Has the U.S. Hospitality Industry valuation changed over the past few years?

Investors are pessimistic on the American Hospitality industry, indicating that they anticipate long term growth rates will be lower than they have historically. The industry is trading at a PE ratio of 28.8x which is lower than its 3-year average PE of 35.6x. The industry is trading close to its 3-year average PS ratio of 2.4x.

Which industries have driven the changes within the U.S. Consumer Discretionary industry?

Investors are most optimistic about the Casinos and Gaming industry which is trading above its 3-year average PE ratio of 133x. Analysts are expecting annual earnings growth of 32.4%, which is higher than its past year's earnings growth of 26.5% per year. Investors are most pessimistic about the Hotels, Resorts and Cruise Lines industry, which is trading below its 3-year average of 26.3x.

U.S. Hospitality Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Thu, 20 Aug 2026	US$821.8b	US$349.7b	US$28.5b	23.4x	28.8x	2.4x
Sat, 18 Jul 2026	US$805.6b	US$356.1b	US$27.2b	24.1x	29.7x	2.3x
Mon, 15 Jun 2026	US$777.6b	US$355.0b	US$27.4b	22.7x	28.4x	2.2x
Wed, 13 May 2026	US$744.7b	US$353.5b	US$27.3b	20.5x	27.2x	2.1x
Fri, 10 Apr 2026	US$760.9b	US$350.3b	US$25.5b	21.5x	29.9x	2.2x
Sun, 08 Mar 2026	US$762.6b	US$349.1b	US$25.9b	22.1x	29.4x	2.2x
Tue, 03 Feb 2026	US$810.0b	US$342.2b	US$26.0b	21.3x	31.1x	2.4x
Thu, 01 Jan 2026	US$848.7b	US$340.7b	US$25.6b	21.7x	33.1x	2.5x
Sat, 29 Nov 2025	US$799.7b	US$339.9b	US$25.7b	21.3x	31.1x	2.4x
Mon, 27 Oct 2025	US$833.5b	US$329.6b	US$25.9b	23.9x	32.2x	2.5x
Wed, 24 Sep 2025	US$853.7b	US$329.1b	US$24.3b	24.2x	35.1x	2.6x
Fri, 22 Aug 2025	US$845.7b	US$327.9b	US$24.2b	23.2x	35x	2.6x
Sun, 20 Jul 2025	US$845.7b	US$324.4b	US$24.9b	24x	34x	2.6x
Tue, 17 Jun 2025	US$806.7b	US$325.5b	US$24.5b	23x	32.9x	2.5x
Thu, 15 May 2025	US$809.9b	US$325.8b	US$24.6b	23x	32.9x	2.5x
Sat, 12 Apr 2025	US$701.2b	US$316.3b	US$24.0b	22.7x	29.2x	2.2x
Mon, 10 Mar 2025	US$776.7b	US$318.1b	US$23.9b	23.9x	32.5x	2.4x
Wed, 05 Feb 2025	US$829.9b	US$309.1b	US$20.7b	23.8x	40.1x	2.7x
Fri, 03 Jan 2025	US$796.0b	US$303.6b	US$20.1b	23.3x	39.6x	2.6x
Sun, 01 Dec 2024	US$830.4b	US$303.9b	US$19.8b	25.4x	42x	2.7x
Tue, 29 Oct 2024	US$761.8b	US$302.1b	US$20.3b	23.8x	37.6x	2.5x
Thu, 26 Sep 2024	US$724.8b	US$301.5b	US$19.7b	20.9x	36.7x	2.4x
Sat, 24 Aug 2024	US$662.2b	US$300.1b	US$19.3b	19.7x	34.4x	2.2x
Mon, 22 Jul 2024	US$679.6b	US$296.5b	US$19.8b	19.3x	34.3x	2.3x
Wed, 19 Jun 2024	US$667.1b	US$283.2b	US$20.6b	19.7x	32.3x	2.4x
Fri, 17 May 2024	US$670.2b	US$282.5b	US$20.5b	20x	32.8x	2.4x
Sun, 14 Apr 2024	US$689.9b	US$278.9b	US$20.2b	19.3x	34.1x	2.5x
Tue, 12 Mar 2024	US$671.5b	US$277.4b	US$19.4b	19.9x	34.7x	2.4x
Thu, 08 Feb 2024	US$633.9b	US$269.5b	US$19.2b	19.8x	33x	2.4x
Sat, 06 Jan 2024	US$606.7b	US$269.1b	US$18.0b	19.8x	33.7x	2.3x
Mon, 04 Dec 2023	US$601.3b	US$267.3b	US$16.5b	20.3x	36.4x	2.2x
Wed, 01 Nov 2023	US$535.0b	US$261.6b	US$11.8b	20.3x	45.5x	2x
Fri, 29 Sep 2023	US$566.8b	US$255.5b	US$8.4b	19.7x	67.1x	2.2x
Sun, 27 Aug 2023	US$585.8b	US$254.9b	US$8.1b	20.2x	72.6x	2.3x


US Market	-0.35%
Consumer Discretionary	-2.02%
Hospitality	-0.046%
Leisure Facilities	2.96%
Restaurants	2.01%
Hotels, Resorts and Cruise Lines	-1.02%
Casinos and Gaming	-3.11%

Company	Last Price	7D	1Y	Valuation
ABNB Airbnb	US$186.39	3.5% +US$3.7b	49.2%	PE40.8x
DASH DoorDash	US$220.22	3.6% +US$3.3b	-9.7%	PE113.5x
HLT Hilton Worldwide Holdings	US$334.73	3.8% +US$2.7b	24.0%	PE47.6x
CMG Chipotle Mexican Grill	US$34.66	6.2% +US$2.6b	-19.5%	PE30.9x
HTHT H World Group	US$48.59	17.8% +US$2.3b	38.2%	PE20x

Announcement • 7h

Marriott International, Inc.'s The Luxury Collection Unveils The Luxury Collection Expeditions

Marriott International, Inc.'s The Luxury Collection announced the launch of The Luxury Collection Expeditions, a collection of journeys extending the brand's long-held role as The Destination Authority beyond the hotel stay and into the culture and character of a destination. The Luxury Collection Expeditions offer immersive access to the craft, landscapes, and living heritage that define a destination. Expeditions invite travelers to move beyond sightseeing and engage more deeply with the people, practices, and landscapes that give each destination its meaning. With Expeditions, the brand builds on this legacy by positioning each hotel as a gateway to deeper cultural discovery, with historians, artisans, chefs, winemakers, conservationists, and other local experts guiding guests into vineyards, workshops, kitchens, archaeological sites, and natural ecosystems. Each journey pairs this privileged access with thoughtfully curated experiences, exceptional accommodations, and seamless service. The Luxury Collection Expeditions are offered through three distinct expressions, each bringing a unique pathway to discovery while sharing a commitment to cultural authenticity, expertise, and elevated hospitality. Private Tailored Journeys are bespoke, multi-day itineraries crafted around each guest's interests, seamlessly connecting Luxury Collection hotels with private transportation, local expertise, and cultural access across multiple destinations. Japan: The Imperial Journey unfolds across Tokyo, Kyoto, and Nara over 10 days, using three Luxury Collection hotels as gateways into distinct expressions of Japanese culture, from Tokyo's culinary precision to Kyoto's spiritual heritage and Nara's contemplative pace. Privately hosted experiences include entry into a samurai residence, sushi-making with a fourth-generation master, access to rarely opened temple spaces alongside a resident monk, and an intimate geiko dinner in Gion. Chauffeured transfers and Green Car rail travel connect each chapter of the journey. Italy: The Grand Italia Rally places guests behind the wheel of a classic Italian automobile on a six-night route from Milan to Venice and Florence before returning to Milan. Guided driving legs pass through Franciacorta, Lake Garda, the Apennines, Tuscany, and the Ligurian coast, offering unique rally-style navigation to some of the country's most cinematic roads and landscapes. Each day concludes at a Luxury Collection hotel, with private boat arrivals, rooftop dining, and a finish-line celebration. Greece: The Aegean Odyssey connects Mykonos, Paros, and Santorini through private travel by helicopter and yacht, seamlessly pairing the beauty of the Cyclades with archaeology, cuisine, and island heritage. Guests explore the UNESCO World Heritage Site of Delos with a local archaeologist, sail to Antiparos and Despotiko, and trace Paros' celebrated marble legacy through its quarries and villages. In Santorini, the journey uncovers the island's distinctive wine culture through tastings of indigenous grape varieties and intimate culinary experiences set within a historic canava. Day Discoveries are focused, single-day experiences that highlight a specific craft, culinary tradition, cultural practice, or natural environment to reveal a deeper layer of the destination. Offered through Suiran, a Luxury Collection Hotel, Kyoto, Farm to Fermentation traces the city's preservation culture through an intimate journey for up to four guests. The experience begins among seasonal vegetables at a local farm before continuing to a fermentation house, where guests learn the rice-bran preservation technique of nukazuke and explore how patience, climate, and seasonality shape Japanese flavor. At The Phoenician, a Luxury Collection Resort, Scottsdale, Desert Icons: A Private Journey Through Living Legacy explores the Sonoran Desert through conservation, architecture, and locally sourced cuisine. Guests enjoy privileged access to the Desert Botanical Garden, including a privately guided exploration of its signature trails and behind-the-scenes entry to its seed bank, herbarium, and greenhouse. The journey continues at Taliesin West with a private tour of Frank Lloyd Wright's iconic desert laboratory, before concluding at The Phoenician, a Luxury Collection Resort, Scottsdale with a farm-to-table dinner. At Bab Samhan, a Luxury Collection Hotel, Diriyah, Doors of Diriyah: A Najdi Palette & Palate reveals the region through the color, geometry, and craftsmanship of its historic doorways. Guests explore the UNESCO-listed A-Turaif district and enter a private Najdi palace before preparing Henini – a heritage dish of dates, ghee, and cardamom – with the hotel's expert chefs. The day concludes with an artisan-led painting workshop, where each guest creates a miniature Najdi door inspired by the pigments and motifs encountered throughout the journey. Residencies & Collaborations are limited-time programs that bring guests into direct exchange with leading winemakers, scientists, conservationists, and cultural voices through shared learning and hands-on participation. At Hotel Marqués de Riscal, a Luxury Collection Hotel, Elciego, The Art of Winemaking: A Rioja Alavesa Masterclass immerses guests in the full evolution of a vintage over five days. Participants harvest grapes alongside the viticulture team, gain privileged access to the winery's gravity-fed cellar, and enter the laboratory for a private blending session to craft their own bespoke wine identity. Vineyard lunches, rare vintages, a 16-course gastronomic dinner, and a candlelit farewell feast in the historic cellars further illuminate the traditions of Rioja Alavesa. Following departure, guests' personalized wines continue aging in French oak barrels before 40 custom-labeled bottles are shipped to their homes. At Salterra, a Luxury Collection Resort & Spa, South Caicos, three expert-led programs reveal the island through its coral reefs, remote flats, coastal cays, and dark skies. Reef Revival Expedition brings guests alongside marine scientists and School for Field Studies researchers to a coral nursery laboratory and guided snorkeling above the reef, with an optional coral-planting dive available to certified divers. On Angler's Paradise Expedition, guests explore the island's secluded flats with a bonefishing expert, tracking fish and casting across the remote waters before returning to the resort for a Caribbean-inspired meal centered on the day's catch. From Tides to Stars Expedition moves from naturalist-guided kayaking through the Northern Cays to private stargazing beneath South Caicos' dark skies. Together, the three programs position the resort as a gateway to the island's living ecosystems, and the local stewards working to preserve them.

Announcement • Aug 09

Yum China Holdings, Inc. (NYSE:YUMC) completed the acquisition of Shanghai Pizza Hut Co., Ltd. from Yum! Brands, Inc. (NYSE:YUM).

Yum China Holdings, Inc. (NYSE:YUMC) entered into definitive agreement to acquire Shanghai Pizza Hut Co., Ltd. from Yum! Brands, Inc. (NYSE:YUM) for $1.2 billion on June 16, 2026. The consideration will be paid in cash and is subject to certain purchase price adjustments. In a separate agreement, LongRange Capital, L.P. entered into definitive agreement to acquire Pizza Hut, excluding Mainland China from Yum! Brands, Inc. for $1.6 billion. The transaction will be financed through a combination of cash and debt financing. Following the close of the transactions, Yum! Brands, Inc. will no longer report on the Pizza Hut division. As of July 30, 2026, the transaction will be financed through an offshore bridge loan of CNH 8.4 billion ($1.24 billion). For the period ended December 31, 2025, Shanghai Pizza Hut Co., Ltd reported a revenue of $2.3 billion and operating profit of $183 million. The transaction consideration represents an implied last-twelve-month (LTM) P/E multiple of 19.5x. The transaction is subject to customary closing conditions, including receipt of required regulatory approvals. The deal has been unanimously approved by the board of directors of Yum! Brands, Inc. and Yum China Holdings, Inc. The proceeds from sale will be used in accordance with the Yum! Brands, Inc's capital allocation strategy, including investing in the business and returning excess capital to shareholders. The transaction is expected to be immediately accretive to diluted EPS starting in 2026 following closing, and mid-single-digit accretive to diluted EPS in 2027 and 2028. The transaction is expected to close in the third quarter of 2026. As of July 30, 2026, the expected completion of the transaction is in August 2026. Lazard, Inc. acted as financial advisor to Yum China Holdings, Inc. Paul Choi, Scott Williams, Mark Kaufmann, Lauren Grau, Greg Featherman, Kelly Dybala, Olivia Ngan, Claudia Yu, Selina Wong, and Christine Duque of Sidley Austin LLP acted as legal advisor to Yum China Holdings, Inc. Fangda Partners acted as legal advisor to Yum China Holdings, Inc. Barclays Capital Inc. acted as financial advisor to Yum! Brands, Inc. Goldman Sachs & Co. LLC acted as financial advisor to Yum! Brands, Inc. The team of Weil, Gotshal & Manges LLP led by Michael J. Aiello, Amanda Fenster, Rachel Shapiro, Charan Sandhu, Devon Bodoh, Brianne Kucerik, Mark Seidman, Elizabeth Ross, Paul Wessel, Nicole Tark, Liza Cotter, Jannelle Seales, Peter Mee, Matthew Morton, John O’Loughlin and Antonia Tzinova acted as legal advisor to Yum! Brands, Inc. Mayer Brown LLP acted as legal advisor to Yum! Brands, Inc. Yum China Holdings, Inc. (NYSE:YUMC) completed the acquisition of Shanghai Pizza Hut Co., Ltd. from Yum! Brands, Inc. (NYSE:YUM) on August 7, 2026.

U.S. Hospitality Industry Analysis

Industry Valuation and Performance

Industry Trends

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Yum China Holdings, Inc. (NYSE:YUMC) completed the acquisition of Shanghai Pizza Hut Co., Ltd. from Yum! Brands, Inc. (NYSE:YUM).

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