Ninety-seven percent of hotel asset managers expect RevPAR (revenue per available room) growth to continue into 2027, according to HAMA's Fall 2026 Industry Outlook Survey released during the association's Annual Fall Meeting in Scottsdale, Ariz.

The semi-annual survey captured responses from 72 asset managers, roughly one-third of the Hospitality Asset Managers Association's membership. The respondents oversee hotel portfolios and report directly on operating performance, which makes the survey a reasonable proxy for owner-side sentiment across the U.S. lodging sector.

The headline finding is profit, not just revenue. A majority of respondents reported marked increases in both RevPAR and gross operating profit (GOP, a standard hotel profitability measure) so far in 2026. Margins, however, remain under strain from rising costs.

HAMA President Dina Winder framed the tension plainly: "To date, 2026 has been very good for hoteliers, with a majority of our respondents enjoying marked increases in revenue per available room and gross operating profit, however, margins continue to be strained with increased costs."

Winder added that "industry fundamentals remain strong and recession concerns remain muted," even as the international political situation stays worrisome to members.

What worries asset managers most?

The survey asked members to rank their top concerns. The results:

• Demand tops the list.
• Wage increases rank second.
• Labor availability ranks third.

The demand ranking is notable. Owners appear more anxious about top-line velocity than about any single cost line, even in a year when most report RevPAR gains. That is a forward-looking signal, not a current-state complaint.

Insurance has also resurfaced. After several years near the bottom of members' concern rankings, rising liability coverage costs pushed insurance back into the top tier of worries. For operators, that reversal compounds an already tight margin picture alongside wages and labor supply.

Where does AI fit in?

Seventy-one percent of respondents say their hotels use AI in a meaningful way for reporting and/or analysis. That figure signals adoption has moved past experimentation among owner-side teams, at least in back-office functions. The survey does not specify vendors or what systems the tools replace, so the cost and displacement effects remain open questions.

For asset managers, the value proposition is presumably speed: faster consolidation of operating data into the reporting packages that drive owner decisions. Whether that translates into measurable GOP improvement is a question the next survey cycle may answer.

What happens next?

The survey's own arithmetic points to continued confidence: strong 2026 performance, muted recession fears, and near-unanimous expectations for RevPAR growth in 2027. The catch sits in the cost column. Wages, labor availability and liability insurance are all moving the wrong way, and margins are already strained.

The next reading arrives with HAMA's spring survey, where members' 2027 forecasts will face their first test against booking pace and cost data.