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   <title>Bernstein: 'Which Hotel Should I Own Into 2026?'</title>
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   <description>&lt;p&gt;Bernstein analyst Richard J. Clarke highlights a hotel industry at a crossroads, as muted RevPAR growth, rising costs, and weakening owner returns reshape the outlook heading into 2026.&lt;/p&gt;&lt;p&gt;The analyst commented: &quot;In this note we revisit our proprietary owner returns analysis based on US Franchise Disclosure Documents (FDD's) and industry revenue/cost data to see the current landscape for owners and how this has evolved since 2023. The last couple of years have been tough for hotel owners - RevPAR in the US has grown ~1% since 2023 and has declined for every chain scale below Upscale. Over the same time period,</description>
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   <title>Bernstein: 'Which Hotel Should I Own Into 2026?'</title>
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   <description>&lt;p&gt;Bernstein analyst Richard J. Clarke highlights a hotel industry at a crossroads, as muted RevPAR growth, rising costs, and weakening owner returns reshape the outlook heading into 2026.&lt;/p&gt;&lt;p&gt;The analyst commented: &quot;In this note we revisit our proprietary owner returns analysis based on US Franchise Disclosure Documents (FDD's) and industry revenue/cost data to see the current landscape for owners and how this has evolved since 2023. The last couple of years have been tough for hotel owners - RevPAR in the US has grown ~1% since 2023 and has declined for every chain scale below Upscale. Over the same time period,</description>
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   <title>Bernstein: 'Which Hotel Should I Own Into 2026?'</title>
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   <description>&lt;p&gt;Bernstein analyst Richard J. Clarke highlights a hotel industry at a crossroads, as muted RevPAR growth, rising costs, and weakening owner returns reshape the outlook heading into 2026.&lt;/p&gt;&lt;p&gt;The analyst commented: &quot;In this note we revisit our proprietary owner returns analysis based on US Franchise Disclosure Documents (FDD's) and industry revenue/cost data to see the current landscape for owners and how this has evolved since 2023. The last couple of years have been tough for hotel owners - RevPAR in the US has grown ~1% since 2023 and has declined for every chain scale below Upscale. Over the same time period,</description>
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   <title>Bernstein: 'Which Hotel Should I Own Into 2026?'</title>
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   <description>&lt;p&gt;Bernstein analyst Richard J. Clarke highlights a hotel industry at a crossroads, as muted RevPAR growth, rising costs, and weakening owner returns reshape the outlook heading into 2026.&lt;/p&gt;&lt;p&gt;The analyst commented: &quot;In this note we revisit our proprietary owner returns analysis based on US Franchise Disclosure Documents (FDD's) and industry revenue/cost data to see the current landscape for owners and how this has evolved since 2023. The last couple of years have been tough for hotel owners - RevPAR in the US has grown ~1% since 2023 and has declined for every chain scale below Upscale. Over the same time period,</description>
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   <title>Bernstein: 'Which Hotel Should I Own Into 2026?'</title>
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   <description>&lt;p&gt;Bernstein analyst Richard J. Clarke highlights a hotel industry at a crossroads, as muted RevPAR growth, rising costs, and weakening owner returns reshape the outlook heading into 2026.&lt;/p&gt;&lt;p&gt;The analyst commented: &quot;In this note we revisit our proprietary owner returns analysis based on US Franchise Disclosure Documents (FDD's) and industry revenue/cost data to see the current landscape for owners and how this has evolved since 2023. The last couple of years have been tough for hotel owners - RevPAR in the US has grown ~1% since 2023 and has declined for every chain scale below Upscale. Over the same time period,</description>
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