As travel turbulence and economic uncertainty persisted into the fourth quarter of 2025, hotel companies posted widespread U.S. RevPAR declines for the final months of the year. During Q4 earnings calls, though, CEO optimism about the hotel industry’s resilience was also widespread.
Several hotel companies reported U.S. RevPAR declines in Q4, with Wyndham Hotels & Resorts posting the most steep drop (8% year over year) among competitors, for a third consecutive quarter. In 2025, full-year U.S. RevPAR fell for the first time since 2020, CoStar reported last month.
Marriott International CEO Anthony Capuano said the company’s Q4 results were impacted by the extended government shutdown, which lasted for several weeks spanning October and November. Choice Hotels, meanwhile, attributed quarterly U.S. RevPAR declines to softer government and international inbound demand.
Despite the weakened RevPAR environment, Wyndham CEO Geoff Ballotti said he is optimistic about portfolio growth in 2026. Coming off development gains in Q4, other chief executives shared Ballotti’s confidence on that front.
Some companies reached new pipeline highs in the fourth quarter, while others posted record openings. Spurring that growth were several collection brand launches in Q4. Conversions will remain integral to portfolio growth in 2026, CEOs said.
Meanwhile, the luxury segment will be a focus area for Marriott, Hyatt and Wynn Resorts as high-end consumers continue to prioritize spending on experiences and travel over goods. Premium business benefited Wynn in Las Vegas, specifically, though the company still saw revenue declines in Q4, as did market competitors MGM Resorts and Caesars Entertainment.
Hotel companies across the board also ramped up agentic development in the last quarter of the year. Below is a roundup of Hotel Dive’s Q4 earnings coverage, with insights into the top trends impacting hotels and how the hospitality industry will fare in 2026.
