European Hotels and Travel: Year to date travel snapshot....

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European Hotels and Travel: Year to date travel snapshot....

Powered by Lab Global19 JuneResearch2026ab Evidence UBS YES

European Hotels and Travel Equities

Europe including UKYear to date travel snapshot....

Leisure Goods & Services

Jarrod Castle, CFA

European RevPAR underperformed the US YTD2026 Analyst

YTD 2026 US RevPAR outperformed Europe as European RevPAR grew by 2.3% yoy jarrod.castle@ubs.com

while US RevPAR grew by 4.0% yoy. We think the Middle East conflict seems to have +44-20-7568 8883

weighed on European RevPAR underperformance as monthly RevPAR growth has Artem Prokopets

decelerated since the start of the conflict. While the demand for higher tiers seems to be Analyst

resilient in Europe and the US, Midscale & Economy segments weakened. Germany saw artem.prokopets@ubs.com

RevPAR growth in February 2026 only to decline despite the stimulus tailwind. We think +44-20-7901 5625

Europe should continue to be weak relative to the US on RevPAR in 2026 due to the Ben Shelley, ACA

macro headwinds as uncertainty continues to prevail. However, with what appears to be Analyst

a Middle East peace deal, we could see an improved outlook for European travel. ben.shelley@ubs.com

+44-20-7568 3957

Some signs demand might weaken... Ivar Billfalk-Kelly

We think demand may moderate for both business and leisure travel in 2026. The Analyst

UBS Evidence Lab Europe and US consumer travel survey signals weakening travel ivar.billfalk-kelly@ubs.com

+44-20-7568 3240

intentions and spending in the next 12 months (albeit there is variance amongst

countries). The search interest trends for key European brands are mixed yoy; our latest Robin M. Farley

study shows sequential monthly weakness with consumer sentiment lowered too. Analyst

robin.farley@ubs.com

+1-212-713 2060

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