Hotel REIT Q1 2026 operating margin change vs Q1 2025

Operating margin change in basis points, Q1 2026 vs Q1 2025. Seven of eight REITs expanded; APLE compressed 130 bps — the cleanest single signal that select-service margin defense is the hardest 2026 lift.

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Chart: Putra & CoSource: SEC EDGAR — listed lodging REIT 10-QsGet the dataCreated with Datawrapper