Goldman Sachs Identifies Top U.S. Lodging Stocks Ahead of Q2 2026 Earnings

Goldman Sachs has issued Buy ratings on the three largest U.S. lodging operators—Hilton Worldwide Holdings (NYSE: HLT), Marriott International (NASDAQ: MAR) and Hyatt (NYSE: H)—as the sector approaches its second‑quarter 2026 earnings season. The bank expects all three companies to benefit from robust domestic revenue‑per‑available‑room (RevPAR) growth that is offsetting weakness in China and other international markets, and notes that each is tracking at the high end of its system‑wide RevPAR guidance range for 2026.

Hilton Worldwide Holdings

  • Goldman Sachs highlights Hilton’s highest U.S. rooms exposure among major lodging firms and its lowest exposure to Mexico, China and the Middle East as a percentage of fees.
  • The firm raised its Q2 2026 system‑wide RevPAR growth outlook to 3.3% from 2.5%, driven by U.S. RevPAR strength of 5.0% versus 3.9% previously.
  • Full‑year 2026 system‑wide RevPAR growth is now expected at 3.0%, matching the top of Hilton’s 2.0%‑3.0% guidance range.
  • Goldman Sachs models adjusted EBITDA of $1,036 million for Q2 2026 and $4,050 million for the full year.
  • Hilton recently announced the launch of a new hotel brand, Undergraduate by Hilton, targeting college markets, and is planning a direct‑booking integration with corporate travel firm Navan.

Marriott International

  • Despite mixed investor sentiment over the Bonvoy loyalty program and softer RevPAR commentary in April, Goldman Sachs maintains a positive stance.
  • The Q2 2026 system‑wide RevPAR growth outlook has been raised to 3.3% from 2.1%, with North America RevPAR strength of 5.6% versus 4.0% previously.
  • Full‑year 2026 system‑wide RevPAR growth is projected at 3.0%, at the high end of Marriott’s 2.0%‑3.0% guidance.
  • Adjusted EBITDA is modeled at $1,555 million for Q2 2026 and $5,951 million for the full year.
  • Following its first‑quarter results, UBS increased Marriott’s price target, citing an improved RevPAR outlook.
  • Marriott also announced the beta launch of an AI‑powered hotel‑search tool called Ask Bonvoy.

Hyatt

  • Since its Investor Day on May 28, Hyatt’s share price has risen 4%, while peers have fallen about 3%.
  • Goldman Sachs now expects Q2 2026 system‑wide RevPAR growth of 3.9%, up from 3.1% previously.
  • U.S. RevPAR strength is projected at 5.2%, offsetting weakness in China where growth is expected to be 2.7%.
  • Full‑year 2026 system‑wide RevPAR is revised to 3.6%, up from 3.4%, aligning with the top of Hyatt’s 2.0%‑4.0% outlook.
  • Adjusted EBITDA is forecast at $289 million for Q2 2026 and $1,162 million for the full year.
  • Price‑target upgrades were received from Stifel and Mizuho after the Investor Day, and Macquarie analysts highlighted Hyatt’s strong positioning in the luxury and upper‑upscale segments.

The article was generated with AI assistance and reviewed by an editor.