Q2 is good but Q3 should be even better
- We maintain our rosy outlook on US RevPAR growth for 2013 and beyond. 3Q should experience the best growth of the year.
- With one week to go, there has been some concern of a slow May - month-to-date, US upper upscale RevPAR growth has been trending ~5%.
- However, quarter-to-date, UUP RevPAR is tracking up 7.6% - above operators' 2Q guidance of 4.5-7.0% growth. June RevPAR of "only" 5% should bring growth back down into the higher end of that range
- July should see a surge, up almost 8%, according to our model
