Travelodge第二季度影响传导：Whitbread | 欧洲

研报英文原文证据摘录

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M

Update

August 20, 2026 06:44 AM GMT

Whitbread | Europe

Morgan Stanley & Co. International plc+

Jamie Rollo

Equity Analyst

Travelodge Q2 Read-across

Ed Young

Equity Analyst

James S Harden

Research Associate

Key Takeaways

Travelodge, the closest competitor to Whitbread's Premier Inn, has reported Q2

Whitbread (WTB.L, WTB LN)

RevPAR of +0.9%, improving from Q1's -1.0%

Leisure and Hotels | United Kingdom

The company underperformed the market by ~70bps (positive for Whitbread)

Q3TD RevPAR is running c. +1%, which looks more in-line with the market

Whitbread has already reported +1.8% UK RevPAR for its May Q1 and its Aug Q2

looks to be running above this, suggesting cons FY27 +1% RevPAR is conservative

Whitbread's closest competitor, Travelodge, just reported its Q2: RevPAR is

+0.9%, an improvement on Q1's -1.0%. This is -70bps compared to the Midscale &

Economy segment (+1.6%), the same level of underperformance in Q1 on Costar/

STR data (the company gives -40bps /+60bps respectively). The result was

occupancy-led, with occupancy + 0.7pts to 84.2%, and ADR up just 0.1%. TL does

not disclose its Q2 London/Regions split, but says leisure demand was strongest,

particularly in London due to concerts and conventions, while corporate demand

remained weaker, especially in London, and hot weather weighed on midweek

trading. Q3TD current trading is running c. +1% RevPAR, suggesting less

underperformance (the M&E segment was +1.5% in July and -1.1% in the first 2 weeks

of August, giving +0.6% 3QTD, see our tracker here). However, it also says in recent

weeks RevPAR has been broadly in line with last year's levels, which we think could

reflect tough comps (Oasis concerts) and/or the adverse publicity the company has

faced. Booked revenue is now in line with 2025, versus ahead at Q1. Leisure and

long-lead event demand remain good, but corporate demand is softer, partly

reflecting weak construction activity, and visibility remains limited. The company

continues to guide to 5-6.5% net cost inflation in Dec-FY26 (gross inflation 6-7.5%),

versus Whitbread's 3-4% for Feb-FY27 (gross 6.5-7.5%).

Stock Rating

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