Beyond RevPAR: May RevPAR +2.2%; Luxury Strong, Waiting for Low-End Inflection

Research evidence excerpt

Beyond RevPAR: May RevPAR +2.2%; Luxury Strong, Waiting for Low-End Inflection

Lodging

Equity Research

June 22, 2026

Chart 8 - Hotel Industry Performance Overview Glossary

Hotel Industry Performance Overview - Glossary

Term Definition

Booking Lead Time Average number of days between when a reservation is booked and its arrival date.

NOTE: Booking lead time is not calculated for "internal discount" bookings, as they contain rooms that are permanently occupied for property internal

use. For market-wide booking lead time calculations, FIT and group stays have been excluded to avoid inflating the value of the booking lead time of

transient stays.

Brand.com Source of business that includes all transient bookings sold via a property or brand's website. Some of the costs associated with brand.com bookings

include channel fees, metasearch/referral commissions, and loyalty fees.

COPE % Contribution to Operating Profit and Expenses (COPE) represents the proportion of room revenue kept by a hotel property after transaction-specific

direct reservation costs have been deducted. COPE is expressed as a percentage and calculated by dividing the COPE room revenue (i.e. net of

transaction-specific acquisition costs) over the guest-paid room revenue (i.e. inclusive of all transaction-specific acquisition costs).

NOTE: COPE % does not account for sales and marketing spend, and it's not applicable for group bookings, as the cost of acquisition for those

bookings is not currently available.

COPE ADR Average daily rate based on the total room revenue paid by guests after transaction-specific direct reservation cost of sales have been deducted (i.e.:

retail commissions, wholesale commissions, channel costs, TA amenity costs, and loyalty investment).