Key Highlights

  • In the third quarter, comparable RevPAR at Host Hotels & Resorts (NASDAQ:HST) climbed 8.8% to USD 219.50, but GAAP Net Income dropped 56.4% to USD 71 million as asset-sale gains shrank.
  • Park Hotels & Resorts (NYSE:PK) produced comparable RevPAR of USD 201.02, up 8.4%, and lifted its adjusted FFO outlook to USD 2.00 to USD 2.05, though it booked a diluted loss of USD 0.10 a share.
  • RLJ Lodging Trust (NYSE:RLJ) saw RevPAR rise 9.7% to USD 153.36 and adjusted FFO per share jump 25.9% to USD 0.34, with its full-year range set at USD 1.47 to USD 1.51.
  • Braemar Hotels & Resorts (NYSE:BHR) recorded a USD 480.0 million termination fee owed to its external advisor, which produced a USD 3.51 per-share loss even as comparable RevPAR advanced 14.4% to USD 284.

Host Hotels & Resorts (NASDAQ:HST): Stronger Revenue per Room Against Smaller Asset-Sale Gains

Host Hotels & Resorts (NASDAQ:HST) is described as the largest lodging REIT in the country, and it published third-quarter numbers on November 4, 2026. Its comparable RevPAR improved 8.8% to USD 219.50, driven by 5.7% rate growth and an occupancy gain of 2.1 points. Net income came in at USD 71 million, compared with USD 163 million, a decline of 56.4% that traces back to a prior-year quarter with heavier property sale gains. Leadership credited World Cup activity and firmer transient and group business. Comparable hotel EBITDA climbed 11.4% to USD 331 million, lifting the Margin to 25.2%. Room pricing ran ahead of labor cost increases, which explains why hotel-level Earnings expanded even though the Bottom Line contracted. NAREIT FFO reached USD 0.38 per diluted share, with Adjusted FFO at USD 0.39, and both are non-GAAP. Full-year comparable RevPAR growth is now pegged at roughly 6.75%, above the earlier band, following an October increase of about 6.5%. Debt stands at USD 5.1 billion at a 4.8% average weighted rate. Hawaii storm damage, estimated at USD 20 million to USD 25 million, is expected to be mostly insured.

Park Hotels & Resorts (NYSE:PK): Occupancy and Group Demand Against a 35.0% Fall in Operating Income

Park Hotels & Resorts (NYSE:PK) reported its third-quarter 2026 figures on November 4, 2026. Occupancy climbed 2.4 points to 76.4%, and average daily rate rose 5.0% to USD 263.19. Group rooms revenue, according to the chief executive, grew by more than 18%. Operating income, though, slid 35.0% to USD 38 million after an Impairment and casualty loss of USD 8 million. The company posted a net loss attributable to stockholders of USD 18 million, equal to a diluted USD 0.10 loss per share compared with USD 0.08 a year earlier. Adjusted FFO per diluted share advanced 11.2% to USD 0.39. Comparable RevPAR growth guidance moved up to 5.5% to 6.0% from 3.0% to 4.5%, while the net income range was reduced to USD 70 million to USD 80 million. Two facilities supplied USD 600 million and USD 700 million in September, funds that retired a USD 1.275 billion mortgage, and management noted roughly USD 13 million of extra interest. Storms trimmed close to 280 basis points from combined growth at two Hilton properties in Hawaii, and the Hilton New Orleans Riverside saw RevPAR decline 14.0%.

RLJ Lodging Trust (NYSE:RLJ): Outlook Range Points to a Softer Final Quarter

RLJ Lodging Trust (NYSE:RLJ) owns 84 hotels, mainly focused-service and compact full-service properties in cities, and it released its third quarter 2026 numbers on November 4, 2026. Comparable RevPAR climbed 9.7% to USD 153.36. Daily rate rose 6.4% to USD 203.35, and occupancy went from 73.1% to 75.4%. Business travel drove demand, with leisure and group also contributing. Adjusted EBITDA grew 17.3% to USD 85.2 million, and the comparable hotel margin expanded 190 basis points to 26.5%. Adjusted FFO per share guidance now sits between USD 1.47 and USD 1.51. Subtracting the USD 1.19 booked over nine months, the remainder for the fourth quarter sits at roughly USD 0.28 to USD 0.32 (calculated), below the USD 0.34 earned in the third quarter. In October, seven Chicago Midway hotels were disposed of for USD 110.0 million, and the outlook leaves them out. Management said the quarter beat its own expectations on every measure. Liquidity topped USD 1.0 billion against USD 2.2 billion of debt. The earlier outlook is absent from the release, so any change in the range cannot be sized.

Braemar Hotels & Resorts (NYSE:BHR): How a Single Advisor Charge Turned Solid Hotels Into a Deep Loss

Braemar Hotels & Resorts (NYSE:BHR) released third-quarter 2026 numbers on November 4, 2026. The net loss to common holders reached USD 240.9 million, or USD 3.51 per diluted share, driven mostly by a USD 480.0 million termination payment to its external advisor. A year earlier the loss had been USD 8.2 million, or USD 0.12 a share. Hotel operations held up: comparable RevPAR advanced 14.4% to USD 284, and comparable Hotel EBITDA grew 20.7% to USD 12.9 million. Adjusted EBITDAre declined to USD 3.9 million from USD 16.4 million, since the earlier period contained hotels that have since been sold. Hotel disposals add up to roughly USD 999.5 million (calculated), and the Four Seasons Resort Scottsdale alone brought in USD 372 million on October 28, 2026. Management plans to transition to self-management as a REIT in mid-November. The USD 624.4 million debt load is entirely non-recourse and floating, averaging 7.25%. Adjusted FFO came to a loss of USD 0.25 per diluted share, compared with a loss of USD 0.19, and this period is seasonally the weakest of the year.

Where Things Stand

The advisor charge is the main distortion in this group. Braemar Hotels & Resorts (NYSE:BHR) reported a deep loss even with RevPAR up 14.4%. Host Hotels & Resorts (NASDAQ:HST) saw net income fall on lower asset-sale gains. Park Hotels & Resorts (NYSE:PK) still reported a loss despite 8.4% RevPAR growth. RLJ Lodging Trust (NYSE:RLJ) had the cleanest quarter, though its outlook range hints at a slower end to the year. Upcoming markers include the RLJ call on November 5, 2026, Braemar's self-management switch in mid-November and fourth-quarter hotel demand.