HVS’s 16th annual US lodging tax study covers all 50 states and the 150 largest cities, finding more markets declining than growing in 2025 but broad RevPAR recovery through August 2026.HVS’s 16th annual US lodging tax study covers all 50 states and the 150 largest cities, finding more markets declining than growing in 2025 but broad RevPAR recovery through August 2026.