Lodging - U.S. RevPAR +5.2% y/y last week; Less World Cup, less outsized outperformance

Research evidence excerpt

Lodging - U.S. RevPAR +5.2% y/y last week; Less World Cup, less outsized outperformance

Truist Securities

Equity Research Report July 15, 2026

CONSUMER: Lodging

Lodging - U.S. RevPAR +5.2% y/y last

week; Less World Cup, less outsized C. Patrick Scholes

212-319-3915 outperformance Patrick.Scholes@truist.com

Overall, U.S. RevPAR was +5.2% y/y for the week ending 7/11/2026, per STR/

CoStar, below the prior week's result of +10.9% y/y and the 10-week average of

Gregory J. Miller +6.6% y/y.

212-303-4198

Gregory.J.Miller@truist.com Last week's results were strong though the outperformance was not quite as robust

as what has been observed over the past few weeks. As the World Cup reaches its

Barry Jonas final stages, fewer matches (10 last week vs. 14 in the prior week) spells less travel

212-590-0998 demand generated by the tournament. Group RevPAR was notably soft (+1.3% y/y) and

Barry.Jonas@truist.com underperformed Transient by ~890bps, perhaps driven by reduction in Group events

scheduled after the July 4th weekend.

Davis Holcombe

404-926-5091

Davis.Holcombe@truist.com As seen in the weekly results since the tournament began, the rising tide of the

World Cup continues to lift all boats, bringing with it y/y RevPAR growth across all

chain scales. The massive bifurcation between the chain scales continued last week, 6 Page Document though to a lesser degree relative to weeks prior. The delta between the RevPAR

growth in the Luxury chain scale and Economy contracted to ~1270bps last week

Reasons for this report from ~2180bps in the prior week's results.

Major RevPAR statistics presented below: ✓ Data-Driven Analysis • Luxury RevPAR: +14.2% y/y

✓ Our analysis of the most recent weekly US

• Upper Upscale RevPAR: +3.4% y/y lodging results

• Upscale RevPAR: +3.1% y/y