Lodging US RevPAR +7.3% for the Week Ending 8/1/2026

Research evidence excerpt

J P M O R G A N

North America Equity Research

05 August 2026

Lodging

US RevPAR +7.3% for the Week Ending 8/1/2026

Per CoStar, US RevPAR for the week ending 8/1/26 (Y/Y%) was +7.3% to $120

(ADR +4.5%, Occ +2.6%). Performance was positive across all chain-scales with

Luxury leading (RevPAR +12.9%) and more modest increases in lower chainscales, with Economy coming in at +2.9% y/y.

Weekly RevPAR in a nutshell. US RevPAR was +7.3% (ADR +4.5%, Occ

+2.6%). Tidbits: (1) Top 25 Markets RevPAR was +10% to $143 vs. All Other

Markets RevPAR +5.4%; (2) Urban RevPAR was +13%, leading all location

types, while Resort/Interstate was the laggard w/ RevPAR +4%; (3) Group

weekly RevPAR (Lux/Upper Upsc only) was +14.5% and Transient +8.4%; (4)

July US RevPAR tracking up +8.4% (ADR +5.9% and Occ +2.4%); (5) US

RevPAR growth has been up at least +5% y/y for the past 12 weeks; (6) Luxury

has been up DD for the past 10 weeks.

Best-performing markets were (1) Philadelphia +32%; (2) St. Louis +31%;

(3) Orange County +23%. Worst-performing markets were (1) Las Vegas

-17%; (2) San Francisco -8%; (3) Tampa Bay -3%.

2Q26 RevPAR Tracking by Chain-scale (Fig 6). US +5.7%, Luxury +10.2%,

Upper Upscale +5.4%, Upscale +4.5%, Upper Midscale +4.8%, Midscale

+3.4%, Economy +1.3%.

2Q26 US chain-scale (C-corp)/region (REIT) weighted RevPAR (Figs 89). REIT: HST +6.4% vs. Cons. +5.2%; PK +5.5% vs. Cons. +4.4%; SHO

+6.5% vs. Cons. +5.3%; APLE+5.9% vs. Cons. +4%.

3Q26 RevPAR Tracking by Chain-scale (Fig 7). US +7.2%, Luxury +17.6%,

Upper Upscale +8.0%, Upscale +6.9%, Upper Midscale +5.2%, Midscale

+4.1%, Economy +2.3%.

3Q26 US chain-scale (C-corp)/region (REIT) weighted RevPAR (Figs 1011). C-Corp: HLT +6.4% vs. Cons. +4.8%; MAR +7.6% vs. Cons. +4.1%;

Hyatt +9.0% vs. Cons. +4.6%; CHH +4.4% vs. Cons. +1.4%; WH +3.8% vs.

Cons. +2.3%. REIT: HST +9.5% vs. Cons. +3.5%; PK +9.4% vs. Cons.

+3.5%; SHO+8.7% vs. Cons. +5.3%; APLE +8.2% vs. Cons. +2.2%.

Our CoStar/STR RevPAR, supply/pipeline, and transactions workbooks are

available upon request.

Gaming & Lodging

Daniel Politzer, CFA AC

(1-212) 622-0110

Michael Hirsh, CFA

(1-212) 622-0295

Samuel Nielsen

(1-212) 622-1366

J.P. Morgan Securities LLC

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