Marriott’s U.S. Development Chief on Fee Caps, Midscale Bets, and Why the Pipeline Is Holding

Marriott’s U.S. hotel pipeline hasn’t lost momentum despite a war-driven inflation spike, tighter lending, and a smaller construction labor force — at least not yet.

“The uncertainty created by macroeconomic and global factors like the war in Iran has not helped things,” said Noah Silverman, the company’s global development officer for the U.S. and Canada. “But hotels slated to open this year are opening on schedule, and signing momentum is holding.”

That confidence is notable given disruptions to energy markets and supply chains for construction inputs. Interest rates may remain elevated to tame inflation, potentially making loans costlier. More aggressive immigration enforcement has tightened the labor pool that builds hotels. 

Yet Silverman argued that the same forces creating uncertainty are pushing independent hotel owners toward the perceived safety of hotel groups like Marriott in what he calls “a flight to quality” — shorthand for bran