MIAMI—Hotel operating conditions are healthy, but sensitive to any disruption to US economic growth. So says a recent report from Ten-X.

Like other commercial real estate segments, demand in this cycle has reflected both broad cyclical features and lifestyle and technology-driven shifts. Specifically, Ten-X reports, consumers have shifted toward “experiential” spending and this has benefited travel.

“Miami's economy is strong, so this isn't a demand problem,” Ten-X chief economist Peter Muoio tells GlobeSt.com. “The key story in the Miami hotel space is heavy supply additions, which are pulling down occupancy rates as well as RevPAR. RevPAR has now decreased for five consecutive quarters, and with supply additions expected to continue over the next few years, we expect room rates and occupancy to take a hit.