According to the World Travel & Tourism Council, foreign tourism spending in the United States is set to decline by 8.2% in 2025 — making the U.S. the only country in the world projected to see a drop in inbound travel spend this year. For hotel owners and operators, that is a real revenue headwind. For Thayer Investment Partners' portfolio company ResortPass, it is an opening.

Featured this week in Fast Company, ResortPass is the leading marketplace turning underutilized daytime hotel amenities — pools, cabanas, spas, fitness centers — into bookable experiences for local "daycationers." The platform now works with more than 2,000 hotel partners, including Kimpton, Hilton, and Ritz-Carlton, and has sold roughly 3 million day passes — the majority within the last two years.

“Hotels have realized they need to figure out ways to monetize other parts of the hotel. The revenue that we send hotels is incredibly high margin, because there's such low variable costs.”

— Michael Wolf, CEO, ResortPass

The local-guest dynamic is what makes the model so durable in a softer inbound year. According to Wolf, 87% of ResortPass bookings in New York, 86% in the Bay Area, and 81% in Los Angeles come from locals — a domestic, weatherproofed revenue base that does not depend on long-haul travel patterns or visa-related friction. ResortPass takes a cut of each reservation, and the hotel keeps a stream of incremental, high-margin revenue from inventory that would otherwise sit idle.

This is exactly the kind of business Thayer was built to back: a category-creator at the intersection of consumer travel demand and underutilized hospitality supply, with a strong founder, real network effects, and a clear path to growth even when the macro tightens. We continue to believe ResortPass is one of the most important platforms reshaping how hotels think about non-room revenue — and the Fast Company feature is a useful reminder of just how much runway is still ahead.