截至2025年5月24日的一周，美国每间可售房收入（RevPAR）同比增长1.1%，而过去28天同比增长0.8%：工作日同比增长3%，周末持平；年初至今万豪（MAR） 喜达屋（HLT） 希尔顿（H） 温德姆（CHH） 凯悦（WH）的每间可售房收入同比变化为-0.6%-1.3%+1.5%-2.5%-2.8%

Restricted - External U.S. Gaming, Leisure & LodgingPOSITIVEU.S. Gaming, Leisure & LodgingBrandt Montour, CFA+1 212 526 9947brandt.montour@barclays.comBCI, USElizabethHeffern+1 212 526 3592elizabeth.heffern@barclays.comBCI, USKristi Martiko, CFA+1 212 526 7672kristi.martiko@barclays.comBCI, USAllison Diestelhorst+1 212 526 7514allisonl.diestelhorst@barclays.comBCI, US FIGURE 1. U.S. RevPAR GrowthT28 = Trailing 4-week AverageSource: STRFIGURE 2. Summary of Weekly ResultsWeek ending5/24/2025Trailing4-wk Avg.U.S. OverallRevPAR1%Occupancy0%ADR2%WeekdayRevPAR3%Occupancy0%ADR3%WeekendRevPAR0%Occupancy-1%ADR0%RevPAR by Chain ScaleLuxury7%Upper Upscale2%Upscale2%Upper Midscale0%Midscale0%Economy-2%RevPAR by SegmentGroup6%Transient1%RevPAR by MarketTop 252%Resorts-1%Source: STR Latest U.S. TrendsFIGURE 3. Weekday Occupancy GrowthUpper Upscale to proxy higher-end business/group travelSource: STRFIGURE 5. Weekday ADR Growth-2%0%2%4%6%8%10%12%Jul-23Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25% y/yTotal U.S. Weekday ADR Trailing 4-wk AverageU.S. Upper Upscale Weekday ADR Trailing 4-wk AverageUpper Upscale to proxy higher-end business/group travelSource: STR29 May 2025 Weekly TrackerFIGURE 7. C-Corp RevPAR Growth Tracker, % y/yNote: 2QTD based on unrevised weekly data.Source: STR, Company Reports, Barclays Research29 May 2025 DataFIGURE 8. U.S. Data by MarketSource: STR29 May 2025 FIGURE 9. U.S. Data by Chain ScaleSource: STR29 May 2025 FIGURE 10. U.S. Data by SegmentSource: STR FIGURE 11. Weekly RevPAR y/y Growth vs. Trailing 4-week AverageT28 = Trailing 4-week AverageSource: STR29 May 2025 FIGURE 12. Weekly Occupancy y/y Growth vs. Trailing 4-week AverageT28 = Trailing 4-week AverageSource: STR29 May 2025 FIGURE 13. Weekly ADR y/y Growth vs. Trailing 4-week AverageT28 = Trailing 4-week AverageSource: STRData publication timing.STR (Smith Travel Research) publishes weekly U.S. hotel operatingmetrics every Wednesday (unless Monday is a holiday) showcasing results for the week endingthe prior Saturday. While this data set comprises a substantial portion of open/operating U.S.hotels, weekly data can be somewhat volatile, especially when holidaysshifttodifferentdays inthe current period versus the comparable week period. Revised monthly results come outaround the 17th-18th13th(just for U.S. and the six major chain scales).29 May 2025 for the prior month, following preliminary monthly ranges out around the10 Analyst(s) Certification(s):I, Brandt Montour, CFA, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of thesubject securities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to thespecific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Unless otherwise indicated, prices are sourced from Bloomberg and reflect the closin