Truist Securities (formerly SunTrust Robinson Humphrey) reports, “Last week’s RevPAR was up against a -48.1% comparable result in 2020 vs. -32.8% in the prior week’s 2-year run-rate. On a 2-year run-rate, RevPAR was -14.8% vs. +10.1% in the prior week’s 2-year run-rate. Upscale RevPAR: +67.1% y/y and -26.2% over 2 years; Upper Midscale RevPAR: +54.9% y/y and -9.0% over 2 years. While day-by-day analysis is very complicated due to Labor Day, Rosh Hashanah (Sept 6-8 this year, Sept 19-21 last year), and Hurricane Ida recovery, we note the following: the overall 2-year result of -14.8% was similar to results seen in June before the RevPAR acceleration seen around July 4th. Sunday night, the night before Labor Day, was extremely strong with the 2-year RevPAR of +50.8%. On the other hand, Monday and Tuesday nights were down approx. 42% vs. 2019; clearly a volatile week with various holidays, weather, etc.; and ADR continues to hold in there, especially for the Transient segment (leisure travel + individual business travel) as it was +4.1% vs. 2019.”