Quarterly guidance

Global RevPAR growth
4.5% to 5% for the fourth quarter.
Gross fees
Expected to rise 13% in the fourth quarter.
Incentive Management Fees
Expected to be around flat year-over-year in the fourth quarter.
Adjusted EBITDA
Expected to increase 12% to 14% in the fourth quarter.

Annual guidance

Global RevPAR growth
4.5% to 5%.
Gross fee growth
Around 13%.
Incentive Management Fees
Expected to rise in the high single-digit range.
Adjusted EBITDA growth
Around 13%.
Adjusted diluted EPS growth
20% to 21%.
Capital returns
At least $4.8 billion.

Outlook

Demand
Strong demand trends are expected to continue across chain scales and customer segments in the U.S. and Canada.
Middle East
The region faces difficult comparisons and geopolitical tensions, leading to an expected year-over-year RevPAR decline in the fourth quarter.
Conversions
Conversions are expected to remain a significant driver of net unit growth and signings.
Technology
The company continues to invest in its multiyear technology transformation, including AI integrations.
Investment Spending
Total investment spending for 2026 is expected to be $1.25 billion to $1.35 billion.
2027 Outlook
Preliminary expectations for 2027 global RevPAR growth are 3.5% to 4.5%.