Hotel real estate investment trusts (REITs) in the United States recorded higher revenue per available room (RevPAR) and occupancy rates in recent quarters, according to financial data analyzed by 24/7 Wall St. Major operators Apple Hospitality REIT, Ryman Hospitality Properties, Xenia Hotels & Resorts, and Sunstone Hotel Investors each posted RevPAR gains and varying dividend yields during 2026.
Apple Hospitality Reports 10% RevPAR Growth with 5% Dividend Yield
Apple Hospitality REIT’s October comparable hotel RevPAR rose approximately 10%, with management estimating an underlying gain of 7% to 8% after adjusting for last year’s government shutdown comparison. In third quarter 2026, comparable hotel RevPAR increased 7.3% to $133.60, occupancy reached 78.3%,
and average daily rate (ADR) climbed 4.3% to $170.53. September RevPAR spiked 11.2%. The REIT operates 210 debt-free select-service hotels under Hilton, Marriott, and Hyatt brands including Hampton Inn & Suites and Residence Inn.
Apple Hospitality’s monthly dividend of $0.08, or $0.96 annually, yields about 5.08% at a share price of $18.88. Modified funds from operations (MFFO) hit $0.50 per share in Q3, a 16.3% increase year-on-year, with $1.36 for the nine months ended. Dividends consumed about 65% of MFFO after capital expenditures. CEO Justin Knight stated the payout is “well-covered” and highlighted expense discipline converting $0.63 of each incremental
revenue dollar into adjusted hotel EBITDA. The REIT carries leverage near three times trailing EBITDA and holds $700 million of undrawn revolver capacity.
Ryman Hospitality Sees 7.9% RevPAR Growth Fueled by Group Business
Ryman Hospitality Properties’ third-quarter same-store RevPAR increased 7.9%, boosting adjusted EBITDAre by 12%. Banquet and audiovisual revenues rose 14% in the quarter. Ryman’s portfolio includes Gaylord Hotels such as Opryland and JW Marriott Hill Country, plus the recently acquired Grande Lakes Orlando. The company’s entertainment assets encompass the Grand Ole Opry and Ryman Auditorium.
In Q3, Ryman secured over 653,000 same-store group room nights for future periods, with a record third-quarter ADR of $293. Group rooms revenue
for 2027 is 4.5% higher than at the same time last year, supported by a 300 basis point increase in the corporate group mix. The quarterly dividend was raised from $1.15 to $1.20 to yield about 3.64% based on a share price of $131.99.
Ryman’s adjusted funds from operations (AFFO) per-share guidance midpoint targets nearly 10% growth. Its dividend policy aims to distribute 100% of REIT taxable income over time. The company maintains liquidity near $1.3 billion, with pro forma net leverage at 4.4x following the $700 million debt and equity raise to fund the Grande Lakes acquisition. Ryman’s dividend
depends heavily on group business, which paused payouts after the March 2020 shutdown, resuming low dividend payments by late 2022.
Xenia Hotels Increases RevPAR 12.5% With Lower Leverage
Xenia Hotels & Resorts, owning 29 luxury and upper-upscale hotels across 22 U.S. markets, reported a 12.5% increase in same-property RevPAR to $184.75 in Q3 2026, with 70.0% occupancy and an ADR of $264. Hotel EBITDA advanced 29.3%, boosted by stronger corporate transient travel. October RevPAR rose about 8%. The portfolio includes the Grand Hyatt Scottsdale, Royal Palms Resort & Spa, Andaz Napa, and The Ritz-Carlton Denver.
The company pays a $0.14 quarterly dividend ($0.56 annually), yielding approximately 2.7% based
on a $20.99 stock price. Xenia’s full-year adjusted funds from operations guidance ranges from $2.08 to $2.14 per share, reflecting a payout ratio near 27%. Net leverage fell from 5.2x to 4.4x, with 28 of 29 hotels expected to carry no property-level debt after a loan payoff in early 2027.
Group booking pace for 2027 declined 4%, mostly in the year’s second half. Renovation projects begin in December 2026 at Andaz Napa and The Ritz-Carlton Denver. Supply growth in Xenia’s markets is predicted to stay below 80 basis points in 2027, while midweek occupancy remains below 2019 levels, indicating potential
for recovery.
Sunstone’s RevPAR Rises 11.4%, Dividend Yield Near 2.9%
Sunstone Hotel Investors reported an 11.4% rise in RevPAR to $235.22, with occupancy of 72.7% and an ADR of $323.55 in Q3 2026. Wailea Beach Resort’s RevPAR surged nearly 27%. The REIT, which owns 13 hotels including Hilton San Diego Bayfront and Four Seasons Resort Napa Valley, noted its 2027 group booking pace increased mid- to high-single digits, marking its best group-production year in a decade.
The common dividend stands at $0.09 quarterly ($0.36 annually), yielding about 2.9% at a $12.35 share price. Adjusted funds from operations guidance rose to $1.00 to $1.03 per share, supporting a payout
ratio near 35%. Management anticipates the 2027 quarterly dividend between $0.11 and $0.12 per share.
Sunstone sold Hyatt Regency San Francisco for $279 million and used proceeds for $196.9 million of stock buybacks leading to a 17.6% increase in adjusted FFO per share to $0.20 through September. The REIT’s net leverage is 2.8x, or 3.7x including preferred stock. Sunstone management remarked that Andaz Miami Beach “still charges rates several hundred dollars behind its competitive set,” signaling room for revenue growth. However, weather disruptions at Wailea and renovations at Key West constrained margin expansion despite an 8.9% rise in expenses.
Diverse Dividend Yields and Leverage Highlight Investor Considerations
Among
the four hotel REITs, Apple Hospitality is the only one with a dividend yield above 5%, paying out about 65% of its MFFO after capex. Xenia and Sunstone distribute roughly one-quarter to one-third of adjusted FFO, with Sunstone signaling a potential increase in dividend payout for 2027. Ryman offers the highest dollar dividend supported by a rising AFFO outlook and record forward bookings, but carries net leverage at 4.4x, tied with Xenia for the highest leverage.
Hotel REIT dividends face scrutiny due to their variability, with past dividend reductions like Apple Hospitality’s drop from $0.01 monthly in 2021 to higher
current levels illustrating payout volatility. The distinct revenue model of hotel REITs, based on nightly room rates and occupancy rather than fixed long-term leases, underpins quarterly earnings and dividend coverage. New hotel supply constraints ahead of 2027 support revenue growth prospects.
24/7 Wall St. notes that investors should monitor forthcoming 2027 guidance updates in upcoming fourth-quarter earnings reports for these REITs to evaluate dividend security and growth potential.
