Q1 2026 closed yesterday. The headline numbers from our managed portfolio:
The Q1 numbers
- ADR up 7.2% year-over-year — the biggest Q1 ADR gain since 2022
- Occupancy flat at 71% — same as Q1 2025
- Average length of stay climbed to 3.8 nights — up from 3.4 in Q1 2025
- Direct-booking share grew to 22% — from 16% a year ago
What's driving the ADR growth
- Post-fire supply contraction in parts of LA County
- Stronger event calendar in Q1 — Oscars, Super Bowl, Sundance overflow — than Q1 2025
- Improved listing photography and copy across the portfolio
What to plan for in Q2
Q2 is typically the strongest quarter of the year. Based on Q1's shape, we expect:
- ADR gains moderating to +5% YoY — the Q1 jump was partly pent-up demand
- Occupancy peaking in May, not June — Memorial Day + Mother's Day compress demand earlier
- Longer stays continuing — budget Q2 cleaning cost savings from lower turnover
What hosts should do this week
- Pull your Q1 statement and compare to Q1 2025 on a per-property basis
- Identify the property that gained the most revenue — understand why
- Apply that playbook to your lowest-growth property in April
