“Institutional full-service will continue to be extremely attractive for investors in Texas, really, across the four major cities,” said Brian Nordahl, executive vice president for CBRE Hotels, who is based in Dallas and specializes in institutional investment in Texas and the South Central U.S. “It’s really these national level uncertainties that are impacting the markets, and once we get some clarity on that, I absolutely anticipate that Texas will continue to be the number one place that people are going to look for a hotel investment.”
According to data from CoStar, the top five markets in Texas (which includes Austin, Houston, San Antonio and Dallas as well as Fort Worth-Arlington in DFW market) are seeing negative RevPAR performance through the first three quarters of 2025: Austin is down 6.3% year-over-year, Dallas is down 1.5%, Fort Worth/Arlington is down 0.8%, Houston is down 9.6% and San Antonio is down 3.6%.
Add to that a challenging environment where both the Austin and Dallas markets have closed their convention centers for renovations for the next few years (Austin’s convention center closed in April for a $1.6 billion development with demolition complete and construction underway for a new larger facility while Dallas’ Kay Bailey Hutchinson Convention Center isn’t fully closed but is undergoing a major $3.7 billion renovation/redevelopment that has limited its ability to host events). Both convention centers are scheduled to reopen in 2029.
So why are investors still showing a belief in Texas? Colin Sherman, director of hospitality market analytics, Texas & U.S. South for CoStar, said history is driving their decisions.
“From what I can gather, particularly in the Texas landscape, they're looking at the historical fundamentals of hotel investment,” Sherman said. “Yes, this year is down… But in the long run, they see that there's an opportunity and they continue to maintain that optimism.”
Those strong fundamentals are also showing up in Texas hotel sales data for 2025, Sherman said.
“If we're not even looking at development, but just sales in general, we've seen an uptick in sales this year across the five major metros that STR follows,” he said. “We're starting to see investments come back.”
Through November across those five markets, Sherman said STR data shows that 18,570 rooms have changed hands, up a whopping 45% from 12,794 rooms through the same period last year.
“It's gone up quite a bit and that's a good indicator that investors are still willing to buy and buyers are looking for deals,” he said. “They're hedging their bets, basically, that everything is going to be back and it's still a good investment, considering the growth and the population that's coming to all major metros around Texas.”
The strongest hotel investment market in Texas also has the nation’s strongest hotel pipeline for the past two years, Nordahl said — Dallas-Fort Worth.
“DFW continues to be the number one location for investors nationwide,” Nordahl said. “It's the number one market where people want to be, no matter what's happening with the convention center.”
If anything, Nordahl said, investors look at the buildup to a new convention center in 2029 as a positive.
“Because when you [acquire] them, a lot of these hotels need to be renovated. So you do your renovation over 24 months, and then you're ready to rock and roll when those convention centers come back online, there's significant citywide demand and the hotels will benefit greatly,” he said. “Most of these investors are underwriting five to 10-year return horizons, so it falls well within those horizons to have new convention centers.”
Challenges for Texas markets
Each of the top four cities is facing unique challenges.
In Austin, the city is facing RevPAR headwinds, especially in the last two quarters (Q2 RevPAR was down 14.3% YOY, and Q3 was off 6.3%), and is focusing on what it calls a “mini-wide” concept to host events (namely, SXSW) while its convention center is closed.
“They’re turning their downtown into a campus-style, convention center, where they're using all the available meeting spaces around different hotels to fill that gap,” Sherman said.
While the city has long been known as a luxury market, developers have recently been working to fill the middle-tier hotel gap, according to Sherman.
“That middle-tier traveler is what they're trying to appeal to now, and developers are trying to fill that gap throughout the Austin area, not just in downtown, but also in some of the peripheral submarkets,” he said.
The RevPAR challenges are less apparent in Dallas-Fort Worth, which has the two best-performing major markets in Texas. The Dallas market, in particular, has a lot of new supply coming in, particularly on the luxury side. Those luxury hotels are unique, Sherman said, because they are often anchoring mixed-use developments around the city (while it’s more typical for the hotels to come in later in the development process).
The Arlington-Fort Worth market has benefited from steady demand and new supply and is especially buoyed by all the sports demand created in Arlington with the NFL, baseball and special events, notably next year’s World Cup, when Arlington will host nine matches at AT&T Stadium, the most of any host city.
Nordahl said several submarkets in DFW aside from Arlington will benefit from the event, including Frisco, as well as hotels around DFW Airport.
“We've heard advanced bookings that are extremely strong at individual hotels,” he said. “[Next year] should be a great year in particular and a great summer for DFW as a whole,” he said.
Houston’s RevPAR headwinds are more notable, but mainly because of challenging comps due to 2024 hurricane (RevPAR was down 25.1% YOY in Q3). Sherman said that, with little new supply entering the market, the investment focus has shifted away from the city’s urban core
“From an investor standpoint, we're seeing those peripheral submarkets being filled more on the entertainment side and a little bit further outside of downtown,” he said.
San Antonio has also seen RevPAR headwinds this year (Q1 was down 3.7% — the only major market to be down in the first quarter; Q2 was down 3.3%; and Q3 was down 3.4%) due to steady supply growth offset by lower demand. But Sherman said there’s a lot to look forward to in the market with several upper-tier hotels opening in the downtown area over the past year.
“A lot of supply has entered the market, particularly on that luxury scale,” he said. “A lot is going on down there, and it's being driven by new projects that the city and independent developers are bringing to the city,” he said, noting the significance of Project Marvel, an ambitious, multi-billion downtown revitalization plan.
Speaking to investor interest is all of the potential future demand for business in these markets, especially when the Austin and Dallas convention centers fully come back online. Those citywide events create compression, Nordahl said, which can spread the benefits to hotels around the city.
“The big word that matters is compression… even if your hotel is not benefiting directly from convention center demand, the fact that there's a major event citywide or even a large group creates that compression in the market that allows various hotels that might benefit from getting better occupancy and better average daily rate,” he said.
12 Best Italy Destinations to Vacation Like a Local
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https://www.fodors.com/world/europe/italy/experiences/news/photos/under-the-radar-destinations-in-italy-to-visit
From windswept beaches to mountainside towns, there is much to see in Italy beyond Rome and Venice. Do as the Italians do and head to these hidden gems.
Just as it has in many countries, the pandemic has boosted domestic travel in Italy. This summer, expect to hobnob with local Italians as you follow in their footsteps down well-worn paths and head for unspoiled beaches and charming towns less frequented by the tourist crowds. With secluded seaside resorts, mountain getaways, tranquil lakeside luxury, and bustling cities—Italy’s varied destinations mean there is a place to meet everyone’s style and budget. From the snow-capped peaks of the Dolomites in the Sicilian islands in the south, take the Italians’ lead and explore just some of the many gems that Italy has to offer.
PHOTO: Lefay Resorts & Residences
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Italian Lakes
For old-school glamour, visit
Lake Como where opulent palazzi line the banks and luxury exudes from every corner. The new 5-star boutique hotel
Musa Lago di Como combines an exclusive lakeside location and spectacular surroundings with contemporary amenities and comfort. Don’t miss the chance to take a boat trip to admire the beautiful scenery from the water, tour the historic villas and immaculately manicured waterfront gardens, or explore the elegant towns of Varenna, Como, and Bellagio. The outstanding natural beauty of Lake Garda is always a hit. The amazing position of the
Lefay Resort Garda on the Riviera Dei Limoni ensures a birds-eye views across the water and world-class spa and treatments for total relaxation. Hike and horse ride through the forests, take a trip to the pretty town of Sirmione or head to the Italian and Swiss outlet stores for some retail therapy.
PHOTO: Courtesy by Borgo Santandrea
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Conca dei Marini
Away from the hustle and bustle of Amalfi and Positano, the attractive fishing village of Conca Dei Marini is a restful haven from which to discover some of the lesser-known corners of this world-renowned coastline. Borgo Santandrea is a luxurious hideaway perched on the cliff edge and boasts panoramic views over the ocean. With this sleek design showstopper as a base, explore the towns of Amalfi, Praiano, Ravello, Atrani, and Minori, where you will find buckets of charm and plenty of local experiences. Lovely Cetara is a great place for a fabulous seafood lunch at Ristorante Al Convento (Piazza S. Francesco, 16). Don’t leave without sampling the local delicacy, colatura di alici, a concentrated fish sauce of fermented anchovies served with spaghetti, garlic, and olive oil.
PHOTO: Pellicano Hotels
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Monte Argentario
Lying on the south coast of Tuscany, the dramatic promontory of Monte Argentario is almost entirely encircled by sea. The two main port towns of Porto Santo Stefano and Porto Ercole are a summertime draw for well-heeled Italians in the warmer months. Hidden away in a secret cove is the exclusive Il Pellicano hotel, which oozes glamour and style. From here, explore the sights of the headland, rent a boat to visit secluded beaches, go scuba diving in the crystal-clear water, and take a trip to the unspoiled beauty of the nearby islands of Giglio and Giannutri. When it’s time to eat, dine at the hotel’s fabulous restaurant under the moonlight.
PHOTO: Video Media Studio Europe/Shutterstock
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Valle d’Itria
Puglia’s scenery and breathtaking beaches have always been popular with Italian holidaymakers, and the Valle d’Itria— sandwiched between the Ionian Adriatic seas—offers the best of both worlds. Inland you can visit the quaint towns of Ostuni, Locorotondo, Cisternino, and Martina Franca, as well as the UNESCO World Heritage site of Alberobello with its distinctive conical-roofed Trulli, while a trip to the fantastic beach town of Polignano a Mare should definitely not be missed. For pure luxury, stay at the sublime Masseria Torre Maizza, which is perfectly positioned to discover the area’s delights, or Borgo Canonica for the chance to sleep in your own Trullo. For a beachy sojourn, stay at the boutique Don Ferrante hotel in Monopoli.
PHOTO: Pellicano Hotels
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Ischia and Capri
Capri might attract the international jet-set, but there are plenty of tranquil corners, away from the crowds, where you can see a less frantic side of the island. A discreet luxury retreat, the peace of the Sina Flora hotel belies its prime location just steps from the main Piazzetta. For an authentic taste of Capri, the team at Michel’angelo can organize private dinners in their garden villa in Anacapri and offer cooking classes and gourmet picnics. Calmer and more chilled than its neighbor, Ischia gives you all you need for a restful vacation. With its cliff-edge pool, the stylish Mezzatorre Hotel and Therma Spa sits right above its own private bay, offering guests the perfect mix of luxury and Ischian charm. The Botania Relais and Spa has acres of gardens, and the San Montano Resort and Spa offers an infinity pool (some suites even have private ones). Don’t miss a trip to the island’s famed thermal pools at Poseidon or Negombo, or spend your days lounging on the beach at Giardino Eden
PHOTO: Lefay Resorts & Residences
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The Dolomites
Seek out the sanctuary of the Italian alps and head up to the Dolomites for a mountain escape. Stay close to nature at Forestis or Miramonti Boutique Hotel, or book a room at the amazing Lefay Resort and Spa Dolomiti. Nestled in the craggy mountain peaks, it aims to give guests a real sense of place with its floor-to-ceiling windows and decor reflecting the outside scenery. The hotel spa is a temple of wellness that uses the latest treatments and techniques to relax and rejuvenate. Once rested, there are plenty of activities on hand, from skiing, hiking, and biking to horse-riding and golf.
PHOTO: Pellicano Hotels
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Lazio Coast
The coastline of Lazio is largely undiscovered by foreigners who prefer to spend their time in Rome, but during the hot days of summer, the locals make a beeline to the beach for some fresh sea breeze. Less than an hour from Rome, La Posta Vecchia brings a slice of dolce vita glamour to the town of Ladispoli. A 17th-century palazzo situated right on the beach, it was restored in the 1960s by Jean-Paul Getty, and his private collection of art and antiques still adorn the beautifully decorated rooms. From here, it’s easy to visit the nearby beach towns of Fregene, Santa Severa, and Santa Marinella, or even head slightly inland to tour the incredible Etruscan tombs of Cerveteri. Seafront Fiumicino is also nearby, and here you can delight in Michelin star chef Lele Usai’s QuarantunoDodici. You won’t regret a lunch at the casual fine dine L’Osteria dell’Orologio, where chef Marco Claroni wows with his inventive seafood tasting menus.
PHOTO: essevu/Shutterstock
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Gaeta
Tucked along the coast, about halfway between Rome and Naples, Gaeta is a seaside town and the perfect base to hop on a boat and explore the nearby Pontine islands, including Ponza, Ventotene, and Palmarola. Stay at the Hotel Mirasole International, which sits just steps from the main beach, Serapo, where you will find fine white sand, crystalline waters, and a relaxed local feel. For the full beach experience, lay down a towel at Palm Beach and devour a portion of spaghetti alle vongole (spaghetti with clams). When the sun sets, head for a seafront aperitivo at Bar Platani or the Yacht Club. Head into Gaeta’s old town for cocktails at Kasa Incanto or hang with the locals at Christian Bar. At Dolia Gaeta, Michelin star chef Francesco Apreda has created an innovative local specialty menu, and for something different, Casa Giò serves up Venezuelan-inspired cuisine and drinks to match. Add a VIP spin to your vacation with a beach day at the exclusive Aeneas Landing resort or on the sparkling beaches and whitewashed buildings of nearby Sperlonga.
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Sardinia
Sardinia has something for everyone, including a rugged natural landscape, some of Italy’s best beaches, and a history dating back to prehistoric times. Whether it’s the wild beauty of Villasimius in the south or the glitzy resorts in the north, the island suits every need. Stretching out from Porto Cervo in the northeast, the Costa Smeralda is the world-famous playground of the rich and famous who come to experience pristine white beaches, clear waters, and secluded bays. The refined glamour of the Hotel Cala di Volpe hugs the iconic coastline and provides a prime position from which to experience the exclusivity of the aptly named Emerald Coast. A little further south, the Baglioni Resort immerses guests right into the island’s natural beauty from its location in the Tavolara nature reserve and next to the paradisiacal Lu Impostu beach.
PHOTO: NAPA/Shutterstock
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Sicily
For a vacation that combines great beaches, fascinating history, amazing landscapes, and delectable cuisine—Sicily ticks every box. Lively, colorful, and vibrant, the passion that Sicilians have for their island is evident, and the many and varied occupants over the centuries have left their mark with ancient Greek, Byzantine, Arab, and Norman influences in everything from the architecture to the food. Head to Palermo, Catania, Messina, and Siracusa for buzzing markets, or opt for total relaxation at the serene Verdura Resort near Agrigento. Verdura’s sister property, Villa Igiea, is a magnificent palazzo-turned luxury hotel in the heart of Palermo. Off the northern coast, the stunning Aeolian Islands are a great option. Stay at the dreamy Capofaro resort on Salina, where you can’t help but fall under the magical spell of Sicily.
PHOTO: Stefano Zaccaria/Shutterstock
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Riviera del Conero
As one of Italy’s most undiscovered regions, Le Marche boasts some truly hidden gems that are just begging to be explored. Interspersed by an appealing landscape of gently undulating hills are the lovely towns of Ascoli Piceno and Urbino and the famous pilgrimage destination of Loreto. However, one of the most celebrated parts of the region lies to the south of Ancona, where the Riviera del Conero can be found. Located in a protected natural park, this stretch of coastline boasts some of the best beaches of the Adriatic, set in an area of untamed wilderness and framed by the rocky promontory of Monte Conero. Further north from Ancona is the seaside town of Senigallia, best known for the restaurant Uliassi which put Le Marche on the map thanks to its creative seafood menu and three Michelin stars.
PHOTO: Alberto Zanetti
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Abruzzo
From the Apennines in the west to the Adriatic in the east, Abruzzo boasts mountains, lakes, hill towns, heritage sites, and beaches in one alluring region. Stay and eat at the Casadonna residence, a 16th-century former monastery in the Abruzzo national park and home to the acclaimed three Michelin star restaurant, Reale. Alternatively, head to San Stefano di Sessanio where you can stay at Sextanio, an Albergo diffuso where the rooms are spread out in various properties of the medieval town. Visit the towns of Guardiagrele, Rocca San Giovanni, or Sulmona, known for its colorful sugared almonds. Take a refreshing dip in the lakes of Scanno or Barrea, or head to the sea and explore the trabocchi coast, where you can dine on one of the unique historic wooden fishing structures like Trabocco Punta Fornace or Gli Ostinati – Trabocco Mucchiola. In Pescara, enjoy the Italian family experience and spend the day Cooking with Rosy, where you’ll be welcomed into a home to try homestyle food.
With Conflict in the Middle East, Is It Safe to Travel to Europe?
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https://www.fodors.com/news/news/with-conflict-in-the-middle-east-is-it-safe-to-travel-to-europe
A drone strike in the European island nation of Cyprus brings the U.S.-Iran war to Europe.
As the Iran conflict nears the end of its first week, airports in several countries in the Gulf Region remain closed, and travel involving the region has reached a virtual standstill due to security and safety concerns. Americans have been advised by the State Department to avoid travel to, or immediately leave, 14 countries in the Middle East.
But will the hostilities spill over and affect travelers bound for Europe?
By one measure, they already have. The Mediterranean island nation of Cyprus was hit on March 2. A drone struck the Royal Air Force (RAF) base at Akrotiri, marking a technical first hit on the European continent. Later on Monday, Paphos airport was evacuated after an unusual object was identified on radar. Cypriot authorities later reported that two additional drones thought to be headed toward the bases were intercepted and stopped.
The incident led to the cancellation of several flights at Paphos and Larnaca airports, but the majority of flights are still operating, and the U.K. government has not issued an advisory against travel to the island. Notably, the State Department also ranks Cyprus in the lowest-risk category for American travelers.
On Wednesday, NATO forces intercepted a ballistic missile that Iran had fired at Turkey. While Cyprus is not a NATO member, Turkey is–and any attack could trigger NATO’s Article 5, the collective defense clause, meaning an attack on one NATO nation is an attack on all NATO nations, and could bring Europe into the war. Already, several European nations have begun positioning troops to protect their own interests.
The State Department has also not updated any travel advisories for Europe since the beginning of the Iran conflict, but continues to monitor the security situations for potential impact on American travelers. Several European countries, including France, Germany, Italy, Spain, the United Kingdom, Sweden, and Denmark, are already rated Level 2: Exercise Increased Caution, largely on concerns that these countries are potential targets for outside terrorist activity.
Much of Eastern Europe and Scandinavia, including Norway, Finland, Poland, Czechia, Slovakia, Austria, Hungary, Romania, Bulgaria, and Greece, are rated Level 1: Exercise Normal Precautions.
It must be noted that the State Department issued a “worldwide caution” to all American travelers bound for any destination on February 28 because of the conflict, advising that all U.S. citizens should remain vigilant to threats.
Worldwide cautions are not uncommon, and the State Department has issued them on average once a year for most of this decade.
There have been instances when terrorism outside the Middle East is linked to regional conflict, most famously the attacks on September 11, 2001. Overall, however, large-scale terrorist attacks aimed at U.S. citizens in the United States or American travelers abroad are relatively infrequent, and some attempts have been unsuccessful.
There’s little to suggest that the security situation in Europe for American travelers has changed in the early days of this latest conflict. Travelers should monitor the U.S. State Department travel website for the latest updates and travel advisories, and consider travel insurance for their travels regardless of destination.
Travelers concerned about security threats during their travels can also subscribe to membership services like MedJet Horizon, which will evacuate them in the event of an emergency and provide security alerts and updates for regions at elevated risk.
It’s also worth noting that national security forces and intelligence departments tend to shift to higher alert levels when a conflict on the scale of the Iran war begins. National security forces analyze a range of intelligence to compile a risk profile for both travelers and day-to-day business in their jurisdictions; countries with close relations (such as the United States and many members of the European Union) tend to share risk assessments and intelligence briefings. Supranational law enforcement organizations such as Interpol and Europol also share intelligence with national governments.
Ultimately, it’s up to the traveler to stay informed about the security risks of their destination and to remain vigilant to keep themselves safe and secure throughout their travels.
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