Fourth Quarter Recap & Holiday Greeting
What I’m seeing, what stood out, and what might be coming next
As the year winds down, I like to pause, not to predict the future with false confidence, but to notice patterns. Q4 felt less frantic and more intentional. Fewer “everything everywhere” projects, more thoughtful conversations about what truly matters.
Here is a quick Q&A style recap of the quarter, the content that resonated, and a few signals worth carrying into the new year.
How did Q4 Feel from your seat?
Measured optimism.
Projects did not disappear, but they got sharper. Owners are still investing, designers are still designing, and brands and operators are still pushing for differentiation. The difference is that everyone is asking better questions about durability, lifecycle cost, and whether a space actually earns its keep.
One theme I am particularly excited about heading into next year is “speed to market”. At BERMANFALK, we should have three case studies where, from the moment ownership said “go” to their project team, we will have delivered a model room and all rollout furniture for the guest rooms in under one year. Historically, that process takes closer to eighteen to twenty four months. This is a different way of thinking about a project, especially the critical path - long lead items. And it’s not without challenges. There’s a reason why running projects in a “typical” process, has evolved the way it has.
What I’ve learned is that sometimes, not always, the cart can be better in front of the horse. Thank you to the teams who “Dare Greatly” to think differently.
What stood out this quarter?
A few highlights worth calling out:
Ideas and media
Emceeing Radical Innovation in New York was definitely a highlight and reinforced something I keep seeing. Hospitality’s best ideas come from overlap. Design, tech, operations, and lived experience all informing one another. And often times the best ideas through the eyes and minds of unencumbered students
Agency 967
We brought Business and Pleasure Co. into the Agency 967 East and West family, and it immediately clicked. Their parasols and outdoor furniture combine strong design with hospitality grade performance, exactly where outdoor spaces are headed. And their dedication to design and durability fits incredibly well with our other best-in-industry outdoor lines.
Conversations
Across podcasts, Symposiums, dinners, holiday fetes, and one on ones, the tone shifted. Less hype. More substance. More honesty about constraints, and more creativity within them.
What signals are worth paying attention to?
Much of this is informed by what I have been hearing consistently on recent earnings calls and in industry commentary.
Capital is still flowing, but it is more selective. Renovations are happening, but they are targeted. Guestrooms, outdoor spaces, and high impact public areas are being prioritized over broad, sweeping rebrands.
There is also a noticeable shift toward ROI scrutiny. Durability, lifecycle cost, operational efficiency, and speed to execution are no longer secondary considerations. They are part of the design brief, whether stated explicitly or not.
From the procurement side, expectations remain high even as budgets stay tight. Teams are pushing for clarity earlier in the process, fewer surprises, and partners who understand cost pressure and lead times before issues arise. That theme keeps coming up again and again.
Add in ongoing uncertainty around tariffs and input costs, and the takeaway becomes fairly clear.
Thoughtful spaces matter.
Products that last matter.
Teams that collaborate early matter.
Even some of the more compelling scenes and reporting coming out of Front Row lately reinforce this same idea. The work getting attention now is not loud. It is smart.
Looking ahead, especially through the lens of earnings commentary and operator behavior, a few things feel likely.
Expect disciplined CapEx, not a freeze.
Expect more focus on refreshes that directly move the guest needle.
Expect higher expectations for partners to reduce friction, not add it.
For designers and architects, this is not a constraint. It is an opportunity to let your skills shine.
What content resonated most in Q4?
A few pieces clearly struck a nerve this year.
Substack Reads:
Podcast Episodes:
In cased you missed them here were some of the standout podcast episodes from this quarter (One of them was a Radical Innovation winner this year!)
These were not popular because they were flashy. They worked because they were relevant and timely.
What am I most grateful for?
My family and our health.
This industry.
The designers who care deeply.
The operators who sweat the details.
The owners and their appointed agents who take long views.
The reps, manufacturers, and partners who keep showing up.
Hospitality remains a human business. It is not always efficient, but it is always meaningful.
Looking ahead
I am excited about the year ahead. More thoughtful partnerships. More honest conversations. More work that blends design, durability, and purpose.
If you are navigating these same questions, or seeing different signals, I would love to hear from you. Many of the best podcast conversations start with, “We are trying to figure this out.”
Wishing you a restorative holiday season and a clear eyed start to the new year.
Bring on 2026,
Dan Ryan