GLL Takes & Perspectives From Jefferies Nantucket Consumer Conference ‘26

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GLL Takes & Perspectives From Jefferies Nantucket Consumer Conference ‘26

USA | Gaming, Lodging & Leisure EquityJuneResearch18, 2026

GLL Takes & Perspectives From Jefferies

Nantucket Consumer Conference '26

Key takeaways from the Jefferies Nantucket Consumer Conference (6/16–

17): 1) Lodging tone is broadly positive across segments and chain scales; 2)

Timeshares offer upside via a stable consumer credit backdrop; 3) Prediction

markets dominate conversation, World Cup a near term catalyst; 4) Stable

land-based trends imply growth will vary by YoY comparisons across markets.

Commentary was most positive at H, RSI, and VAC .

Lodging: Lodging remains broadly positive, with commentary reinforcing expectations for

sustained momentum across segments and chain scales. We reiterate our constructive view on

hotel C-Corps, as NUG visibility from industry fragmentation, durable travel demand, and growth in

non-RevPAR fees continue to support the model.

HLT is expecting continuation of the 1Q26 strength broadly, While MAR commented on ongoing

owner-related dynamics, which are well-established, with overall performance still closely aligned

to owners across the ecosystem. H was notably constructive which, despite smaller scale, is

positioned to penetrate under-served markets and sustain a RevPAR premium in Luxury/Upper

Upscale. WH’s tech-forward model remains intact, despite noted competition across conversion-

oriented brands.

REITs: YTD strength should persist, driven by limited supply and improving demand. We see

XHR well positioned on Luxury exposure but await a clearer transaction or B/T catalyst, while

RHP remains a top pick given strong group demand and renovation-driven upside to property

performance and on-site spend.