This article presents the key results of a Delphi study conducted to predict changes in lodging industry structure, performance, and capital sources. The purpose of this study was to make predictions in six areas of concern for lenders, investors, owners, and managers associated with the U.S. lodging industry. These six areas, which also represent "uncertainties," are: (1) capital needs of the lodging industry, (2) availability of capital for the lodging industry, (3) cost and terms of capital, (4) structural changes in the lodging industry, (5) operating and investment performance, and (6) role of financial institutions as suppliers of capital to the lodging industry.