Lodging: 1Q26 Check-out: Beats with reiterated guides set stage for ongoing upside

Research evidence excerpt

Lodging: 1Q26 Check-out: Beats with reiterated guides set stage for ongoing upside

Idea

May 12, 2026 09:23 AM GMT

Morgan Stanley & Co. LLCMLodging | North America Stephen W Grambling

Equity Analyst

1Q26 Check-out: Beats with Stephen.Grambling@morganstanley.comMorgan Stanley & Co. International plc+ +1 212 761-1010

Jamie Rollo

Equity Analystreiterated guides set stage for Jamie.Rollo@morganstanley.com +44 20 7425-3281

Morgan Stanley & Co. LLCongoing upside James F Koehne, CFA

Research Associate

Lodging releases in 1Q were solid with accelerating demand James.Koehne@morganstanley.com +1 212 761-2186

driving upside for most. FY26 guides were hiked only modestly, Gaming & Lodging

but we see a path to ongoing beats/raises. That said, as the year NorthIndustryAmericaView In-Line

progresses, we expect the focus to shift to not only easy What’s Changed

compares but who is driving long-term growth. Hilton Worldwide Holdings Inc

(HLT.N) From To

Price Target $318.00 $319.00

Key Takeaways Wyndham Hotels & Resorts

Inc (WH.N) From To

Over half of our coverage, including all five hotel REITs, posted 1Q26 EBITDA

Price Target $87.00 $89.00

beats and full-year EBITDA guide raises.

Choice Hotels International

Should 1Q26 2Y stacks hold, c-corps and REITs could see significant RevPAR Inc (CHH.N) From To

Price Target $87.00 $86.00

upside for the rest of the year as guides imply a RevPAR deceleration on average.

Host Hotels & Resorts Inc

Themes: 1) 1Q upside came from leisure, but biz & group are accelerating; 2) (HST.O) From To

timeshare upside vs. lodging reversed; and 3) AI testing abound. Price Target $20.00 $22.00

Ryman Hospitality Properties

We modestly raise our estimates & flow-through to PTs. From here, we see the Inc. (RHP.N) From To