Gross operating margins across major U.S. hotel markets continue to reflect an uneven recovery pattern, with 2025 results highlighting a growing divide between top-performing cities and those still working back toward pre-pandemic levels.
Hotel margins lose momentum
Markets that expanded margins by 2024 largely held their ground in 2025, with most slipping below pre-pandemic levels
CoStar Analytics
May 6, 2026 | 7:34 P.M.
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