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The Hospitality Memo

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Issue Three
Issue Three
May 14, 2026
The best operators are quietly reducing operational surface area. We are increasingly seeing sophisticated hospitality operators simplify their businesses in...

Issue Two
Issue Two
May 14, 2026
The U.S. consumer is still spending — but becoming harder to read. We are seeing a split signal in U.S. restaurants. The National Restaurant Association...

Issue One
Issue One
May 14, 2026
Hospitality capital is splitting in two directions. We are increasingly seeing evidence that hospitality investment is becoming more selective, not weaker....

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