Margin pressure. Rate uncertainty. Shifting investor expectations. Welcome to 2026 planning season.

During The Lodging Conference, I spoke with David Duncan, President & CEO of First Hospitality, and Marissa Ballan, Chief Investment Officer, about how their team approaches the next phase of the hotel cycle — with discipline, data, and confidence.

Here's what stood out: 👉 First Hospitality has spent months renegotiating contracts and sharpening cost control to offset margin compression. 👉 The company's revenue management and analytics platform helped 76% of its hotels grow share last month—even longtime assets. 👉 Investors see 2025–2026 as a transition period, with falling rates expected to unlock real opportunity in Q1. 👉 Marissa's focus: expanding capital partnerships and attracting institutional investors to fuel growth. 👉 David's focus: building culture through authentic service, not scripted soundbites.

They summed it up perfectly: Control what you can. Focus on people. Build transparency and trust.

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