2025-06-14-Jefferies-超越每间可售房收入_5月每间可售房收入同比下降环比温和改善_12页_462kb

May 2025 saw a modest sequential improvement in US hotel RevPAR, with COPE at $100.59, but a continued year-over-year decline of 1.7%. Urban performance was uneven, with NYC and Boston showing strong rebounds (+16.9% and +14.7% YoY), while San Francisco lagged by -29.6% YoY. OTA share remained stable at 20.8%, and property-direct bookings stayed unchanged. Segment-wise, luxury hotels performed best above 2019 levels, while other categories declined. Group bookings reflected seasonality, with NYC demonstrating momentum.

Key Takeaways:

• YoY RevPAR decline persists but sequential gains noted.
• Urban markets show wide recovery disparities.
• OTA influence on performance is significant.
• Segment performance varies, with luxury leading despite minor YoY drop.