Lodging: May Int’l RevPAR: Europe +3.2% y/y, Asia-Pac +3.2%, Caribbean +9.8%, Middle East -7.9%

Research evidence excerpt

Lodging: May Int’l RevPAR: Europe +3.2% y/y, Asia-Pac +3.2%, Caribbean +9.8%, Middle East -7.9%

Truist Securities

Equity Research Report June 18, 2026

CONSUMER: Lodging

Lodging: May Int’l RevPAR: Europe +3.2%

y/y, Asia-Pac +3.2%, Caribbean +9.8%, C. Patrick Scholes

212-319-3915 Middle East -7.9% Patrick.Scholes@truist.com

Europe: According to STR/CoStar, local currency RevPAR in Europe was +3.2% y/y in

Gregory J. Miller May vs. +2.2% y/y in April. By comparison for 2026 (no quarterly guide), HLT expects

212-303-4198 Europe's RevPAR to grow low-to-mid-single digit percentages.

Gregory.J.Miller@truist.com

Asia-Pacific: Local currency RevPAR in Asia-Pacific was +3.2% y/y in May vs. +4.4% Davis Holcombe in April. By comparison for 2026 (no quarterly guide), HLT expects APAC RevPAR to 404-926-5091

Davis.Holcombe@truist.com grow low-single-digit percentages in local currency. In local currency, China (incl. Hong

Kong/Macau) was -0.2% y/y in May vs. +4.9% in April. By comparison for 2026 (no

quarterly guide), Hilton (HLT, Hold) expects China RevPAR to be roughly flat y/y and 10 Page Document Marriott (MAR, Hold) expects China to be up low-single digits y/y.

The Caribbean: Caribbean RevPAR in USD was +9.8% y/y in May vs. +7.1% in April.

Reasons for this report

Other Regions:

✓ Data-Driven Analysis • Northern Africa was +3.4% vs. -0.5% in April in USD.

✓ An analysis of last month's global lodging • Middle East was -7.9% vs. -63.4% in April in USD.

results ○Israel was -6.4% vs. -33.6% in April in local currency. We view Israeli hotels having

at most a ~ 1% EBITDA impact to Lodging C-corps.

○By comparison for 2026 (no quarterly guide), HLT expects Middle East & Africa

RevPAR to be down mid-to-high-teens percentages in local currency.

Additional color/thoughts on global results: