The Show Goes On For Lodging In 2Q: Positive Fundamentals Support Upside

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The Show Goes On For Lodging In 2Q: Positive Fundamentals Support Upside

USA | Lodging EquityJulyResearch13, 2026

KEY STOCKS FEATURED INCLUDE:The Show Goes On For Lodging In 2Q: Positive

TICKER RATING PRICE TARGETFundamentals Support Upside

MAR BUY $417.00

The positive dynamics continued driving Lodging stocks in 2Q, including HLT BUY $397.00

positive RevPAR growth driven by the domestic economic backdrop and early H HOLD $196.00

rounds of the World Cup, which we believe sets up most companies to exceed WH BUY $109.00

expectations. Further, ongoing geopolitical events have yet to impact leisure or CHH HOLD $111.00

business travel, as well as the capital markets supporting the asset landscape.

We generally approach the quarter with a positive stance on stocks.

Big Picture: 2Q was a highly engaged quarter in Lodging with NYU/Nareit, Nantucket, and multiple KEY CHANGES INCLUDE:

NDRs. We continue to observe broad-based positivity across the sector, with RevPAR trends TICKER RATING PRICE TARGET

signaling continued strength, particularly in Luxury and Upper Upscale, supported by seasonal

HLT BUY $397.00 ($381.00)

demand and event-driven upside (e.g., World Cup). A structurally low supply backdrop continues to

underpin pricing power for Lodging REITs, which we expect to persist over the next 12 months (Page H HOLD $196.00 ($193.00)

5). Against this backdrop, we see durable stock momentum into 2H26 and would view pullbacks as WH BUY $109.00 ($107.00)

buying opportunities. We continue to favor C-Corps (top picks: MAR, HLT, WH) and are increasingly CHH HOLD $111.00 ($110.00)

constructive on H following its May investor day. For REITs, RHP remains our top pick given its

visible growth profile, but expect continued momentum for HST, PK and XHR as well.