Barron’s, a leading source of financial news in the U.S., has released an article devoted to the U.S. lodging sector and its outlook. The piece is based on research by Freedom Broker analyst Manucher Narzulloev.
Which assets in the sector do analysts recommend buying?
According to the report, Freedom Broker analysts have initiated coverage of five hotel chains. Marriott, Hilton, Hyatt and Wyndham Hotels have received a «buy» rating. Choice Hotels received a «hold» rating, as the company is growing more slowly than its premium-segment competitors.
As the research authors noted, «the U.S. lodging sector has ‘moved into a more normalized phase’.» Although the post-pandemic boom is now over, the industry backdrop remains favorable for existing players. High interest rates and soaring construction costs have significantly constrained new hotel projects. Sector supply growth is projected at 0.4% in 2026 and 0.6% in 2027.
Because building properties from scratch is expensive, hotel chains are expanding primarily through rebranding. In the first half of 2026, 40% of Marriott’s new hotel additions were conversions of existing buildings. For Hilton, this figure reached 36% in the second quarter.
Price targets for Marriott, Hilton and Hyatt
Among the industry leaders, analysts highlighted Marriott. The company generates substantial revenue not only from room fees but also through its Bonvoy loyalty ecosystem, credit card offerings and licensing. This structure allows the corporation to grow earnings per share consistently without owning expensive real estate. Freedom Broker has set a $408 price target on Marriott shares.
Hilton reported a higher expansion rate than its competitors, with a 6.1% increase in the second quarter. Nearly half of the company’s planned properties are already under construction. The stock has been assigned a $359 target price.
The Hyatt chain is currently lagging behind its competitors, with growth of only 1.6% this year, largely due to declining travel demand in Mexico. However, analysts at Freedom Broker see long-term potential in the stock, noting that the company owns only a few properties and maintains a robust pipeline of future openings. The target price for Hyatt shares is set at $192.
More generally, despite economic headwinds, business travel remains a major contributor to the U.S. economy, generating billions of dollars in revenue.
How Freedom Broker’s international research operations function
This kind of research is in high demand in global markets, and Freedom Broker has built a highly effective analytical infrastructure to deliver it.
The division is led by Vadim Merkulov, head of Capital Markets Research and Educational Initiatives. He has worked at the investment group since 2017 and oversees an international team of over 70 specialists across six countries.
The unit is responsible for research on equities, fixed income and macroeconomics, as well as the development of innovative, AI-driven tools. The company’s research is distributed via major global financial terminals, including Bloomberg, FactSet, LSEG and S&P Capital IQ.
Freedom Holding Corp. is an international financial holding company incorporated in the U.S. and headquartered in Almaty, Kazakhstan. It is listed on the Nasdaq stock exchange under the ticker FRHC. The holding company operates across several sectors, including brokerage, banking and insurance.
In Kazakhstan, its structure includes Freedom Bank, Freedom Broker, Freedom Insurance and Freedom Life, among other businesses. In June, Freedom Holding Corp. announced that it would consolidate all its business lines under the unified brand «Freedom.»
Freedom Holding Corp.’s founder, CEO and majority shareholder is businessman Timur Turlov. He also serves as the chairman of the holding company’s board of directors.