Weekly RevPAR Tracker: Strong Summer Streak

Research evidence excerpt

Not for redistribution without written consent of Morgan Stanley

M

Foundation

August 5, 2026 04:02 PM GMT

Morgan Stanley & Co. International plc+

Global Hotels | Europe

Jamie Rollo

Equity Analyst

Weekly RevPAR Tracker: Strong

Summer Streak

Morgan Stanley & Co. LLC

Stephen W Grambling

Equity Analyst

Morgan Stanley Asia Limited+

Dan Chee

Equity Analyst

Key Takeaways

Another strong week (ending 1st Aug) in the US/EU/UK, with China still negative

Morgan Stanley & Co. International plc+

US +7.3% (vs +6.3% in the prior week), the first week with no World Cup benefit;

Research Associate

James S Harden

L4W +6.5% vs Q2's +5.6%, L4W 2Y stack +4.5% vs +5.2% in Q2

Morgan Stanley MUFG Securities Co., Ltd.+

Europe +6.2% (vs +6.0%), L4W +5.6% vs Q2's +3.2%, L4W 2Y stack +3.3% vs

Takuya Osaka

Q2's +5.8%

Equity Analyst

UK +3.0% (vs +6.1%), L4W +2.4% vs Q2's +3.0% (UK M&E L4W +2.0% vs Q2's

+1.6%), L4W 2Y stack +6.2% vs Q2's +1.6%

China -0.9% (vs -2.0%), L4W -3.8% vs Q2's +1.3%, L4W 2Y stack -9.2% vs Q2's -

Leisure and Hotels

Europe

Industry View

Attractive

1.9%

Exhibit 1:

RevPAR summary for last week both YoY and 2Y stack

US

US Upper Midscale

Europe

UK

UK Midscale & Economy

Germany

China

USD

EUR

GBP

EUR

CNY

Week 26th July - 1st August

Occ

ADR

RevPAR

71%

168.8

120.5

75%

143.3

107.8

77%

175.4

134.9

84%

135.3

113.7

84%

85.0

71.3

70%

104.3

72.7

71%

407.5

290.2

Weekly change (YoY)

L4W change (YoY)

Occ

ADR RevPAR Occ

ADR RevPAR

2.6%

4.5%

7.3%

1.4%

5.0%

6.5%

1.3%

2.6%

4.0%

1.5%

3.0%

4.6%

2.2%

3.9%

6.2%

1.2%

4.4%

5.6%

1.3%

1.7%

3.0%

0.0%

2.4%

1.4%

2.1%

3.5%

0.4%

1.6%

2.0%

2.8%

0.8%

3.6%

0.2%

1.3%

1.5%

-0.9%

0.0%

-0.9% -2.9% -0.9% -3.8%

L4W change (2Y stack)

Occ

ADR RevPAR

-0.3%

4.8%

4.5%

-0.1%

2.0%

1.9%

1.4%

1.9%

3.3%

0.5%

5.6%

6.2%

-0.2%

3.9%

3.8%

0.6%

-8.4%

-7.9%

-7.2%

-2.1%

-9.2%

Source: STR, Morgan Stanley Research. Note: Revenue Per Available Room data is on a constant currency basis against the equivalent

week last year. See here for our latest activity tracker with more data for hotels and other travel sectors

Exhibit 2:

RevPAR YoY by region

YoY

US

US Upper Midscale

Europe

UK

UK Midscale & Economy

Germany

China

1Q25

2.4%

1.4%

4.0%

-0.9%

-3.5%

2.1%

-3.9%

2Q25

-0.4%

-1.9%

2.5%

…