U.S. hotel dealmaking shifts from growth to focus

Why digital strength, loyalty, and guest experience now define hotel value

Hotel deal activity in the U.S. is no longer about rapid expansion, but about sharpening portfolios and strengthening fundamentals. Recent transactions show that buyers are increasingly selective, prioritizing assets that support stronger brands, better digital capabilities, and more compelling guest experiences. While deal volume picked up in late 2025, average deal sizes declined as investors focused on targeted, strategic acquisitions rather than scale. For hoteliers, the message is clear: future value lies in how well a property fits into a broader digital and experiential ecosystem.

Key takeaways

• Quality matters more than size: Buyers are favoring hotels with strong positioning, clear differentiation, and the ability to deliver distinctive guest experiences rather than simply adding more keys.
• Luxury outperforms, economy lags: Investment interest remains strongest in premium and resort assets, while economy hotels and corporate-travel-driven properties face a slower recovery.
• Strategic buyers dominate deals: With private equity stepping back, hotel groups and operators are leading acquisitions that strengthen loyalty programs, personalization, and direct guest relationships.
• Digital capability drives valuation: Properties that can plug into advanced CRM, loyalty, and personalization platforms are more attractive to buyers and partners.
• Gaming and entertainment signal convergence: Increased investment in digital gaming highlights how hospitality is blending with entertainment, content, and experience-led revenue models.
• Back-office systems are part of the value story: Modern finance, HR, and operations platforms are increasingly seen as essential to scaling efficiently and integrating acquisitions.
• Guest data and loyalty are strategic assets: Unified customer data and active loyalty ecosystems are now influencing how hotels are valued, not just how they market or sell rooms.

For hotel owners and operators, the takeaway is practical: investments in brand clarity, digital infrastructure, and guest relationships are no longer optional. They are becoming central to how hotels are evaluated, acquired, and positioned for long-term growth.

Source: PwC

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