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What are the key sales KPIs for the Hotel Brand Operations industry in 2027?

👁 0 views📖 1,947 words⏱ 9 min read5/30/2026

Direct Answer

The nine KPIs that actually run a Hotel Brand Operations business in 2027 are: RevPAR (Revenue per Available Room), ADR (Average Daily Rate), Occupancy %, GOPPAR (Gross Operating Profit per Available Room), Net Unit Growth %, Pipeline (Signed but Not Opened Rooms), Direct-Booking Mix vs OTA %, Loyalty Enrollment and Revenue Capture %, Group Business Mix %, and F&B Revenue per Occupied Room.

Together they answer the only questions an asset-light hotel CFO and the board care about: are we growing the system faster than the market, are we charging more per room than the cycle warrants, and is the franchise/management fee engine compounding.

TL;DR
— Hilton's 2026 outlook calls for 2-3% system-wide RevPAR growth and 6-7% net unit growth on a record 527,000-room pipeline; Marriott's outlook is 1.5-2.5% RevPAR and 4.5-5% net rooms growth. Direct-booking mix should sit above 50% for the majors, loyalty members should drive 60%+ of room nights, and GOPPAR should outpace RevPAR by 100-200bps.
Track RevPAR, ADR, and occupancy weekly via STR; reforecast pipeline conversions monthly; review GOPPAR, direct mix, and loyalty capture quarterly with the franchise owners.

Why Hotel Brand Operations Works Differently

Asset-light fee engine, not a hotel operator. Marriott, Hilton, Hyatt, IHG, Wyndham, Accor, and Choice are not hotels — they are brand-licensing and management businesses. ~99% of Marriott's room count is franchised or managed, not owned. Revenue flows as franchise fees (~5% of room revenue), management fees (~3% of revenue + incentive), and program contributions (loyalty, marketing, reservations).

The CFO is selling distribution, brand, and the booking funnel, not pillow-top mattresses.

Pipeline-to-opening conversion is the multiplier. Net unit growth is what creates the compounding fee stream. Hilton's pipeline reached a record 527,000 rooms as of Q1 2026 — roughly 45% of its existing supply — and converts at ~20% per year. Marriott crossed a 587,000-room pipeline.

The board metric is signed-to-opened conversion velocity, because a slipping pipeline shows up in fee growth 18-24 months later.

RevPAR cycle exposure, smoothed by global scale. RevPAR is the headline industry metric (occupancy x ADR) and is the lens STR and CoStar use to call the cycle. Global RevPAR growth was ~3-4% in 2025, decelerating into 2026 on tougher comps. Geographic and segment diversification (luxury, full-service, select-service, extended-stay, all-inclusive) is how the majors smooth a US lodging-cycle peak with APAC growth and EMEA recovery.

Direct-vs-OTA distribution war. OTAs (Booking, Expedia, Airbnb) take 15-25% commission on bookings; direct channels cost ~5%. Every percentage point of direct-booking mix is worth ~$50-80M of contribution margin at major-brand scale. Hilton Honors and Marriott Bonvoy each carry 200M+ members because membership is the structural moat against OTA commission creep.

Loyalty share of room nights in the high-60s percent is now table stakes for the big-three.

The 9 KPIs, In Depth

1. RevPAR (Revenue per Available Room). Occupancy multiplied by ADR. The single most-watched lodging metric. Hilton's Q1 2026 system-wide comparable RevPAR rose 3.6%; full-year guide is 2-3%. Marriott's 2026 outlook is 1.5-2.5%. Best-in-class brands index RevPAR vs. STR competitive set above 110 (a 10% premium).

2. ADR (Average Daily Rate). Average room rate paid. US ADR sat around $159 in 2025 per STR; luxury ADR is $400+, economy closer to $90. ADR growth has carried RevPAR since 2023 — occupancy has plateaued, rate has done the work. The risk: rate-led growth runs into demand elasticity around the 5-7% YoY mark.

3. Occupancy %. Rooms sold divided by rooms available. US occupancy is stuck around 63-64% in 2025-26 vs. Pre-pandemic 66%. Anything above 70% on a system basis is exceptional; luxury runs 65-70%, select-service 70-75%, urban markets 75%+. Occupancy below 60% means brand-level discounting pressure is coming.

4. GOPPAR (Gross Operating Profit per Available Room). GOP divided by available rooms. The owner's true profitability metric. STR benchmarks US GOPPAR around $80-85 in 2025; luxury hotels exceed $200. The right test is whether GOPPAR is growing faster than RevPAR — if it lags, labor, F&B, and energy cost inflation is eating the rate gains.

5. Net Unit Growth %. Net new rooms added to the system, year over year. Hilton's 2026 guide is 6-7%; Marriott is 4.5-5%; Hyatt has been growing rooms above 6% via acquisitions (Apple Leisure, Mr & Mrs Smith, Standard); Wyndham and Choice sit at 1-3% organic.

Above 5% is best-in-class; below 2% means the brand is losing share to competitors and conversions.

6. Pipeline (Signed but Not Opened Rooms). Rooms under signed franchise/management agreement, not yet operating. Hilton's 527K pipeline and Marriott's 587K pipeline are records as of 2026.

Pipeline-to-system ratio above 40% predicts 5%+ net unit growth for 24 months. Watch construction-start lag — a stalling pipeline in 2026 is missed fee revenue in 2028.

7. Direct-Booking Mix vs OTA. Share of room nights booked through brand.com, brand app, call centers, and direct corporate vs. OTAs and metasearch.

Marriott and Hilton each run direct mix in the high 70s percent of room nights for managed/franchised. The benchmark is OTA share trending down or flat — if OTA share is climbing 200bps a year, the loyalty program is losing the war.

8. Loyalty Enrollment and Revenue Capture %. Total members and the share of room nights and revenue from members. Marriott Bonvoy crossed 228M members in 2025; Hilton Honors 222M; IHG One Rewards ~150M; Accor Live Limitless ~100M.

The operating metric is member-room-night-share — Marriott reports above 65%, Hilton above 67%. Best-in-class targets a 200bps annual lift in member revenue capture.

9. Group Business Mix %. Share of revenue from group bookings (conferences, weddings, corporate events) vs. Transient (individual).

US group business returned to 22-25% of revenue by 2025 vs. Transient at 65-70%. Group recovery is the cycle-lag indicator — bookings happen 12-18 months out, so 2026 group pace is a 2027 RevPAR signal.

F&B revenue per occupied room moves with group mix.

flowchart TD A[Signed Franchise or Mgmt Agreement] --> B[Pipeline Add] B --> C{Construction and Conversion} C -->|18-24 mo Open| D[Net Unit Growth] D --> E[System-wide Room Count] E --> F[Occupancy x ADR = RevPAR] F --> G{Distribution Channel} G -->|Direct or Loyalty| H[Low Commission 5%] G -->|OTA or Metasearch| I[High Commission 15-25%] H --> J[Net RevPAR to Owner] I --> J J --> K[GOPPAR After Operating Costs] K --> L[Franchise and Mgmt Fees to Brand] L --> M[Reinvest in Loyalty + Tech + Marketing] M --> A

Real Operators

Marriott International leads the system at 1.7M+ rooms across 30+ brands with a 587K pipeline and ~$25.3B revenue in 2025. Hilton Worldwide runs ~1.27M rooms, the record 527K pipeline, and posted $1.46B net income on $11.2B revenue in 2025. Hyatt Hotels crossed 350K rooms after the Apple Leisure and Mr & Mrs Smith acquisitions with $7B+ revenue.

IHG Hotels & Resorts runs ~960K rooms across InterContinental, Holiday Inn, Crowne Plaza, Kimpton; reported ~$2.3B revenue in 2025. Wyndham Hotels & Resorts is the largest by hotel count (~9,200) at ~900K rooms via economy and midscale. Accor leads EMEA at 850K+ rooms and ~$6.0B revenue across Sofitel, Novotel, Ibis, Pullman, and Raffles.

Choice Hotels International runs ~660K rooms after the Radisson Americas acquisition. Best Western at ~190K rooms is the conversion-brand cautionary tale of stalled NUG. Four Seasons (private, Mubadala/Cascade) runs the ultra-luxury benchmark with 130+ hotels.

Aman, Soneva, and Belmond define the sub-100-hotel ultra-luxury reference set with $2K+ ADRs.

Failure Modes

The four that kill brand-operations P&L. (1) Pipeline stalls without conversion offset — when signed rooms drop and construction-start lag widens, fee growth falls off a cliff 18-24 months out. (2) OTA share creep without loyalty defense — every percentage point of OTA mix gained is ~$50-80M of commission paid to Booking and Expedia annually at majors-scale.

(3) RevPAR-only reporting hiding GOPPAR compression — labor and energy cost inflation eats rate gains; if GOPPAR is not growing alongside RevPAR, owners revolt and the management contract renewal cycle turns hostile. (4) Conversion-brand dilution — chasing net unit growth via low-quality conversions degrades the brand premium, indexes drop below 100 vs.

Competitive set, and loyalty members defect.

Reporting Cadence

Daily: STR Smith Travel Daily by competitive set, brand.com bookings, central reservations volume. Weekly: RevPAR index vs. STR comp set, ADR, occupancy, group booking pace 12-month forward, OTA share of new reservations.

Monthly: GOPPAR by hotel, direct vs. OTA mix, loyalty enrollment new sign-ups, pipeline signings vs. Plan, openings vs.

Plan, F&B revenue per occupied room. Quarterly: full segment P&L (luxury, full-service, select-service, extended-stay, all-inclusive), net unit growth, fee revenue by type, loyalty revenue capture %, board-level reforecast of system-size and pipeline targets.

flowchart TD A[Daily STR + Brand.com Telemetry] --> B[RevPAR + ADR + Occupancy + Direct] B --> C[Weekly RM Operating Review] C --> D[RevPAR Index + Group Pace + OTA Share] D --> E[Monthly Owner Review] E --> F[GOPPAR + Loyalty + Pipeline + F&B per OR] F --> G[Quarterly Earnings + Board] G --> H[Full Segment P&L + NUG + Fee Mix + Loyalty Capture] H --> I[Re-forecast Pipeline + Brand-Index + Direct Mix Targets] I --> A

30/60/90 Day Plan

Days 1–30: instrument the nine KPIs end-to-end. Reconcile system-wide room counts across the franchise database, central reservations system, and finance ledger — they will disagree on day one and the gap exposes the first conversion and termination tracking issue. Subscribe the brand finance team to STR Smith Travel Daily and Premium Pipeline.

Baseline RevPAR index versus competitive set for the bottom-quartile properties.

Days 31–60: ship the GOPPAR-vs-RevPAR delta dashboard by region and brand. Wire it to the property management system on one side and the franchise fee ledger on the other. Identify the bottom-decile properties by GOPPAR-growth-minus-RevPAR-growth — that is where owners are about to renegotiate the management contract or rebrand.

Brief the franchise services team and the regional VPs.

Days 61–90: run the first quarterly direct-vs-OTA pricing audit. Audit OTA parity, loyalty member-exclusive rates, and brand.com conversion funnel. Model expected direct-mix lift at 100-200bps and member-revenue-capture lift at 50-100bps.

Present the operating model to the CFO and CCO with monthly checkpoints on RevPAR index, GOPPAR, direct mix, and pipeline conversion velocity.

FAQ

Is RevPAR or GOPPAR the right primary KPI? RevPAR for the brand company, GOPPAR for the owner. The brand is paid on room revenue and franchise/management fees; the owner is paid on the bottom line after labor, F&B, and energy. The healthiest brands are the ones whose franchisees post GOPPAR growth ahead of RevPAR — because those owners renew and sign more rooms.

How do you compare net unit growth across the majors? Always on a same-stores basis and net of terminations. Hilton and Marriott both report net unit growth excluding HGV/MVW timeshare. Adding a new brand via acquisition (Hyatt + Apple Leisure, Choice + Radisson Americas) is not organic NUG and should be footnoted.

What is a healthy direct-booking mix? Above 70% of room nights for the global majors, above 50% for franchised mid-scale brands. Below 50% on direct mix means the loyalty program is losing the OTA war and commission expense will compound.

How do you track pipeline quality, not just size? Decompose pipeline into under-construction, approved-not-started, and signed-only. Under-construction rooms open at ~80-90% within 24 months; signed-only convert at 25-40%. A pipeline that is 60%+ under-construction is high-quality; one that is 60%+ signed-only is at risk of slippage.

Sources

STR / CoStar — Global Hotel RevPAR, ADR, Occupancy, and Smith Travel Daily
American Hotel & Lodging Association (AHLA) — State of the Hotel Industry Report
Hilton Worldwide Holdings Inc. — Form 10-K (FY2025) and Q1 2026 Earnings Release
Marriott International Inc. — Form 10-K (FY2025) and Investor Day Materials
Hyatt Hotels Corporation — Form 10-K (FY2025)
InterContinental Hotels Group plc (IHG) — Annual Report (FY2025)
Wyndham Hotels & Resorts Inc. — Form 10-K (FY2025)
Choice Hotels International Inc. — Form 10-K (FY2025)
Accor SA — Universal Registration Document (FY2025)
HotStats — Global GOPPAR & Hotel P&L Benchmarking

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### Direct Answer

The nine KPIs that actually run a Hotel Brand Operations business in 2027 are: **RevPAR (Revenue per Available Room)**, **ADR (Average Daily Rate)**, **Occupancy %**, **GOPPAR (Gross Operating Profit per Available Room)**, **Net Unit Growth %**, **Pipeline (Signed but Not Opened Rooms)**, **Direct-Booking Mix vs OTA %**, **Loyalty Enrollment and Revenue Capture %**, **Group Business Mix %**, and **F&B Revenue per Occupied Room**. Together they answer the only questions an asset-light hotel CFO and the board care about: are we growing the system faster than the market, are we charging more per room than the cycle warrants, and is the franchise/management fee engine compounding.

> **TL;DR** — Hilton's 2026 outlook calls for 2-3% system-wide RevPAR growth and 6-7% net unit growth on a record 527,000-room pipeline; Marriott's outlook is 1.5-2.5% RevPAR and 4.5-5% net rooms growth. Direct-booking mix should sit above 50% for the majors, loyalty members should drive 60%+ of room nights, and GOPPAR should outpace RevPAR by 100-200bps. Track RevPAR, ADR, and occupancy weekly via STR; reforecast pipeline conversions monthly; review GOPPAR, direct mix, and loyalty capture quarterly with the franchise owners.

## Why Hotel Brand Operations Works Differently

**Asset-light fee engine, not a hotel operator.** Marriott, Hilton, Hyatt, IHG, Wyndham, Accor, and Choice are not hotels — they are brand-licensing and management businesses. ~99% of Marriott's room count is franchised or managed, not owned. Revenue flows as franchise fees (~5% of room revenue), management fees (~3% of revenue + incentive), and program contributions (loyalty, marketing, reservations). The CFO is selling distribution, brand, and the booking funnel, not pillow-top mattresses.

**Pipeline-to-opening conversion is the multiplier.** Net unit growth is what creates the compounding fee stream. Hilton's pipeline reached a record 527,000 rooms as of Q1 2026 — roughly 45% of its existing supply — and converts at ~20% per year. Marriott crossed a 587,000-room pipeline. The board metric is signed-to-opened conversion velocity, because a slipping pipeline shows up in fee growth 18-24 months later.

**RevPAR cycle exposure, smoothed by global scale.** RevPAR is the headline industry metric (occupancy x ADR) and is the lens STR and CoStar use to call the cycle. Global RevPAR growth was ~3-4% in 2025, decelerating into 2026 on tougher comps. Geographic and segment diversification (luxury, full-service, select-service, extended-stay, all-inclusive) is how the majors smooth a US lodging-cycle peak with APAC growth and EMEA recovery.

**Direct-vs-OTA distribution war.** OTAs (Booking, Expedia, Airbnb) take 15-25% commission on bookings; direct channels cost ~5%. Every percentage point of direct-booking mix is worth ~$50-80M of contribution margin at major-brand scale. Hilton Honors and Marriott Bonvoy each carry 200M+ members because membership is the structural moat against OTA commission creep. Loyalty share of room nights in the high-60s percent is now table stakes for the big-three.

## The 9 KPIs, In Depth

**1. RevPAR (Revenue per Available Room).** Occupancy multiplied by ADR. The single most-watched lodging metric. Hilton's Q1 2026 system-wide comparable RevPAR rose 3.6%; full-year guide is 2-3%. Marriott's 2026 outlook is 1.5-2.5%. Best-in-class brands index RevPAR vs. STR competitive set above 110 (a 10% premium).

**2. ADR (Average Daily Rate).** Average room rate paid. US ADR sat around $159 in 2025 per STR; luxury ADR is $400+, economy closer to $90. ADR growth has carried RevPAR since 2023 — occupancy has plateaued, rate has done the work. The risk: rate-led growth runs into demand elasticity around the 5-7% YoY mark.

**3. Occupancy %.** Rooms sold divided by rooms available. US occupancy is stuck around 63-64% in 2025-26 vs. Pre-pandemic 66%. Anything above 70% on a system basis is exceptional; luxury runs 65-70%, select-service 70-75%, urban markets 75%+. Occupancy below 60% means brand-level discounting pressure is coming.

**4. GOPPAR (Gross Operating Profit per Available Room).** GOP divided by available rooms. The owner's true profitability metric. STR benchmarks US GOPPAR around $80-85 in 2025; luxury hotels exceed $200. The right test is whether GOPPAR is growing faster than RevPAR — if it lags, labor, F&B, and energy cost inflation is eating the rate gains.

**5. Net Unit Growth %.** Net new rooms added to the system, year over year. Hilton's 2026 guide is 6-7%; Marriott is 4.5-5%; Hyatt has been growing rooms above 6% via acquisitions (Apple Leisure, Mr & Mrs Smith, Standard); Wyndham and Choice sit at 1-3% organic. Above 5% is best-in-class; below 2% means the brand is losing share to competitors and conversions.

**6. Pipeline (Signed but Not Opened Rooms).** Rooms under signed franchise/management agreement, not yet operating. Hilton's 527K pipeline and Marriott's 587K pipeline are records as of 2026. Pipeline-to-system ratio above 40% predicts 5%+ net unit growth for 24 months. Watch construction-start lag — a stalling pipeline in 2026 is missed fee revenue in 2028.

**7. Direct-Booking Mix vs OTA.** Share of room nights booked through brand.com, brand app, call centers, and direct corporate vs. OTAs and metasearch. Marriott and Hilton each run direct mix in the high 70s percent of room nights for managed/franchised. The benchmark is OTA share trending down or flat — if OTA share is climbing 200bps a year, the loyalty program is losing the war.

**8. Loyalty Enrollment and Revenue Capture %.** Total members and the share of room nights and revenue from members. Marriott Bonvoy crossed 228M members in 2025; Hilton Honors 222M; IHG One Rewards ~150M; Accor Live Limitless ~100M. The operating metric is member-room-night-share — Marriott reports above 65%, Hilton above 67%. Best-in-class targets a 200bps annual lift in member revenue capture.

**9. Group Business Mix %.** Share of revenue from group bookings (conferences, weddings, corporate events) vs. Transient (individual). US group business returned to 22-25% of revenue by 2025 vs. Transient at 65-70%. Group recovery is the cycle-lag indicator — bookings happen 12-18 months out, so 2026 group pace is a 2027 RevPAR signal. F&B revenue per occupied room moves with group mix.

```mermaid
flowchart TD
    A[Signed Franchise or Mgmt Agreement] --> B[Pipeline Add]
    B --> C{Construction and Conversion}
    C -->|18-24 mo Open| D[Net Unit Growth]
    D --> E[System-wide Room Count]
    E --> F[Occupancy x ADR = RevPAR]
    F --> G{Distribution Channel}
    G -->|Direct or Loyalty| H[Low Commission 5%]
    G -->|OTA or Metasearch| I[High Commission 15-25%]
    H --> J[Net RevPAR to Owner]
    I --> J
    J --> K[GOPPAR After Operating Costs]
    K --> L[Franchise and Mgmt Fees to Brand]
    L --> M[Reinvest in Loyalty + Tech + Marketing]
    M --> A
```

## Real Operators

**Marriott International** leads the system at 1.7M+ rooms across 30+ brands with a 587K pipeline and ~$25.3B revenue in 2025. **Hilton Worldwide** runs ~1.27M rooms, the record 527K pipeline, and posted $1.46B net income on $11.2B revenue in 2025. **Hyatt Hotels** crossed 350K rooms after the Apple Leisure and Mr & Mrs Smith acquisitions with $7B+ revenue. **IHG Hotels & Resorts** runs ~960K rooms across InterContinental, Holiday Inn, Crowne Plaza, Kimpton; reported ~$2.3B revenue in 2025. **Wyndham Hotels & Resorts** is the largest by hotel count (~9,200) at ~900K rooms via economy and midscale. **Accor** leads EMEA at 850K+ rooms and ~$6.0B revenue across Sofitel, Novotel, Ibis, Pullman, and Raffles. **Choice Hotels International** runs ~660K rooms after the Radisson Americas acquisition. **Best Western** at ~190K rooms is the conversion-brand cautionary tale of stalled NUG. **Four Seasons** (private, Mubadala/Cascade) runs the ultra-luxury benchmark with 130+ hotels. **Aman**, **Soneva**, and **Belmond** define the sub-100-hotel ultra-luxury reference set with $2K+ ADRs.

## Failure Modes

The four that kill brand-operations P&L. **(1) Pipeline stalls without conversion offset** — when signed rooms drop and construction-start lag widens, fee growth falls off a cliff 18-24 months out. **(2) OTA share creep without loyalty defense** — every percentage point of OTA mix gained is ~$50-80M of commission paid to Booking and Expedia annually at majors-scale. **(3) RevPAR-only reporting hiding GOPPAR compression** — labor and energy cost inflation eats rate gains; if GOPPAR is not growing alongside RevPAR, owners revolt and the management contract renewal cycle turns hostile. **(4) Conversion-brand dilution** — chasing net unit growth via low-quality conversions degrades the brand premium, indexes drop below 100 vs. Competitive set, and loyalty members defect.

## Reporting Cadence

**Daily:** STR Smith Travel Daily by competitive set, brand.com bookings, central reservations volume. **Weekly:** RevPAR index vs. STR comp set, ADR, occupancy, group booking pace 12-month forward, OTA share of new reservations. **Monthly:** GOPPAR by hotel, direct vs. OTA mix, loyalty enrollment new sign-ups, pipeline signings vs. Plan, openings vs. Plan, F&B revenue per occupied room. **Quarterly:** full segment P&L (luxury, full-service, select-service, extended-stay, all-inclusive), net unit growth, fee revenue by type, loyalty revenue capture %, board-level reforecast of system-size and pipeline targets.

```mermaid
flowchart TD
    A[Daily STR + Brand.com Telemetry] --> B[RevPAR + ADR + Occupancy + Direct]
    B --> C[Weekly RM Operating Review]
    C --> D[RevPAR Index + Group Pace + OTA Share]
    D --> E[Monthly Owner Review]
    E --> F[GOPPAR + Loyalty + Pipeline + F&B per OR]
    F --> G[Quarterly Earnings + Board]
    G --> H[Full Segment P&L + NUG + Fee Mix + Loyalty Capture]
    H --> I[Re-forecast Pipeline + Brand-Index + Direct Mix Targets]
    I --> A
```

## 30/60/90 Day Plan

**Days 1–30:** instrument the nine KPIs end-to-end. Reconcile system-wide room counts across the franchise database, central reservations system, and finance ledger — they will disagree on day one and the gap exposes the first conversion and termination tracking issue. Subscribe the brand finance team to STR Smith Travel Daily and Premium Pipeline. Baseline RevPAR index versus competitive set for the bottom-quartile properties.

**Days 31–60:** ship the GOPPAR-vs-RevPAR delta dashboard by region and brand. Wire it to the property management system on one side and the franchise fee ledger on the other. Identify the bottom-decile properties by GOPPAR-growth-minus-RevPAR-growth — that is where owners are about to renegotiate the management contract or rebrand. Brief the franchise services team and the regional VPs.

**Days 61–90:** run the first quarterly direct-vs-OTA pricing audit. Audit OTA parity, loyalty member-exclusive rates, and brand.com conversion funnel. Model expected direct-mix lift at 100-200bps and member-revenue-capture lift at 50-100bps. Present the operating model to the CFO and CCO with monthly checkpoints on RevPAR index, GOPPAR, direct mix, and pipeline conversion velocity.

## FAQ

**Is RevPAR or GOPPAR the right primary KPI?** RevPAR for the brand company, GOPPAR for the owner. The brand is paid on room revenue and franchise/management fees; the owner is paid on the bottom line after labor, F&B, and energy. The healthiest brands are the ones whose franchisees post GOPPAR growth ahead of RevPAR — because those owners renew and sign more rooms.

**How do you compare net unit growth across the majors?** Always on a same-stores basis and net of terminations. Hilton and Marriott both report net unit growth excluding HGV/MVW timeshare. Adding a new brand via acquisition (Hyatt + Apple Leisure, Choice + Radisson Americas) is not organic NUG and should be footnoted.

**What is a healthy direct-booking mix?** Above 70% of room nights for the global majors, above 50% for franchised mid-scale brands. Below 50% on direct mix means the loyalty program is losing the OTA war and commission expense will compound.

**How do you track pipeline quality, not just size?** Decompose pipeline into under-construction, approved-not-started, and signed-only. Under-construction rooms open at ~80-90% within 24 months; signed-only convert at 25-40%. A pipeline that is 60%+ under-construction is high-quality; one that is 60%+ signed-only is at risk of slippage.

## Sources

- STR / CoStar — Global Hotel RevPAR, ADR, Occupancy, and Smith Travel Daily
- American Hotel & Lodging Association (AHLA) — State of the Hotel Industry Report
- Hilton Worldwide Holdings Inc. — Form 10-K (FY2025) and Q1 2026 Earnings Release
- Marriott International Inc. — Form 10-K (FY2025) and Investor Day Materials
- Hyatt Hotels Corporation — Form 10-K (FY2025)
- InterContinental Hotels Group plc (IHG) — Annual Report (FY2025)
- Wyndham Hotels & Resorts Inc. — Form 10-K (FY2025)
- Choice Hotels International Inc. — Form 10-K (FY2025)
- Accor SA — Universal Registration Document (FY2025)
- HotStats — Global GOPPAR & Hotel P&L Benchmarking

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