A New York developer wants to carve 200 hotel rooms and 399 apartments out of a 52-year-old Charlotte office tower with 25% vacancy. The per-key math on the hotel component tells you exactly how much faith they're putting in a market already absorbing 900 new rooms this year.
Institutional capital is flooding India's hotel sector with plans for 70,000 new keys by 2030, but the rush to sign deals and break ground is outpacing the harder question of what technology stack these properties will actually run on... and who decides.
Three straight months of gains have everyone feeling good about hotel equities. The real number worth watching is the 200-basis-point gap between hotel REITs and the broader REIT index in February.
When the industry's most active private credit deployer says hotel equity won't fully recover until 2029, that's not pessimism. That's a cap rate assumption you need to run through your own model.
