Lodging - International hotels’ RevPAR last week: China -5.9% y/y, Europe +3.0% y/y

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Lodging - International hotels’ RevPAR last week: China -5.9% y/y, Europe +3.0% y/y

Truist Securities

Equity Research Report July 8, 2026

CONSUMER: Lodging

Lodging - International hotels’ RevPAR

last week: China -5.9% y/y, Europe +3.0% C. Patrick Scholes

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

China: Per STR/CoStar for the week ending July 4th, hotel RevPAR in China in

local currency was -5.9% y/y vs. -6.8% y/y in the prior week. This compares to the

Gregory J. Miller 10-week trailing average of -0.4%. By comparison for 2026 (no quarterly guide), Hilton

212-303-4198 (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

-7.4% y/y comparable result in 2025 vs. -2.8% y/y in the prior week.

Davis Holcombe

404-926-5091

Davis.Holcombe@truist.com Europe: RevPAR in Europe in Euros was +3.0% y/y vs. +4.9% y/y in the prior

week. This compares to the 10-week trailing average of +2.6%. By comparison for

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

digit percentages. Last week’s RevPAR was up against a +1.1% comparable result in

2025 and +0.6% in the prior week.

Reasons for this report Overall U.S. RevPAR was +10.9% y/y, above the prior week's result of +9.6% y/y

✓ Sector Update and the trailing 10-week average of +6.4% y/y.

✓ Data-Driven Analysis Exhibit 1:

Source: STR/CoStar, Truist Securities

RevPAR detail for week ending July 4th vs. trailing 28 days:

China (local currency):

• RevPAR was -5.9% y/y for the week ending July 4th, below the -4.2% y/y for the

trailing 28 days.

• ADR was -1.9% y/y for the week ending July 4th, below the +1.0% y/y for the trailing

28 days.