REITs report wide variance in results, guidance

NATIONAL REPORT — Most hospitality REITs are reporting their fourth-quarter and full-year 2025 earnings in the back half of February with Bethesda, Maryland-based Host Hotels & Resorts made headlines starting the roll call last week by issuing some of the most optimistic guidance for 2026 so far, while Tysons, Virginia-based Park Hotels & Resorts made news by naming a COO and continuing to actively sell non-core parts of its portfolio.

This week, Apple Hospitality REIT reported RevPAR losses in Q4 and issued conservative guidance for 2026, while Ryman Hospitality reported record earnings and touted future growth for its newest asset in Arizona.

We take a deeper look at three REITs that have reported so far this week below: 

Apple Hospitality

The Richmond, Virginia-based REIT reported softer RevPAR in Q4 than expected due to policy uncertainty and a pullback in government travel, with RevPAR down 2.6% year-over-year amid lower occupancy and a 0.9% ADR drop. RevPAR for full-year 2025 was down 1.6% YOY, driven primarily by a drop in occupancy and stagnant ADR. President and CEO Justin Knight said leisure travel remained strong across the REIT’s portfolio.

Apple also reported 2026 guidance of between -1% to 1% as the REIT went with a more conservative outlook for the year. “We believe that this represents a measured base case scenario for our portfolio, with early summer potentially benefiting from incremental leisure travel related to the FIFA World Cup 2026 and easier comparisons,” he said. “As we saw last year, the possibility of policy-related demand disruption is real. We are, however, optimistic about the setup for the year and feel we are well-positioned, regardless of how things play out in the broader economy.” The REIT sold seven hotels (all previously announced) in 2025 for a combined gross sales price of approximately $73.3 million.

Analyst Michael Bellisaio of R.W. Baird said the softer-than-expected 2026 guidance was a surprise. “All the focus, though, will be on guidance – the adjusted EBITDA midpoint (adjusted for the add-back of stock-based compensation expense) is 3.5% below our estimate and further below consensus. We hope to better understand the level of conservatism included in the 2026E outlook.”

Ryman Hospitality

The Nashville-based REIT reported all-time quarterly record consolidated revenue of $737.8 million in the fourth quarter, driven by quarterly record same-store Hospitality segment revenue of $578.2 million and record Q4 Entertainment segment revenue of $109.5 million. The REIT’s Q4 RevPAR increased 5.4%, with occupancy down 1% but ADR gains of 7.1%.

President and CEO Mark Fioravanti said the REIT’s Q4 performance reflected strong demand for its holiday programming. “In our hospitality business, meeting planner sentiment strengthened as the quarter progressed, driving monthly record same-store gross group room nights, projected revenue, and projected ADR bookings production for all future periods during December,” he said. “Looking ahead, projected same-store group rooms revenue on the books for 2026 is pacing up approximately 6% compared to the same time last year for 2025, supported by expected mid-single-digit ADR growth on these bookings for 2026.”

The REIT projected positive guidance for 2026, with RevPAR gains of 1.5-3.5%, assuming growth in group business and a stable leisure business. The REIT also reported positive comparisons for its JW Marriott Desert Ridge property in Arizona, which the company acquired last year. Fioravanti said Q4 results for the new property were in line with expectations, with transient demand increasing nearly 10% YOY, supported by expanded holiday programming, and that the property’s meeting space conversion, which is underway, remains on track to open in April.

Analyst C. Patrick Scholes of Truist Securities said Ryman’s Q4 performance was better than expected, driven by RevPAR and rooms margin. “Same store RevPAR growth of +3.9% YOY was ahead of Street expectations for +2.1% and total RevPAR of +5.2% was also above consensus of +2.4%. Additionally, earnings upside was driven by better-than-expected room margins at 77.3%, approximately 200 basis points above consensus expectations.”

Xenia Hotels & Resorts

The Orlando, Florida-based REIT reported RevPAR gains of 4.5% in the fourth quarter year-over-year and reported RevPAR gains of 3.9% YOY for the full year.

CEO Marcel Verbaas said strong group and transient demand helped drive the gains in Q4 and said significant growth in F&B revenue led to total RevPAR gains of 8% for 2025 YOY. “Looking ahead, we are optimistic about our positive trajectory as lodging demand remains resilient despite continued uncertainty in the broader overall economic climate,” he said.

Xenia projected RevPAR gains of 1.5-4.5% as part of its 2026 guidance.

Bellisario said Xenia’s Q4 results were well ahead of Street forecasts and the REIT’s 2026 results continued that trend. “Xenia’s portfolio continues to perform well… YTD RevPAR growth has been +4.6% (Super Bowl benefit), and the company’s 2026 outlook brackets expectations and reflects continued top- and bottom-line growth.”