Truist Securities (formerly SunTrust Robinson Humphrey) reports, “Last week’s RevPAR was up against a -46.1% comparable result in 2020 vs. -49.4% in the prior week’s 2-year run-rate. On a 2-year run-rate, RevPAR was -3.0% vs. -3.6% in the prior week’s 2-year run-rate. Upscale RevPAR: +83.1% y/y and -12.4% over 2 years; Upper Midscale RevPAR: +67.3% y/y and +2.1% over 2 years. While one week does not make a trend, we think the somewhat weaker occupancy results vs. the prior week (ending 8/7/21) may be driven by a combination of the return-to-school and an increasingly negative demand impact (fear factor) from the Delta variant. August results are generally tougher/noisier to analyze due to the varied timing of return-to-school and generally light corporate demand. At this point, we would call the sequential change w/w as neutral to somewhat negative and we await the next few weeks of data through Labor Day weekend to see the extent of impact from the Delta variant."