Bernstein raises PT for Hyatt, Marriott on strong 2026 demand

Bernstein raises PT on U.S. hotel operators Hyatt H.N to $188 from $177 and Marriott MAR.O to $329 from $327; maintains H's rating at "marketperform" and MAR's rating at "outperform"

Sees improved revenue per available room in 2026 as hotels will see increased US government travel by March/April; govt spending accounted for about 4% of Marriott's U.S. and Canada room nights in 2024

Adds 250th birthday of the U.S. also offer tailwinds across 2026 Q2/Q3

Brokerage expects Hyatt to lead on topline growth, combining robust RevPAR (2%–2.5%) and net unit growth (6.3%–7%), followed by Marriott with moderate RevPAR (1.5%–2.5%) and ~5% NUG

As of last close, Hyatt down 4.9% and Marriott up 1.4%, YTD