C‑PACE — the unfamiliar name that’s now serious money in commercial property financing
ATLANTA — Hotel executives speaking at the Hunter Hotel Investment Conference have been bullish on the transaction market in years past, but panelists at the 2026 event believe all of the stars are aligning for the breakthrough to finally happen.
Robert Webster, vice chairman and president of CBRE Hotels Institutional Group, said this is the second-best opportunity to buy a hotel over his 30-plus year career. He said debt is becoming cheaper, which should help the value of properties on the sell side.
"Anytime there's a spike in risk to investment, typically, rates will go down not up, and if rates go down, it will help hotel values, and probably really help with the transaction market," he said.
Another big topic on the first day of the Hunter Conference: The K-shaped U.S. economy that reflects the spending gap between wealthier consumers and those more affected by macroeconomic forces that tighten spending. This bifurcation results in more favorable performance among luxury and higher-end hotels, with declining performance along the lower ends.
It's still a prevalent trend, said Tourism Economics President Adam Sacks, but one in which the U.S. hotel industry can "survive and even thrive," he said.
"More than half of consumer spending on travel" comes from those people on the high end of the spectrum, Sacks added.
Quotes of the day
"I think a lot of investors, vendors, market participants have done their best to bury their head in the sand ... meaning if you don't have to do something, don't do something. And that has just continued to kick the can and kick the can, and now we're at a point where a lot of those groups — doesn't matter which side of the table you're sitting on — you've kicked the can kind of as far as you can and now things have to happen."
— Brian Waldman, chief investment officer at Peachtree Group, on the transaction environment hitting its breaking point when it comes to transactions.
"I want to make a case for optimism."
— Adam Sacks, president of Tourism Economics, pointed to positives including moderating prices on consumer goods, wage growth happening above the rate of inflation and an overall pro-growth economy as factors encouraging better hotel performance in 2026.
Editors' takeaways
Is this the year the transaction market finally explodes and we see a wave of sustained hotel deals occur? Executives at the Hunter Hotel Investment Conference certainly seem to believe so.
We've heard optimism in the transaction market picking up at the past few Hunter conferences — understandably so, as uncertainty in the economy derailed prior attempts. But this time, it feels like it truly is at a breaking point.
Even with more and more uncertainty added to the market every day, there's a timing element to this and the fundamentals seem to be improving.
A few panelists mentioned that hotel lenders are tired of kicking the can down the road on loans. Debt is getting cheaper. Hotel values are rising on the sell side.
Maybe this is finally the moment.
— Trevor Simpson, staff writer/staff editor
The halls of the Signia by Hilton Atlanta Georgia World Congress Center buzzed with energy on the opening day of the 2026 Hunter Conference, partly because of the event's new venue, but mostly with a steady optimism. Brokers, owners and advisers are determined to unlock hotel transactions at all levels. Yes, demand for high-end luxury hotels is strong and buyer and seller expectations are closing the bid-ask gap. But as hotels across the other chain scales face the choice to renovate or refinance, brokers seem to think selling will get much more attractive.
VIETNAM – Fusion Hotel Group, a wellness-inspired hospitality brand and management company based in Ho Chi Minh City, has been acquired by Suchad Chiaranussati, founder and chairman of SC Capital Partners, Singapore. Terms of the deal were not disclosed.
Founded in 2008, Fusion Hotel Group has 18 operating properties and approximately 3,000 keys across Vietnam and Thailand under HMAs and franchise agreements with a secured pipeline of over 2,000 keys. In December 2025, Fusion said it was on track to expand to 50 properties across the Asia-Pacific by 2028. In addition to hotel management, Fusion has also developed and operated branded residences, a rapidly growing segment in Asia Pacific.
“We remain open to selectively pursuing lease structures where it makes strategic sense, particularly for flagship locations that can further strengthen the brand,” Fusion CEO Christopher Hur told Hotel Investment Today.
Hur, who will remain as CEO, said Vietnam remains Fusion’s core market, where the hospitality sector continues to grow rapidly and where Fusion has built a very strong brand reputation.
“We currently see a healthy development pipeline and are targeting at least four to five new signings per year,” Hur continued. “Our immediate focus will be to continue expanding across all key areas of Vietnam while also growing selectively in regional markets.”
Fusion recently announced the signing of Fusion Resort Maldives, marking what Hur called an important step in extending the brand internationally. “In addition, we are working closely with our related companies in Indonesia and Japan, where we see meaningful opportunities to expand Fusion’s presence. Korea is also a key priority market,” he said, adding that they are seeing and remain interested in additional management company platform and portfolio opportunities.
Hur also said the response from Fusion hotel owners has been very positive and supportive. “Many view this as a strong endorsement of the platform and believe the partnership will further strengthen Fusion’s ability to grow the brand and deliver value to owners,” he said.
SC Capital Partners also owns Hotel Management Japan (HMJ), one of Japan’s largest hotel operators, and Indonesian hotel operator Topotels Hotels & Resorts.
In November 2024, Singapore’s CapitaLand Investment Limited acquired 40% of SC Capital Partners for $214 million (S$280 million) and at the time planned to acquire the remaining stake in phases over the next five years, giving it full ownership by 2030. CapitaLand Investment said it would also invest at least $400 million to support the growth of SC Capital Partners.
A big reason for this acquisition was it gave CapitaLand Investment a maiden entry into Japan’s REIT market. At the time, SC Capital Partners’ Japan Hotel REIT was the second largest hospitality REIT listed in Japan.
Together, Fusion, HMJ and Topotels will comprise approximately 16,000 keys across four growth markets, supported by a team of more than 100 hospitality professionals.
“Investment in Fusion reflects our long-term strategy to expand our hospitality footprint across Asia,” Chiaranussati said. “Fusion offers a meaningful presence in Vietnam—one of the region’s fastest-growing and high-barrier-to-entry hospitality markets. It reinforces our conviction that strong operating platforms are increasingly essential to successful real estate investing. We’re excited to integrate Fusion with our leading teams in Japan and other markets as we build a top-tier pan-Asian hotel management business.”
Hur added, “Joining Mr. Chiaranussati’s hospitality ecosystem opens up tremendous opportunities for Fusion. This partnership allows us to accelerate our growth across Asia, leverage shared focus areas of technology and marketing and distribution, and invest further in brand development and talent—strengthening our mission to deliver exceptional hospitality experiences.”
Just last week, Fusion opened the Grand Royal Riverside Hue – Fusion Collection, a luxury hotel located in the heart of Hue City in central Vietnam.
SC Capital Partners brings more than 20 years of hospitality investment and asset management experience across Asia Pacific and is the sponsor of Japan Hotel REIT Advisors (JHRA), which manages the largest listed hotel REIT in Japan by hotel value. Through JHRA, the platform oversees 78 hotels comprising more than 22,000 rooms nationwide.
HMJ is one of Japan’s largest hotel operators with 26 hotels and over 8,000 keys across 11 prefectures. HMJ operates its own flagship brand, Oriental Hotels & Resorts, and provides white-label management services for global hotel companies such as Hilton, Marriott and IHG.
The broader platform is further supported by Topotels Hotels & Resorts, an Indonesia-based hotel management company with a growing portfolio across Indonesia.
Hotel owners are meticulous about tracking their competitive set. They know exactly what the property down the street is charging for a king room on a Tuesday in March. But many have never heard of the properties that are quietly winning some of the most valuable bookings in hospitality: wellness retreats.
Across Costa Rica, Guatemala, Greece, France and dozens of other destinations, a distinct category of hospitality property has emerged. These are not traditional hotels, and they are not short-term vacation rentals. They are purpose-built retreat centers attracting high-value group bookings from wellness facilitators, corporate buyers and travelers seeking something most hotels do not yet offer: a fully programmed, transformational experience.
A Market Hotels Are Not Watching
The numbers tell a clear story. The Global Wellness Institute’s 2025 report valued the global wellness economy at a record $6.8 trillion, with wellness tourism growing 13.8% year over year. The wellness retreat segment alone was valued at roughly $226 billion in 2024, with analysts projecting growth to nearly $400 billion by the end of the decade. The corporate retreats market, valued at $31.8 billion in 2024, is expected to more than double to $73.7 billion by 2034, according to Allied Market Research.
Much of this demand is flowing through channels hotels are not connected to. Platforms like Retreat.guru and BookRetreats aggregate thousands of retreat experiences globally, and the facilitators who lead these programs typically book directly with retreat centers rather than through traditional hotel distribution. Wellness travelers also spend significantly more than average: the GWI reports that international wellness travelers spend 41% more, and domestic wellness travelers spend 175% more than their non-wellness counterparts.
What Retreat Centers Get Right
The retreat centers capturing this business are not rustic yoga camps. Many are sophisticated properties with beautifully designed spaces, farm-to-table dining and price points that rival luxury hotels. What distinguishes them is their willingness to operate in ways that most hotels have not yet considered.
Retreat leaders choose these venues because they offer flexible buyout structures, communal dining that fosters connection, integration of outside programming into the property experience and a collaborative relationship with facilitators rather than a transactional one. They are not simply renting space; they are co-creating experiences. For a hotel accustomed to rigid food-and-beverage minimums and siloed wellness amenities, this represents a fundamentally different model of hospitality delivery.
How Hotels Can Compete and Collaborate
Hotels do not need to become retreat centers to capture this business. They need to understand what this market values and meet it with the operational assets they already have. Many boutique and independent properties are sitting on exactly the kind of inventory retreat leaders need: beautiful spaces, professional food-and-beverage operations, strong service culture and locations that lend themselves to restorative experiences.
The shift starts with how hotels think about mid-week and shoulder-season inventory. A wellness retreat booking fills rooms during low-demand windows, generates food-and-beverage revenue across every meal period and introduces the property to a new audience of wellness-minded travelers who may return independently. Building retreat-friendly packages, partnering with experienced facilitators and connecting with wellness-focused travel advisors can open a distribution channel most hotels have never explored.
Hotels also bring advantages that many retreat centers do not have. Professional revenue management, brand recognition, loyalty programs and operational scale all give hotels an edge once they decide to enter this space. The opportunity is not to displace retreat centers, which play a vital and growing role in the wellness ecosystem, but to expand the overall market by giving retreat leaders, corporate buyers and wellness travelers more high-quality venue options.
The Window Is Open
Hotels have spent the past several years investing in wellness amenities: better fitness centers, sleep programs, mindfulness apps on in-room televisions. These investments matter. But amenities alone do not capture a traveler whose primary reason for booking is a wellness experience. That traveler is choosing between a yoga retreat in Bali and a breathwork weekend in the Catskills, and right now, most hotels are not even in the consideration set.
The retreat economy is not a niche trend. It is a demand segment worth hundreds of millions of dollars, growing at nearly double the rate of the broader tourism market. The hotels that move first to welcome it will be the ones that see it on their bottom line.
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