Everyone thought March would be better with the Easter calendar shift, but that didn’t play out as hoped. A handful of REITs had some renovations they hoped would provide tailwinds.

And it’s not just the REITs that will have to account for weak performance. C. Patrick Scholes, managing director for lodging, leisure and gaming equity research at Suntrust Robinson Humphrey, said domestic RevPAR results were “light for Hilton, Hyatt and Marriott.”

STR: US hotel performance for March 2019