Four major U.S. hotel real estate investment trusts (REITs) reported increased revenue per available room (RevPAR) through 2026 amid improving operational results, according to data compiled by 24/7 Wall St. Apple Hospitality REIT, Ryman Hospitality Properties, Xenia Hotels & Resorts, and Sunstone Hotel Investors showed gains in occupancy, average daily rates, and EBITDA for their portfolios.
Apple Hospitality Generates Strong Revenue Growth with Solid Dividend Coverage
Apple Hospitality REIT recorded a preliminary 10% increase in October comparable hotel RevPAR, or about 7% to 8% after adjusting for easier year-over-year comparisons. As of October 31, the company operated 210 unencumbered select-service hotels under Hilton, Marriott, and Hyatt brands, including Hampton Inn
& Suites and Residence Inn. In the third quarter, comparable hotel RevPAR rose 7.3% to $133.60 while occupancy reached 78.3%. The ADR increased 4.3% to $170.53, with September seeing an 11.2% RevPAR jump.
Apple Hospitality pays a monthly dividend of $0.08, or $0.96 annually, yielding approximately 5.08% based on a closing stock price of $18.88. Its third-quarter Modified Funds From Operations (MFFO) grew 16.3% to $0.50 per share, reaching $1.36 per share year-to-date. The company covered about 65% of distributions via MFFO after capital expenditures. Apple Hospitality’s leverage ratio is near three times trailing EBITDA, with $700 million available from
its undrawn revolving credit facility. CEO Justin Knight stated that for every incremental revenue dollar, 63 cents were converted into adjusted hotel EBITDA. The company increased full-year Adjusted EBITDA guidance to between $482 million and $493 million for 2026.
Ryman Hospitality Sees Growth in Group Business and Dividend Increases
Ryman Hospitality Properties reported a 7.9% rise in third-quarter same-store RevPAR combined with a 12% increase in Adjusted EBITDAre. The company’s banquet and audiovisual revenues increased by 14%. The portfolio includes Gaylord Hotels like Opryland and JW Marriott properties, with Grande Lakes Orlando added in September. Ryman booked more than 653,000 same-store group room nights for future periods, achieving a record
third-quarter ADR of $293. Signed group room revenue for 2027 is 4.5% ahead of the previous year.
Ryman raised its quarterly dividend to $1.20, annualizing to $4.80, with a yield of about 3.64% based on a closing price of $131.99. The payout increased from $1.15 starting January 2026. Management announced that the midpoint of its AFFO per-share guidance implies nearly 10% growth, despite recent equity dilution. Ryman’s dividend policy targets distributing 100% of REIT taxable income over time. The company holds liquidity near $1.3 billion. Its pro forma net leverage stands at 4.4 times following the Grande Lakes acquisition, funded
through $700 million in new notes and a stock sale.
Xenia Posts RevPAR and EBITDA Gains While Facing Group Demand Dip
Xenia Hotels & Resorts owns 29 luxury and upper-upscale hotels with 8,783 rooms in 22 markets including Grand Hyatt Scottsdale, Royal Palms Resort & Spa, Andaz Napa, and The Ritz-Carlton Denver. It reported a 12.5% increase in same-property third-quarter RevPAR to $184.75, an occupancy rate of 70%, and ADR of $264. Hotel EBITDA rose 29.3%, driven in part by higher corporate transient travel. October RevPAR increased about 8% month-over-month.
Xenia pays a quarterly dividend of $0.14, yielding approximately 2.7% at a closing stock price of $20.99. Full-year Adjusted Funds From
Operations (FFO) guidance ranges from $2.08 to $2.14 per share, resulting in a payout ratio near 27%. Free cash flow is estimated at about $1.30 per share. The company’s net leverage decreased from 5.2 times to 4.4 times, and after an early 2027 loan payoff, 28 of its 29 hotels will be free of property-level debt. However, its group pace for 2027 declined 4%, mainly in the second half of the year. Renovations at Andaz Napa and The Ritz-Carlton Denver are scheduled to begin in December.
Sunstone Hotel Investors Reports RevPAR Growth and Stock Buybacks
Sunstone Hotel Investors, with 13 hotels totaling roughly 6,200 rooms including Hilton San Diego
Bayfront, Wailea Beach Resort, Andaz Miami Beach, Montage Healdsburg, Four Seasons Resort Napa Valley, and The Westin Washington DC Downtown, posted an 11.4% increase in third-quarter RevPAR to $235.22. Occupancy was 72.7%, and ADR rose to $323.55. Wailea Beach Resort contributed a significant RevPAR jump of nearly 27%. The portfolio-wide group pace for 2027 increased by mid- to high-single digits, marking Sunstone’s best group production in a decade.
Sunstone pays a quarterly dividend of $0.09, or $0.36 annually, with a yield around 2.9% based on a closing price of $12.35. Its Adjusted FFO guidance was increased twice in 2026 to
between $1.00 and $1.03 per share, implying a payout ratio near 35%. Management projects 2027 quarterly dividends between $0.11 and $0.12 per share. The company’s net leverage ratio is 2.8 times, or 3.7 times including preferred stock. Earlier in 2026, Sunstone sold the Hyatt Regency San Francisco for $279 million and has since repurchased $196.9 million of its own shares, boosting Adjusted FFO per share by 17.6% to $0.20 in the third quarter. Despite an 8.9% rise in expenses, margin expansion was limited to 50 basis points, affected by storms at Wailea and renovations at its Key West property.
Apple
Hospitality leads the group with a yield above 5% and pays out approximately 65% of MFFO after capital expenditures, ensuring coverage of its monthly dividend. Xenia and Sunstone distribute roughly one-quarter to one-third of their Adjusted FFO, with Sunstone signaling increased dividend payments in 2027. Ryman pays the largest dollar dividend supported by improving AFFO and substantial forward bookings, but it has the highest net leverage alongside Xenia. Dividend safety remains a concern among investors as hotel REITs face rising revenue per room amid fluctuating market conditions.
