Hotel stocks reversed course in September after a mostly positive summer.
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 — fell 4.1% in September, its largest decline since March. The index has decreased in five of nine months in 2025.
Year to date, the Hotel Stock Index is down 5.4%.
The S&P 500 — an indicator of the health of the broader economy — rose 3.5% in September. Year to date, the S&P 500 is up 13.7%.
“Hotel stocks fell 4% and underperformed in September as industry-wide RevPAR declined for the fourth consecutive month,” said Michael Bellisario, senior research analyst and managing director at Baird. “RevPAR trends in September were below expectations across the board, and investors began to price in a slower growth near-term outlook, which reversed both last month’s stock gains and growing optimism about an improving demand backdrop into year-end.”
The RMZ, or MSCI U.S. REIT Index — which is a gauge of the overall real estate investment market — climbed just 0.4% in September.
The hotel brand sub-index fell 4.1% in September, while the hotel REIT sub-index dropped 4.3%.

Month over month, Pebblebrook Hotel Trust's stock value rose 2.2% in September. Meanwhile, Chatham Lodging Trust's stock declined 12.1% and Choice Hotels International's stock decreased by 10.6% month over month.

Year over year, Hilton's stock value rose 12.6% in September. On the other hand, the stock prices of RLJ Lodging Trust, Park Hotels & Resorts, Chatham Lodging Trust and Ashford Hospitality Trust all declined by more than 21% when compared to September 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.