Lodging: Q1 Earnings Wrap: Beats drive full year revisions as RevPAR and margins inflect

研报英文原文证据摘录

Lodging: Q1 Earnings Wrap: Beats drive full year revisions as RevPAR and margins inflect

ives

greater conviction around US RevPAR, with select service surprising the most relative to (PO) for HST and VAC as we tweak our

company expectations. Europe (HLT), the Americas (HLT) and China (MAR, H) 2026 estimates

expectations were revised higher as well. Middle East expectations were lowered, with Summary of PO changes

Marriott and Hilton calling out +100-125bps of incremental drag on global RevPAR from Company New Old

the Middle East conflict, inside of our +100-140bp expectation (see our Preview report). Apple Hospitality (APLE) $13.50 $13.00

The average pipeline was up +90bps sequentially this quarter and +150bps for Host (HST) $23.50 $22.00

MAR/HLT/H, and the C-corps all maintained their full year net unit growth outlooks. Marriott Vacations (VAC) $70.00 $65.00

Source: BofA Global Research

REITs: 2026E RevPAR raised +70bps, EBITDA +2.0% BofA GLOBAL RESEARCH

Lodging REIT EBITDA was +9% ahead of us and the Street for Q1, on average. RevPAR

for the group was +240bps ahead with full service (+5.1%) outperforming select

(+2.4%). Comparable hotel EBITDA margins were up +70bps Y/Y, the second quarter of

positive margin growth in a row. The Lodging REITs raised RevPAR by +70bps only,

largely flowing through the Q1 beats while most maintained Q2-Q4 as expected (see our

note). The +70bp RevPAR raise is driving +2% EBITDA outlook increases, with better

flowthrough due to rate-driven RevPAR and higher margin F&B. Given conservative

outlooks, we continue to think there is room for more beats in the year from here.

Leisure: Resilience in timeshare and high-end consumer

High end leisure remains the strongest performing chain scale despite continued

outperformance for over a year.