We hosted H World and Atour management at our China Opportunity Forum, and the conversations pointed to an industry moving into a more normalized, disciplined phase after several years of post-pandemic volatility. Supply growth is slowing for structural reasons – returns have softened, and the pandemic-exit rebound in investor interest has largely played out – setting the stage for a healthier RevPAR (revenue per available room) environment in 2026: not a sharp rebound, but a stabilization supported by mode ...