Who's actually buying hotels now?

Commercial real estate is heading into 2026 with stabilizing fundamentals, rising transaction volume, and stronger investor confidence — even as distress and legacy capital stress remain elevated.This episode breaks down why rising prices and rising distress can coexist, what that tells us about where we are in the cycle, and how constrained supply and shifting tenant demand are reshaping outcomes across multifamily, industrial, office, retail, and data centers.This isn’t a rebound story. It’s a market clearing past-cycle assumptions and resetting toward fundamentals.A clear-eyed look at what normalization really means for CRE heading into 2026.