The hotel industry in the United States faces complex challenges in 2025, according to Jan Freitag, national director of hospitality analytics for the CoStar Group. During the “State of the U.S. Hotel Industry” presentation at the ULI 2025 Spring Meeting in Denver, Colorado, Freitag highlighted the challenges facing the hotel business amid macroeconomic uncertainty.

Currently, vacancy rates in the Washington, D.C. area are around 20 percent, in line with the national average. The nationwide housing shortage, meanwhile, has hit a record high of 4.7 million homes, despite a five-year uptrend in new construction. The deficit is particularly pronounced in highly desirable urban and inner-suburban locations such as Alexandria, Virginia.

It’s not as if the old two-story building at the corner of 12th and Remington Court, in Seattle’s First Hill neighborhood, was ever particularly remarkable. Even in its original incarnation, it was a straightforward, utilitarian, mixed-use structure—competently built but not especially well-proportioned or ornately detailed.

In Midtown Atlanta, the Georgia Institute of Technology Foundation is turning the 100-year-old former Biltmore hotel into a mecca for incubating technology startup ventures.

Steps from the Place de l’Europe in Paris, the French real estate company Covivio has recast a historic telephone exchange as its headquarters. Dubbed “L’Atelier,” the complex showcases the firm’s expertise, values, and culture; houses 250 Paris employees; and supports the company’s three business lines: office, hotel, and residential.

For almost 200 years, the Warsaw Citadel in the heart of Poland’s capital was a restricted military and administrative area, cut off from public access. With the recent opening of the Polish History Museum, as well as the new Polish Army Museum, the 19th-century fortress’s 74-acre (30 ha) grounds now serve as a multifunctional facility and park that both preserves and showcases the country’s rich cultural heritage.