Hospitality and leisure (H&L) dealmakers began 2025 with cautious optimism, but continued volatility in capital markets and trade policy has forced a reassessment of growth strategies. While the volume of large, transformative deals remains subdued, targeted M&A is providing operators with opportunities to adapt portfolios, sharpen strategic focus and scale digital capabilities. For well-capitalized buyers, current conditions offer an opening to acquire differentiated assets at favorable terms.
