Truist Securities (formerly SunTrust Robinson Humphrey) reports, “Last week’s RevPAR was up against a -47.5% comparable result in 2020 vs. -48.1% in the prior week’s 2-year run-rate. On a 2-year run-rate, RevPAR was -7.4% vs. -8.2% in the prior week’s 2-year run-rate. Upscale RevPAR: +79.2% y/y and -16.2% over 2 years; Upper Midscale RevPAR: +60.0% y/y and -1.9% over 2 years. Generally we noted fairly flattish to slightly improved RevPAR but nothing impressive on the recovery of business travel, especially large groups. We are in the heart of peak fall business travel in normal years and continue to analyze sluggish midweek results in Luxury and Upper Upscale (mid-40s to mid-50s occupancy) with results about 10 occupancy points better in Upscale and Upper Midscale. We contend that some of the select-service customer base and location (less coastal, more suburban) influences this variance.”

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