Downtown San Antonio's hotel occupancy has cratered to 59%, RevPAR is sliding nearly 9% year over year, and developers are still breaking ground on new properties. If you've ever wanted a textbook case of what happens when supply ignores demand, pull up a chair.
Sunstone beat Q4 earnings by 233%, grew RevPAR nearly 10%, and returned $170M to shareholders in 2025. The market responded by selling the stock. That disconnect tells you everything about where lodging REIT investors think the cycle is heading.
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