Lodging - World Cup RevPAR Tracker Week 4: RevPAR scores again, host cities lead 4-0

Research evidence excerpt

Lodging - World Cup RevPAR Tracker Week 4: RevPAR scores again, host cities lead 4-0

Truist Securities

Equity Research Report July 8, 2026

CONSUMER: Lodging

Lodging - World Cup RevPAR Tracker

Week 4: RevPAR scores again, host cities C. Patrick Scholes

212-319-3915 lead 4-0 Patrick.Scholes@truist.com

In light of the importance of the World Cup on U.S. hotel RevPAR for June and

July and the generally pre-event negative rhetoric in the media about expected

Gregory J. Miller demand and/or room rate growth, we are publishing a weekly report with detailed

212-303-4198 results for World Cup markets. As evidenced by the results so far, we continue to find Gregory.J.Miller@truist.com

such negative rhetoric generally unfounded and not supported by overall actual hotel

performance.

Davis Holcombe

404-926-5091

Davis.Holcombe@truist.com For the week ending 7/4 and as detailed below and on pages 2-5 there were 14 World

Cup matches held in the United States. For these markets on game day we observed

8 Page Document RevPAR ranging from +11% to +182% y/y, with the average game day RevPAR of +55%.

The start of the week coincided with the start of the knockout stage of the tournament,

which we believe will drive higher hotel demand on and around game days.

Reasons for this report The tables below display the results for each city that hosted a World Cup match, the

✓ Data-Driven Analysis overall U.S. results, and the company-level exposure to each city for DiamondRock

Hospitality (DRH, Buy), Host Hotels & Resorts (HST, Buy), Pebblebrook Hotel Trust

(PEB, Buy, Miller), Park Hotels & Resorts (PK, Hold), Ryman Hospitality Properties

(RHP, Buy), RLJ Lodging Trust (RLJ, Hold, Miller), and Sunstone Hotel Investors (SHO,

Hold).