Lodging - International hotels’ RevPAR last week: China -6.8% y/y, Europe +4.9% y/y

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Lodging - International hotels’ RevPAR last week: China -6.8% y/y, Europe +4.9% y/y

Truist Securities

Equity Research Report July 1, 2026

CONSUMER: Lodging

Lodging - International hotels’ RevPAR

last week: China -6.8% y/y, Europe +4.9% C. Patrick Scholes

212-319-3915 y/y Patrick.Scholes@truist.com

China: Per STR/CoStar for the week ending June 27th, hotel RevPAR in China

in local currency was -6.8% y/y vs. -2.7% y/y in the prior week. This compares to

Gregory J. Miller the 10-week trailing average of +0.8%. By comparison for 2026 (no quarterly guide),

212-303-4198 Hilton (HLT, Hold) expects China RevPAR to be roughly flat y/y and Marriott (MAR, Hold) Gregory.J.Miller@truist.com

expects China to be up low-single digits y/y. Last week’s RevPAR was up against a

-2.8% y/y comparable result in 2025 vs. -7.7% y/y in the prior week. Last week’s soft

Davis Holcombe results may have been due to the comparative timing of the Dragon Boat festival which

404-926-5091 took place on 6/19 this year and in early June last year. Davis.Holcombe@truist.com

10 Page Document Europe: RevPAR in Europe in Euros was +4.9% y/y vs. +0.2% y/y in the prior

week. This compares to the 10-week trailing average of +4.3%. By comparison for

2026 (no quarterly guide), HLT expects Europe's RevPAR to grow low-to-mid-single-

Reasons for this report digit percentages. Last week’s RevPAR was up against a +0.6% comparable result in

2025 and -5.0% in the prior week.

✓ Sector Update

✓ Data-Driven Analysis Overall U.S. RevPAR was +9.6% y/y, slightly below the prior week's result of +9.7%

y/y and above the trailing 10-week average of +6.2% y/y.

Exhibit 1:

Source: STR/CoStar, Truist Securities

RevPAR detail for week ending June 27th vs. trailing 28 days:

China (local currency):