What this is
The REITs section follows the 13 US-listed hotel REITs one company at a time. Each REIT has two kinds of numbers, always kept apart: reported figures from its SEC filings, and, from Tue, Oct 27, 2026, captured Google Hotels rates for the hotels it owns, taken every Tuesday with the same rules as Tuesday Trends. Around each earnings call, the two are compared.
Decision support, not investment advice; no ratings or price targets.
Independent research; not affiliated with or endorsed by any REIT.
The 13 REITs
Pure-play US hotel REITs listed on a US exchange. A diversified REIT that also owns hotels and a REIT in wind-down are excluded. Peer groups are used for the board filter:
- Luxury & upper-upscale: HST, PK, PEB, DRH, SHO, XHR, BHR
- Select-service: APLE, INN, CLDT
- Other: RHP, RLJ, AHT (a group-oriented convention-resort owner, and REITs that fit neither group)
Reported data: sources
All reported figures come from SEC EDGAR: quarterly reports (10-Q), annual reports (10-K), and the earnings releases each REIT files as an exhibit to a current report (8-K, exhibit 99.1). The archive covers 13 quarters, Q2 2023 to Q2 2026.
- Provenance on every value. Each number on the board and on REIT pages links to the filing document it was read from.
- As each REIT reports it. RevPAR, ADR and occupancy are the REIT's own figures for the portfolio it reports on (often a comparable or same-property set). REITs define those sets differently, so cross-REIT comparisons are indicative.
- Order of reading. Structured XBRL data first, then the tables in the earnings release, then the report's discussion section. Supplemental PDF packages are not parsed; their links are kept.
- Checks. Every value passes format and range checks, and a sample of values read from tables is queued for a hand check against the filing. Values that fail stay off the site until resolved.
Property universe
The universe is every hotel the 13 REITs own, built from the property lists in their filings, with the owning REIT and the dates it bought or sold each hotel, so captured rates are always attributed to the owner at the time. It currently holds 738 hotels and 197,041 rooms: the FY2025 10-K property schedules, rolled forward for later purchases and sales. The room total leaves out the six hotels Chatham Lodging Trust (CLDT) bought in March 2026, because its filings give no per-hotel room counts for them.
Transactions are recorded from the transaction tables in 10-Q, 10-K and earnings-release filings. Deals disclosed only in other 8-K filings, and hotels handed back to lenders, are not yet included, so the recorded list may be incomplete (it is known to be for HST, PK, SHO and CLDT) and a REIT's current hotel list can differ slightly from the count in its latest quarterly report. Ryman Hospitality Properties (RHP) states room counts but no hotel count, so its pages show rooms only.
Captured rates
From Tue, Oct 27, 2026, the REITs' current hotels are priced on Google Hotels each Tuesday, with the same rules as Tuesday Trends:
- 2 adults, nightly, in US dollars, before taxes and fees.
- The cheapest refundable rate for each hotel; low-confidence, reseller-only prices are left out of medians.
- Five horizons (1 week out, 1 month out, 3 months out, 6 months out, about 11 months out), each with a weekday stay (Mon–Thu) and a weekend stay (Fri–Sun).
- A hotel Google shows with no bookable rates is recorded as “no rates on Google”, never as sold out.
- Each hotel is matched to a single Google Hotels listing from the name and location in the REIT's filings. A hotel that can't be matched with confidence is left out rather than guessed, so “X of N” can be below a REIT's full count.
- A hotel that is also on a Tuesday Trends market list is priced once, and both pages read that same result.
- Each REIT is captured on its own, so a failure for one REIT never holds up the others, and a re-run never double-counts.
On the board each REIT shows its median captured rate for a stay 30 days out (Mon–Thu) and how many of its current hotels were priced (“X of N”); each REIT's page shows all ten stays. A REIT median is shown when at least 8 of its hotels have a refundable rate for that stay; below 8 it shows “thin” instead of a number. (Tuesday Trends market pages keep their own rule of 15 of 50 hotels.) Every captured figure carries its capture date. Until the first capture, those columns stay empty rather than show an estimate.
Tracking gap
The tracking gap compares what a REIT's hotels were listed for on Google with the ADR the REIT later reports for the same quarter. Listed rates are what hotels ask; ADR is what guests paid, after group, contract and loyalty rates. A steady gap is normal. What matters is whether captured rates move ahead of reported ADR, and by how much. It is computed only once a quarter's captures and its reported ADR both exist.
Occupancy is never captured. Google shows prices, not how many rooms are sold, so occupancy appears only as a reported figure. “No rates on Google” is not an occupancy signal.
What it is and isn't
- It is decision support: a repeatable read of each REIT's reported results and, soon, its hotels' listed rates.
- It is not investment advice. There are no buy or sell ratings and no price targets.
- It is not affiliated with or endorsed by any REIT.
- It does not forecast results; captured rates are listed prices, not bookings.
Change log
- Oct 25, 2026: section launched in preview with reported data from SEC filings through Q2 2026 and the earnings calendar. Weekly captures start Tue, Oct 27, 2026.
See also the Tuesday Trends methodology for the market-level weekly rate board these captures follow.