RevPAR tops forecasts across lodging reits. Today at 6:53 PM PDT Skift take. Host Hotels, Sunstone, Apple Hospitality, Summit, and Braemar all reported results ahead of expectations. Plus, hotel deal and development news. It was a busy day for lodging earnings, with results broadly beating estimates and most companies raising guidance. Host Hotels & Resorts reported comparable RevPAR growth of 7.0%, well ahead of the 5.5% estimate, with Adjusted EBITDAre of $525 million topping the $516 million estimate. The company raised full-year RevPAR growth guidance to 4.75% to 5.25%. Host did not repurchase shares in the quarter but paid a $0.72 per share special dividend from the Four Seasons sales completed in Q1. Summit Hotel Properties reported pro forma RevPAR growth of 5.0% and Adjusted EBITDAre of $54.8 million, both ahead of estimates. The company raised full-year RevPAR growth guidance to 1.75% to 3.25% and Adjusted EBITDAre guidance to $175 million to $182 million. Summit repurchased approximately 49,000 shares in April and sold the Courtyard Dallas Arlington South and Residence Inn Dallas Arlington South for combined proceeds of $19 million. Apple Hospitality REIT came in ahead of estimates on both RevPAR growth of 5.3% and Adjusted EBITDAre of $144.5 million. The company raised full-year RevPAR growth guidance by 225 basis points to 2.25% to 4.25% and Adjusted EBITDAre guidance by $17.5 million at the midpoint. Sunstone Hotel Investors topped estimates with RevPAR growth of 9.3%, well ahead of the 5.3% estimate, and Adjusted EBITDAre of $76.7 million versus $72.0 million expected. The company raised full-year RevPAR growth guidance to 7% to 9% and Adjusted EBITDAre guidance to $245 million to $255 million. Sunstone repurchased 1.2 million common shares for $11.4 million. In July, Sunstone sold the 821-room Hyatt Regency San Francisco to funds affiliated with Blackstone for $279 million and converted its former Oceans Edge Resort & Marina to Hilton Key West Resort & Marina, to be managed by Hilton. Braemar Hotels & Resorts reported comparable RevPAR of $396, up 12.3% year-over-year and the highest second-quarter result in company history, with Adjusted EBITDAre of $37.8 million. After the quarter closed, the company completed the sale of the Ritz-Carlton Sarasota, Hotel Yountville, and Bardessono Hotel and Spa for a total of $437.5 million and signed a definitive agreement to sell the Pier House Resort & Spa for $190 million, expected to close in mid-August. Marriott Vacations Worldwide came in ahead of estimates and raised full-year Adjusted EBITDA guidance to $805 million to $830 million, with contract sales guidance raised sharply to $2.08 billion to $2.115 billion. Analysts noted the turnaround is gaining traction faster than expected. New Orleans Marriott completed a full renovation of all 1,333 guestrooms and suites, along with a redesign of its M Club lounge. Room updates included a shift from double/double to queen/queen layouts, new walk-in showers, marble vanities, and sliding barn doors. The hotel has more than 86,000 square feet of meeting space and five dining and bar venues. The former Salamander Washington DC has joined Marriott International's Autograph Collection as The Potomac Hotel, Autograph Collection, with Pyramid Global Hospitality assuming management of the 373-room property on behalf of owner Henderson Park. The hotel sits 15 minutes from Reagan National Airport and offers 38,000 square feet of meeting and event space, a dual-level spa, an indoor pool, and a fitness center. First Hospitality took on management of five lifestyle properties across five new markets: Sky Rock Sedona, a 109-room Tribute Portfolio Hotel in Sedona; The Steward Santa Barbara, an 87-suite Tribute Portfolio Hotel on California's Central Coast; Hotel Northland, Autograph Collection in Green Bay, Wisconsin; Hotel Elkhart, Tapestry Collection by Hilton in Elkhart, Indiana; and Le Méridien St. Louis Downtown. Sirata Beach Resort in St. Pete Beach completed a $25 million renovation covering guestrooms, restaurants, pool and beachfront bar, and joined the Tapestry Collection by Hilton as part of the project. Longer-term plans to add a 10-story JW Marriott and a nine-story Hampton Inn to the site remain stalled amid ongoing legal challenges. IHG Hotels & Resorts opened the dual-branded Holiday Inn Express/Candlewood Suites Granby Northwest in Granby, Quebec. The 128-room property includes 45 extended-stay suites and is owned by Hotel M Inc. and managed by Groupe Robin. Amenities include complimentary breakfast, a fitness center, and an indoor pool. Amanvari opened on the East Cape of Baja California within the Costa Palmas private community, marking Aman's first property in Mexico. The 18-casita resort, located about 75 minutes north of San José del Cabo, features private heated pools, Mexican coastal and Italian dining, a 10-seat Japanese omakase counter, and an Aman Spa with a temazcal, hammam, and banya. Guests also have access to Costa Palmas' golf course, marina, and three miles of beachfront. The Hoya Hotel at Georgetown opened on Georgetown University's Hilltop Campus in Washington, D.C., following a full renovation of the five-story property. The 145-room hotel is managed by Crestline Hotels & Resorts and includes more than 13,000 square feet of meeting event space. Its restaurant, Oak & Laurel, opens in mid-September. My Place Hotels of America opened its first Florida property, a 63-room extended-stay hotel in the Port Charlotte/Punta Gorda market along Interstate 75. It is the first new hotel in the submarket in more than five years. The brand has three additional Florida properties in development. A Bahamian-led development group, Myles Ahead, is planning a boutique five-star resort and residential community on the former Club Med site in Governor's Harbour, Eleuthera, which has been abandoned for more than 26 years. The project on roughly 93 acres would include 40 to 60 resort suites and villas, alongside a private residences component. A Central Bank document cited an all-in cost of $180.1 million, though the developer has not confirmed that figure. The group is seeking community input ahead of finalizing plans. Canad Inns has listed a connected campus of downtown Winnipeg properties for sale, including the Metropolitan Entertainment Centre, the Somerset Building and the adjacent Radisson hotel. Craig Cavileer, former head of Stockyards Heritage Development Co., plans a $160 million luxury resort along Marine Creek in Fort Worth just behind Mule Alley and Hotel Drover. The project will include two hotels totaling 225 rooms, a resort-style pool, 18,000 square feet of meeting space, and a 7,500-square-foot ballroom. Groundbreaking is targeted for fall 2027 with a spring 2030 opening. Atlas Hospitality Group's mid-year California hotel sales report found that 38 of the 128 hotels that changed hands in the first half of 2026 were lender-driven, accounting for 28% of sales and 37% of dollar volume. Statewide, transactions rose 13.3%, and dollar volume climbed 17.2% to $1.63 billion. San Diego was the exception - sales volume increased, but none were lender-driven, as strong hotel revenue has allowed owners to service debt even at higher refinancing rates. Realmo, an AI-powered commercial real estate platform, tracked 4,397 U.S. hospitality properties available for investment in the second quarter of 2026. New listings outpaced removals during the period, with roughly 740 properties entering the market against an estimated 450 to 560 removals.

Host Hotels & Resorts exceeded second-quarter expectations, with adjusted EBITDAre rising 5.8% year over year to $525 million and adjusted FFO per share increasing 8.6% to $0.63. Comparable hotel RevPAR grew 7%, whilst EBITDA margins expanded 60 basis points to 31.9%. Growth was driven by events, resorts and group demand. The FIFA World Cup contributed an estimated 160 basis points to second-quarter RevPAR growth, with June RevPAR in World Cup markets rising 15%. Group room revenue increased 7%. Management expects July RevPAR to rise about 10% and raised full-year 2026 RevPAR growth guidance to 4.75%–5.25%. The company paid a regular $0.20-per-share dividend and a $0.72 special dividend, ending the period with $3 billion of liquidity and a 2.2-times leverage ratio.

Host Hotels & Resorts and MGM Resorts International offer different approaches to hospitality investing. Host operates as a real estate investment trust owning 76 luxury hotels with approximately 41,700 rooms, whilst MGM runs 31 hotel and gaming destinations globally, including operations in Las Vegas and Macau. For FY 2025, Host reported revenue of nearly $6.1 billion (up 7.6%) and net income of approximately $765 million, achieving a 12.5% net margin. Its debt-to-equity ratio stands at 0.9x with free cash flow of $858 million. MGM generated revenue of nearly $17.5 billion (up 1.7%) and net income of approximately $918 million, resulting in a 5.2% net margin. However, its debt-to-equity ratio is significantly higher at 23.1x, though free cash flow reached $1.7 billion.