EU Hotels: Weekly RevPAR trends: Decent print overall, with Europe/US leading

Research evidence excerpt

J P M O R G A N

Europe Equity Research

05 August 2026

EU Hotels

Weekly RevPAR trends: Decent print overall, with

Europe/US leading

STR released results for the week ending 1st August today, providing us with an

overview of the latest global trends in RevPAR (revenue per available room),

including occupancy and ADR (average daily rate). By analysing the data on a

country/region basis, we derive a RevPAR proxy for IHG/Whitbread – a good insight

into current momentum.

European Leisure, Hotels & Gaming

Estelle Weingrod AC

(44-20) 7742-8502

J.P. Morgan Securities plc

Karan Puri

Weekly trends (week ending Aug 1st) – UK decent, Europe/US solid,

China/ME&A improving but still in negative territory (vs the comparable

2025 period, in local currency). UK lower but decent: RevPAR was up 3.0%

y/y (previous week up 6.1%; Economy RevPAR +3.7% vs +2.7% the week

prior), with Occupancy up 1.3% y/y and ADR up 1.7% y/y. Continental Europe

remains solid: RevPAR was up 6.2% y/y (previous week up 6.0%; Germany

RevPAR up 3.6% vs down 0.6% the week prior), with Occupancy up 2.2% y/y

and ADR up 3.9% y/y. US improving further: RevPAR was up 7.3% y/y

(previous week up 6.3%; Luxury leading up DD%, Economy lagging up LSD

%), with Occupancy up 2.6% y/y and ADR up 4.5% y/y. China improving but

still in negative territory: RevPAR was down 1.3% y/y (previous week down

2.3%), with Occupancy down 0.9% y/y and ADR down 0.4% y/y. Australia/

ME&A improving: RevPAR was down 2.7%/9.0% y/y, respectively (previous

week down 6.0%/11.8% y/y).

(44-20) 7742-8342

J.P. Morgan Securities plc

Avni Garg

(91-22) 6157-3431

J.P. Morgan India Private Limited

Specialist Sales contact details:

Olivia Petronilho - Specialist Sales European Consumer

(44-20) 3493-3709

Implied Q3 trends (vs 2025 levels): STR 3Q26: UK flat y/y (vs +3% in Q2).

Cont’l Europe at +5% y/y (vs +2% in Q2). US at +7% y/y (vs +6% in Q2).

APAC flat y/y (vs +3% in Q2). ME&A at -6% y/y (vs -27% in Q2). Implied

RevPAR. On a weighted basis, we derive a RevPAR proxy of +3.7% y/y for

IHG for 3Q26TD (JPMe +3.1%), and +1.9% y/y for WTB (UK) for 2Q27TD

(June to Aug, JPMe +1.0%).

Our STR weekly/monthly data file is available upon request.

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