The third quarter of 2025 brought another rocky round of performance results for hotel companies, which posted widespread U.S. RevPAR declines amid a challenged travel environment and broader economic uncertainty. Development and technology bright spots, though, gave CEOs optimism about future growth.
Hilton, Wyndham Hotels & Resorts, IHG Hotels & Resorts, Marriott International, Choice Hotels International and Hyatt all reported U.S. RevPAR declines in Q3, with Wyndham seeing the greatest dip of 5% year over year.
During an earnings call, Wyndham CEO Geoff Ballotti said the poor results came amid “continued consumer caution in an uncertain economic environment.” CEOs from Hilton and Choice, meanwhile, pointed to weakened government and international inbound travel.
Hilton, Wyndham and Choice downgraded their full-year 2025 RevPAR outlooks following Q3. Marriott and Hyatt held their RevPAR forecasts steady, though Marriott lowered its full-year net rooms outlook after terminating its long-term licensing agreement with Sonder last week.
In Las Vegas, specifically, Caesars Entertainment and MGM Resorts International also saw steep RevPAR declines in the third quarter, with their CEOs pointing to softened leisure demand in the market. During an earnings call, MGM CEO Bill Hornbuckle said Vegas’ luxury segment continues to strengthen, though.
Wynn Resorts’ Q3 was buoyed by premium pricing. And luxury bolstered Hyatt, Marriott and Accor as well in the third quarter, with Hyatt CEO Mark Hoplamazian saying during an earnings call that “continued momentum from the luxury segment is expected.”
Amid a growing wealth bifurcation in the hotel industry, luxury travelers are currently thriving, hospitality executives shared at this year’s Lodging Conference.
On the development front, conversions were a driver of portfolio growth for several companies in Q3. Following the quarter’s close, Hilton, Marriott and Wyndham all launched conversion friendly collection brands. IHG, meanwhile, unveiled an as-yet-unnamed new collection brand in its Q3 earnings report.
Another bright spot for Marriott, Wyndham and Hyatt in Q3 was agentic development. Wyndham put 250 AI agents into production during the quarter, while Marriott continued its multiyear digital and technology transformation. And Hyatt has “built several agentic platforms already, internally,” Hoplamazian said during earnings.
Below is a roundup of Hotel Dive’s Q3 earnings coverage, with insights into the top hospitality industry happenings this quarter and what trends will impact Q4 and beyond.
