Lodging - International hotels’ RevPAR last week: China -6.1% y/y, Europe +4.4% y/y

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Lodging - International hotels’ RevPAR last week: China -6.1% y/y, Europe +4.4% y/y

Truist Securities

Equity Research Report July 15, 2026

CONSUMER: Lodging

Lodging - International hotels’ RevPAR

last week: China -6.1% y/y, Europe +4.4% C. Patrick Scholes

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

China: Per STR/CoStar for the week ending July 11th, hotel RevPAR in China in

local currency was -6.1% y/y vs. -5.9% y/y in the prior week. This compares to

Gregory J. Miller the 10-week trailing average of -0.1%. 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, Gregory.J.Miller@truist.com

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

a -4.7% y/y comparable result in 2025 vs. -7.4% y/y in the prior week. Results in

Davis Holcombe China have softened the past several months which we believe due to China’s cooling

404-926-5091 economy. Davis.Holcombe@truist.com

10 Page Document Europe: RevPAR in Europe in Euros was +4.4% y/y vs. +3.0% y/y in the prior

week. This compares to the 10-week trailing average of +2.7%. 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 +1.2% comparable result in

2025 and +1.1% in the prior week.

✓ Sector Update

✓ Data-Driven Analysis Overall U.S. RevPAR was +5.2% y/y, below the prior week's result of +10.9% y/y

and the trailing 10-week average of +6.6% y/y.

Exhibit 1:

Source: STR/CoStar, Truist Securities

RevPAR detail for week ending July 11th vs. trailing 28 days:

China (local currency):

• RevPAR was -6.1% y/y for the week ending July 11th, below the -5.5% y/y for the

trailing 28 days.