Takeaways from Wells Fargo's 10th Annual DC Lodging REIT HQ Tour

研报英文原文证据摘录

Takeaways from Wells Fargo's 10th Annual DC Lodging REIT HQ Tour

Equity Research

Industry Update — May 11, 2026

Hotel & Resort REITS

Takeaways from Wells Fargo's 10th Annual DC

Lodging REIT HQ Tour

Guidance Raises Reflect Strong Q1; Summer Trends Show

No Signs of Weakness; World Cup Remains a TBD

Our Call Cooper Clark

Meetings at our 10th Annual DC Lodging HQ Tour & RE Conference included 9 Lodging Equity Analyst | Wells Fargo Securities, LLC

Cooper.Clark@wellsfargo.com | 212-214-1146

REITs & Daniel Peek, JLL Hotels President. Key topics: Q1 guidance raises, World Cup, net-

James Feldmanoutbound travel, geopolitical uncertainty, higher oil prices, & LLM adoption.

Equity Analyst | Wells Fargo Securities, LLC

James.Feldman@wellsfargo.com | 212-214-5328

What a Difference a Year Can Make. We entered our Lodging HQ Tour following Jackson Armstrong

widespread beats & bumps during 1Q26 earnings season as REITs enjoy soft comps, Equity Analyst | Wells Fargo Securities, LLC

better YTD trends across demand segments, and a strong holiday/event calendar. The Jack.Armstrong@wellsfargo.com | 212-214-8022

focus during meetings was on 1) updated guidance ranges, which still screen conservative

if current trends continue, 2) World Cup bookings pace, 3) the potential impact of higher

oil prices by chain scale & location type, & 4) updates to the transaction market.

Q2–Q4 Guidance. Every REIT we met with raised FY26 RevPAR guidance during Q1

earnings to pass-through strong Q1 results, with Q2–Q4 ranges generally essentially

unchanged. Given positive forward booking indicators, a strong event schedule & holiday

calendar, and soft 2H comps, we view current RevPAR guidance ranges as conservative.

While caution remains justified given geopolitical uncertainty and higher oil prices, we