit where most GMs are watching first.
Xenia Hotels posted a quarter that looked strong on every line investors care about. The 2026 expense guidance tells a different story for anyone calculating owner returns.
