Goldman Sachs Americas Hotels: US RevPAR Fell 6.2% Year-on-Year for the Week Ended September 12, 2026
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Goldman Sachs' Americas hotels weekly tracker, citing STR data, reports US RevPAR down 6.2% year-on-year for the week ended September 12, 2026, with occupancy off 4.6% and ADR down 1.7%. The report flags a likely Labor Day calendar distortion—the holiday fell on September 7 in 2026 versus September 1 a year earlier—which especially complicated group demand, down 35.2%, while transient rose 4.5% and contract 5.9%. Five of six chain scales declined: Upper Upscale fell 15.0% (occupancy -11.2%), Upscale -10.5%, Luxury -6.6%, Upper Midscale -6.0%, and Midscale -0.4%; Economy alone grew, +4.6%. Among Top 25 markets, RevPAR dropped 10.6%, with Las Vegas (-32.8%), Phoenix (-29.5%) and Chicago (-25.5%) weakest and New York strongest at +11.5%. Context tempers the print: the prior week's RevPAR was up 16.1%, and quarterly runs show +3.8% in 1Q26 and +5.7% in 2Q26 (ADR +2.4%, occupancy +1.2%). The note is a weekly data tracker with no ratings, price targets, or stock recommendations.
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