Public hotel company stocks fell month over month in October for the third time in the last four months.
The Baird Hotel Stock Index — which comprises 20 of the largest hotel brand companies and real estate investment trusts publicly traded on a U.S. stock exchange by market capitalization — dipped 1.8% in October, its second consecutive month of declines. The index has fallen year over year in six out of 10 months in 2025.
Year to date, the Baird Hotel Stock Index is down 7.1%.
The S&P 500 — an indicator of the health of the broader economy — rose 2.3% in October. Year to date, the S&P 500 is up 16.3%.
“Hotel stocks declined again in October, and both the global hotel brands and hotel REITs underperformed their respective benchmarks,” said Michael Bellisario, senior research analyst and managing director at Baird. “U.S. RevPAR trends remained relatively weak in October, particularly within the lower-end chain scales, and investors continued to reduce their fourth-quarter and near-term growth expectations for the industry.”
The RMZ, or MSCI U.S. REIT Index — which is a gauge of the overall real estate investment market — fell 1.7% during the month.
The hotel brand sub-index dipped 1.2% in October, while the hotel REIT sub-index slid 5.6%.
Month over month, the stock values of IHG Hotels & Resorts and Marriott International were mostly flat but led the public hotel companies. Meanwhile, Ashford Hospitality Trust's stock was down 19.2% month over month in October.
Year over year, Hilton and IHG both achieved stock gains 9% or higher in October. On the other end, the stock values of Ashford Trust and Choice Hotels International posted the sharpest declines compared to October 2024.
For more information about the Hotel Stock Index, email hotelstockindex@rwbaird.com. The Baird Hotel Stock Index and sub-indices are available exclusively on CoStar News Hotels. The indices were created by Robert W. Baird & Co. (Baird). The market-cap-weighted, price-only indices comprise 20 of the largest market-capitalization hotel companies publicly traded on a U.S. exchange and attempt to characterize the performance of hotel stocks. The Index and sub-indices are maintained by Baird and hosted on Hotel News Now, are not actively managed, and no direct investment can be made in them. As of 30 June 2021, the companies that comprised the Baird Hotel Stock Index included: Apple Hospitality REIT, Ashford Hospitality Trust, Chatham Lodging Trust, Choice Hotels International, DiamondRock Hospitality Company, Hersha Hospitality Trust, Hilton Inc., Host Hotels & Resorts, Hyatt Hotels, InterContinental Hotels Group, Marriott International, Park Hotels & Resorts, Inc., Pebblebrook Hotel Trust, RLJ Lodging Trust, Ryman Hospitality Properties, Service Properties Trust, Summit Hotel Properties, Sunstone Hotel Investors, Wyndham Hotels & Resorts, and Xenia Hotels & Resorts.