Truist Securities (formerly SunTrust Robinson Humphrey) reports, “Last week’s RevPAR was up against a -48.1% comparable result in 2020 vs. -51.7% in the prior week’s 2-year run-rate. On a 2-year run-rate, RevPAR was -8.2% vs. -12.8% in the prior week’s 2-year run-rate. Upscale RevPAR: +82.3% y/y and -15.5% over 2 years; Upper Midscale RevPAR: +61.7% y/y and -0.5% over 2 years. With holiday calendar shifts in 2019 and 2020, we place less emphasis on y/y and 2-yr compares this week. However, sequential week-over-week 2021 results were softer vs. the prior week – not a great sign (so far) for peak fall business travel. We emphasize as always that one week does not make a trend. However, we are cautious on Q4 if late-September results represent Fall 2021 peak corporate demand. Could October be an improvement with COVID cases falling in some states? Possibly so – booking trends are very last minute. Declining COVID cases may lead to more weekday business demand that is less weather dependent (vs. weekend demand: warmer September weekends/cooler October). But we are not particularly favorable on what we have seen in last week's headline results nor the detail and perhaps we have a demand setup for a mediocre-at-best fall business travel season.”