#$BKNG

Marriott lifts revpar, profit guide on US upside. US accelerated to +4.7% revpar, on higher room rates, taking global revpar +3.4%, despite full Q of Middle East hit. Ex ME, overseas occupancy & rates up. Consumer, corporate demand both healthy $MAR $HLT $ABNB $BKNG $AXP $V $MA

Marriott US acceleration driven by luxury chains with revpar +9% on both corporate & high end leisure. But growth broadened to include economy hotels +4.4% as even cost conscious US travel is picking up. 💪 $MAR $HLT $ABNB $AXP $V $MA $XLY $XLF $XLI $BKNG

Booking.com alternative accom slowed further to +4% this Q, for which it blames ME & lower exposure to US. Expect Airbnb to continue to outperform $BKNG on this metric (which started in Q4 2025), despite larger $ABNB base.

Only need to look at $ABNB nights +9% (10% ex-war) vs $BKNG alternative accom +5% to see model is beginning to meaningfully outperform. And $ABNB is upgrading revenue guide to up as much as mid-teens & at least holding margin, despite obvious uncertainty $MAR $HLT

Big discounts by marquee names as Dubai occupancy down to single digits. Marriott hopes this is contained. But contagion will spread as ME airlines connect tons of guests to many places eg Maldives. As I know too well, stuck in India for 4 weeks & now hesitant to use them! $MAR $HLT $BKNG $AXP

Overseas, despite Middle East tumbling to -2% from +12% in prior Q, Europe & China accelerated while Asia ex-China remained strong. Fundamentals healthy as occupancy & rates both up everywhere bar Middle East. $MAR $HLT $ABNB $BKNG $AXP $DAL $UAL $XLY $XLF $V $MA

United follows Delta with similarly strong premium revenue. But at +9% vs +7% in basic economy, gap at $UAL isn't anywhere near as marked as $DAL. Also points to strong start to year despite current crazy world! $EXPE $BKNG $ABNB $XLY $XLF