What a difference a year makes – in the 2022 edition of Trends® in the Hotel Industry, we wrote that major markets were still attracting developers and that new supply growth among the nation’s 65 major markets was expected to record an annual gain of 1.7%, which is above the long-run average of 1.5%. However, over the past year, the market conditions have changed with rising construction costs, rising financing costs, less financing options caused by the recent turmoil in the banking industry, and market uncertainty coming to the forefront, along with the recovery from the COVID-19 pandemic still playing a factor.