[June 10, 2026]

Walker & Dunlop Hospitality Outlook Shows Investors Continue to Push towards Leisure and Luxury Assets

Walker & Dunlop, Inc. today released its first Hospitality Outlook, "Capital, Divergence, and the Search for Durable Returns." The new report illustrates how hotel investors are concentrating capital in luxury and upscale leisure properties while new development remains difficult as financing costs remain elevated and underwriting standards tighten. The outlook finds a widening divide across the lodging sector with performance increasingly determined by asset quality, location and traveler demographics rather than broader market trends.

The increasingly selective investment environment has fueled demand for specialized advisory services, according to Walker & Dunlop, which recently expanded its hospitality team with the hires of Managing Director Evan Hurd and Director Max Chipouras i Nashville. Hurd and Chipouras specialize in hospitality investment sales, equity advisory, and structured capital solutions for hotel and resort assets nationwide, expanding and complementing the team's reach and capabilities.

"Hospitality is no longer a market where broad assumptions drive performance, however U.S. Q1 RevPAR growth of 3.8% was well above expectations," said Jay Morrow, senior managing director of Capital Markets Hospitality Advisory at Walker & Dunlop. "Investors today are looking beyond broad market narratives and focusing on the fundamentals of individual neighborhoods, submarkets and demand drivers. As the market becomes more selective, clients increasingly need specialized expertise and integrated advisory capabilities, which is why we continue to invest in our hospitality platform and talent."

The report argues that broad-based assumptions about hotel performance are becoming less reliable as activated capital and demand concentrate into a smaller group of submarkets and assets.

"Two assets in the same city can produce very different outcomes," said Hurd. "The ability to identify resilient micro-locations and align capital accordingly is becoming a key differentiator for investors."

This shift comes as travel patterns fragment across leisure, business, and group segments, making hotel performance more dependent on local demand drivers and operational execution. As a result, investors are placing greater emphasis on micro-location analysis when evaluating opportunities.

Operators are also turning to lean staffing models and artificial intelligence tools to protect margins as labor costs remain under pressure.

In its inaugural year, 2025, Walker & Dunlop Capital Markets Hospitality Advisory completed nearly $2.1 billion in unique hospitality transactions. For more information about Walker & Dunlop's hospitality financing and sales capabilities, visit our website.

To learn more about Walker & Dunlop's hospitality capabilities, read the full 2026 Hospitality Outlook here.

About Walker & Dunlop

Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260610563720/en/

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