2025-06-11-花旗集团-美国房地产投资信托基金和住宿业_截至2024年6月7日当周每间可售房收入（RevPAR）下降1.4_14页_274kb

US REITs and Lodging Performance Summary

• Overall RevPAR: For the week ending June 7, 2025, RevPAR declined 1.4% year-over-year to $110.2, with improvements in ADR (+0.9%) offset by drops in occupancy (67.6% vs. 68.2% a year ago).

• Top Markets: San Francisco (+12.4%), New York (+3.0%), and Chicago (+3.2%) outperformed year-over-year, while Boston (-6.8%) and Washington DC underperformed. Top 25 markets collectively lagged with the largest declines in leisure-focused areas like Las Vegas and Orlando.

• Chain Scales: Independents (+8.1% YoY) outperformed, while Luxury (-4.7%) and Upper Upscale (-4.4%) segments declined significantly. This aligns with lower business travel demand, heavily impacting REITs with exposure to these scales.

• Leisure Markets: Orlando experienced a sharp drop in RevPAR (-27.2% YoY) due to high base comparisons, while leisure-oriented cities like Oahu Island and San Diego saw modest declines or stagnation.

• Daily Trends: Mid-week occupancy is improving at urban and upper-scale hotels, reflecting business travel recovery attempts, but weekend occupancy remains weak (-5.9% YoY for group demand).

• QTD 2Q25 Performance: RevPAR is tracking flat versus 2024, with Luxury (+4.2%) and Upper Upscale (-0.2%) segments showing mixed results. Analysts anticipate continued modest growth but caution against overestimation due to economic headwinds.

• Analyst Outlook: Driven by a potential economic slowdown, full-year 2025 RevPAR forecasts have been revised downward, with cities aiding the top markets to mitigate losses but overall sentiment cautious.