Lodging: Q2 RevPAR Tracking Above Guidance

Research evidence excerpt

Lodging: Q2 RevPAR Tracking Above Guidance

Global Research

9 July 2026ab

Lodging Equities

North AmericaQ2 RevPAR Tracking Above Guidance

Lodging

Robin M. Farley

US RevPAR suggests Q2 results could exceed guidance Analyst

RevPAR growth outside of the world cup is still up +5.7% in Q2, an acceleration from Q1 robin.farley@ubs.com

growth of up +3.8%. With non-host markets up +7.9% in the first 17 days of the +1-212-713 2060

tournament, well above trend, this suggests there is underlying demand driving the Q2 Arpine Kocharyan

RevPAR growth, not just the world cup. Luxury US RevPAR continues to accelerate ahead Analyst

of broader US RevPAR trends, with luxury US RevPAR QTD up +10.6%. arpine.kocharyan@ubs.com

+1-212-713 2086

HLT Potential Guidance Raise? Derin Sezercan

Looking at global RevPAR trends in April/May and US RevPAR trends QTD through June Associate Analyst

27th weighted by region could suggest HLT's global RevPAR is trending up +3.7%, derin.sezercan@ubs.com

+1-212-713 4716

above Q2 global RevPAR guide of +2.0 to +3.0%. For HLT, if Q2 RevPAR were to come in

at the middle of the guidance range (up +2.5%), this would imply 2H growth only needs Robert Henry

to be up +1.0% to +3.0% under current FY guidance-- but if Q2 comes in at the higher Associate Analyst

trend we noted above, that would suggest even lower implied 2H current guide, which robert.henry@ubs.com

+1-212-713 2256

we believe would make a guidance raise for 2H even more likely.

Anoop Savio

MAR May Have Room for Guidance Raise Associate Analyst

anoop.savio@ubs.com

Looking at global RevPAR trends in April/May and US RevPAR trends QTD through June +1-212-713 1057

27th weighted by region could suggest MAR's global RevPAR is trending up +2.7%, a

hair above Q2 global RevPAR guide of +1.5 to +2.5%.