2Q Preview; Expecting Solid Results Across the Board

Research evidence excerpt

2Q Preview; Expecting Solid Results Across the Board

Equity Research

Earnings Preview — July 15, 2026

Lodging

2Q Preview; Expecting Solid Results Across

the Board

RevPAR improved consistently throughout 2Q which we

expect will drive upside to results.

Our Call Trey Bowers, CFA

We raise our 2Q26 forecasts across our C-Corp coverage as US RevPAR trended better Equity Analyst | Wells Fargo Securities, LLC

Trey.Bowers@wellsfargo.com | 617-210-3724

than anticipated. Below, we refresh our views and estimates for 2Q and the remainder of

Nicholas Weichel'26. We expect 2Q upside will likely be added to full-year outlooks.

Associate Equity Analyst | Wells Fargo Securities, LLC

Nicholas.Weichel@wellsfargo.com | 646-717-0343

RevPAR continues to exceed expectations. Even before the most recent acceleration in Zachary Silverberg

RevPAR, especially at the higher end (most likely due to the World Cup), RevPAR trends Equity Analyst | Wells Fargo Securities, LLC

in 2Q were nicely ahead of company guidance. We raise our 2Q RevPAR estimates to Zachary.Silverberg@wellsfargo.com | 212-214-1152

be above or at the high-end of guidance ranges across the board driven by US RevPAR Harrison Kelley

strength. We expect this to flow through to EBITDA beats across our C-Corp coverage. Associate Equity Analyst | Wells Fargo Securities, LLC

Harrison.Kelley@wellsfargo.com | 617-603-4265

International RevPAR. International RevPAR results were broadly in line with

expectations. We assume Europe and APAC RevPAR was up LSD% in constant currency

with Americas ex. US up MSD%. We estimate Middle East & Africa RevPAR was down

25% in 2Q as the Iran conflict weighed on results despite trends improving since the

initial onset of the conflict. Given the Iran conflict is ongoing, we believe mgmt. may skew