Atlanta, Georgia (November 28, 2023):  The International Society of Hospitality Consultants
(ISHC), the leading source for global hospitality expertise, in partnership with the Hospitality
Asset Managers Association (HAMA), has released the industry’s exclusive resource on hotel
capital expenditures, ISHC CapEx 2023: A Study of Capital Expenditures in the Hotel Industry.

This is the sixth edition of the study with the aim of providing the industry with publicly
accessible data on hotel capital expenditures. The book presents data on trends in capital
expenditures by various hotel segments, including full-service, select-service, and extended-
stay. With the data provided in the CapEx 2023 study, industry decision makers can better
evaluate and make informed decisions regarding capital expenditures for their properties and
repairs and maintenance spending.

“This 6 th  edition of the CapEx study provides an in-depth look at capital expenditures in the hotel
industry, including analysis on the impact of the COVID-19 pandemic and key comparisons and
trends to historical studies, dating back to 1995. To provide context beyond the numbers, the
study also includes insights from a multitude of industry experts on topics related to CapEx.
Beyond the pandemic impacts, the study demonstrates the complicated nature of capital
spending in hotels because of various factors, including owner objectives, asset management
approach, cyclical industry trends, and the economic and political climate. Capital spending has
become one of the single most important, and challenging, issues for the ownership community
to get their arms around. The gap between available funds for CapEx and the amounts required to maintain hotels and related brand standards has never been greater.” commented Chad
Sorensen, ISHC, CapEx committee co-chair, and CEO of CHMWarnick.

Stephen Hennis, CapEx committee co-chair and Hotelogy founder, stated, “This is our largest
study to date covering more than 900 hotels and comprising over 3,100 annual data points of
capital spending. As with our previous studies and even more so with CapEx 2023, we are
confident that the findings will hold value for key stakeholders, including hotel owners, investors,
brands, operators, suppliers, among others, tasked with anticipating and balancing spend with
available resources, and capital investment with value returned.”

ISHC and HAMA collaborated with STR, the premium source for global data benchmarking
analytics and marketplace insights for the hospitality industry, to compile and analyze the data.

“The CapEx 2023 book is the cumulative result of numerous partners, and it would not have
been possible without the contribution of countless volunteer hours. We are thankful for the
CapEx Committee, HAMA, and STR for helping us compile and synthesize this information to
ultimately benefit the hospitality industry, “commented Andrea Belfanti, CEO of ISHC.

The ISHC CapEx 2023: A Study of Capital Expenditures in the Hotel Industry is available for
purchase in the form of a downloadable pdf. To order your copy, please visit the CapEx 2023
Order Form.

About ISHC
The International Society of Hospitality Consultants is truly The Leading Source for Global
Hospitality Expertise, represented by over two hundred of the industry’s most respected
professionals from across six continents. Collectively, ISHC members provide expert services in
over fifty functional areas and have specialized skills in virtually every segment of the hospitality
industry. ISHC is dedicated to promoting the highest quality of professional consulting standards
and practices for the hospitality industry. Candidates undergo a rigorous screening process,
ensuring that all ISHC members have a reputation of integrity and are qualified by their
experience, training, and knowledge to develop and express sound judgment on industry
issues. Additional information about the organization, along with a directory of ISHC members,
is available on the ISHC website at

About HAMA
HAMA is a networking organization of approximately 200 professionals representing an
estimated 3,200 hotels with over 760,000 rooms in the United States. Members are involved in
asset management, acquisition, financing and disposition of hotels and resorts, and are directly
responsible for making decisions concerning capital investments, renovations, asset
repositioning, operational policies, and franchise selections.

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