Inbound is soft, group is sluggish, and government travel is MIA. Most chains are shifting focus to 2026 and leaning into AI as a lifeline. Here’s the skinny on Q3 earnings calls:
- Hilton: U.S. RevPAR down 2.3%; group business off 4%. AI and loyalty tweaks are the story, but 2025 guidance is now flat.
- IHG: Gov travel dropped 20% in the U.S., pulling Q3 RevPAR to -1.6%. Still clinging to 1.4% growth next year, but it’s mostly hope.
- Wyndham: RevPAR tanked 4.8% in Q3; 2025 outlook now down 2–3%. The AI assistant is live in 7% of hotels, and early results look promising.
- Accor: The lone optimist. Q3 RevPAR up 0.8% (3.2% YTD), holding 2025 forecast at +3–4%, thanks to strong luxury and Middle East growth.
