Quarterly outlooks, in plain English. Cap rates, ADR, and what we're seeing on the ground.

Texas Hotel Cap Rates Q2 2026: What Owners Should Expect

Where cap rates sit across Austin, Dallas-Fort Worth, Houston, and San Antonio, and how the second half of 2026 is likely to price.

Texas hotel cap rates compressed roughly 25 to 50 basis points off the 2024 peak through the first half of 2026, with stabilized PIP-current select-service in the Texas Triangle pricing in the 7.50 to 8.75 percent range. Owners weighing a sale, refinance, or hold this quarter need to read the cap rate band by metro, by segment, and by sub-market.