First Read: China hotel RevPAR and airfare weekly "China hotel RevPAR..."

Research evidence excerpt

First Read: China hotel RevPAR and airfare weekly "China hotel RevPAR..."

Powered by Lab Global24 JulyResearch2026ab Evidence UBS YES

First Read

EquitiesChina hotel RevPAR and airfare weekly

China hotel RevPAR -5.4% YoY, pressure China

continues in the summer season Leisure Goods & Services

Xin Chen

Analyst

xin.chen@ubs.com

Mainland China hotel RevPAR -5.4% YoY during Jul 12-18 +86-21-3866 8864

According to STR, mainland China hotel RevPAR -5.4% YoY during Jul 12-18 2026 vs. Ingrid Zhang

the week of Jul 13-19 2025. The RevPAR growth slightly improved from -6.5% YoY in Analyst

the prior week, but remained in the negative territory. Average daily rate (ADR)/ S1460517080003

occupancy rate (OCC) -1.3%/-3.0ppt YoY, respectively, vs. -1.8%/-3.4ppt in the prior ingrid.zhang@ubs.com

week. +86-21-3866 8853

Beini Du

Midscale/upper-midscale segment RevPAR -9%/-6% YoY Associate

By segment, upper-midscale/midscale/economy hotels RevPAR posted -6%/-9%/-3% S1460525090002

YoY (vs. -7%/-11%/-5% prior), respectively. Notably, STR data indicates a sharp decline betty-za.du@ubs.com

+86-213-866 8753

in OCC. In our view, the new supply in the sector mainly focused on the upper-midscale

and midscale segments, leading to the RevPAR of these two segments facing more Jarrod Castle, CFA

pressure. Analyst

jarrod.castle@ubs.com

+44-20-7568 8883

Luxury and upscale segments RevPAR -6%/-5% YoY

On the other hand, luxury and upscale hotels saw RevPAR growth of -6%/-5% YoY (vs. Robin M. Farley

-6%/-6% prior), better than limited service segment. But the luxury segment's

robin.farley@ubs.com

performance also weakened and shifted from positive to negative starting from the +1-212-713 2060

week of June 21.

Sukrit Friestad

Domestic pax traffic rebounded to 8% YoY with airfares +1% YoY in Jul 13-19