That’s how I’d describe this year’s Hospitality Investment Conference (HIC), held as part of HFTP’s Executive Vendor Summit (EVS) 2026. What stood out immediately was the room itself. This wasn’t vendors talking to vendors or investors talking past operators. It was operators, investors and technology providers all together wrestling with similar questions–namely, what creates value and what will matter five years from now?

CAPITAL IS STILL THERE. IT’S JUST PAYING ATTENTION NOW

One of the consistent themes throughout the program was capital discipline. We’re clearly operating in a different investment environment than we were a few years ago, but that doesn’t mean capital has evaporated. It’s become more selective, measured and focused on outcomes.

Several speakers noted that public markets are responding emotionally while private markets are still transacting on fundamentals. AI disruption and macro uncertainty may be shaping sentiment, but not evenly across businesses.

The implication for hospitality technology companies is straightforward, and a little uncomfortable. Operators are asking tougher questions: If the answers can’t be demonstrated clearly, it’s increasingly difficult to justify investment, either from customers or capital markets.

AI: LESS THEATER, MORE TRUTH

AI was everywhere at HIC, but not in the way you might expect. Rather than grand visions and sweeping predictions, the discussion turned toward execution. AI is accelerating innovation, but it’s also exposing long-standing issues in hospitality: fragmented data, disjointed workflows, inconsistent adoption and limited governance.

That’s why the presentation by Sally Kelly of ProVision Partners resonated with the audience. Instead of debating what AI could enable, this session shared an outside-in,
evidence-based view of AI maturity across hospitality, both vendors and operators.

The key insight was consistent across the data: strategy and ambition are outpacing execution. Many companies convincingly talk about AI, but few can demonstrate
repeatable, scaled impact. On the operator side, the conclusion was clearer. Where AI wasn’t delivering results, the issue was rarely technology. It was adoption.

A LOOK FORWARD WITHOUT LOSING THE PLOT

Mike Sung’s session pushed the timeline forward without drifting into science fiction. His focus was on the convergence of agentic AI and Web3. AI is good at recommendations. For it to act autonomously and responsibly, that’s where Web3 fundamentals, such as digital wallets, smart contracts, stablecoins and blockchain come in.

WHAT INVESTORS WERE REALLY SAYING

The investment panel brought many of these themes together. Across perspectives the message was clear: technology is no longer a defensible moat. Control is. Control of data, workflows and the customer relationship. Buyers are prioritizing recurring revenue quality, scalable economics, interoperability and strategic positioning. ROI is table stakes. Isolated tools are giving way to platforms and ecosystems that can support real-world operations.

WHY THIS CONFERENCE WORKED

What made HIC effective was alignment. The right people were in the room, asking the right questions, without pretending the answers were easy. The dialogue was practical and always productive. If hospitality technology is going to become one of the most investable sectors in the broader technology landscape, this is how it happens: through clarity, measurement and honest conversation. I’m already looking forward to next year.