On the markets front, the Dow Jones Industrial Average (DJIA) slipped 74 points, while the Nasdaq gained 131 points. The S&P 500 remained relatively unchanged. Meanwhile, the 10-year Treasury yield rose by 0.08 percentage points to 4.06%. The increase in yields came on a day when the Federal Reserve cut interest rates by 0.25%, raising questions about the bond market’s reaction. Lodging stocks broadly declined.
STR released U.S. hotel performance data for the week ending October 25. Revenue per available room (RevPAR) dropped 5.3% year-over-year, driven by a 3.6% decline in occupancy and a 1.7% decrease in average daily rates. Group RevPAR also fell, down 4.5% for the week.
According to Lodging Econometrics’ Q3 2025 U.S. Hotel Construction Pipeline Trend Report, the top five markets with the largest hotel construction pipelines at the end of the third quarter were:
- Dallas – 197 projects totaling 24,310 rooms
- Atlanta – 160 projects with 18,239 rooms
- Nashville – 130 projects comprising 17,183 rooms
- Phoenix – 125 projects with 16,481 rooms
- Austin – 124 projects totaling 14,486 rooms
Source: dlr.skift.com