Hotel REITs are the only property sector with no leases: rooms reprice every night, which makes lodging the purest economic cyclical in real estate and the reason you will find no A grades on this page. Every name below suspended or slashed its dividend in 2020, only one carries an investment-grade rating, and our methodology weighs dividend safety at 30%. What remains is a spectrum of cycle bets, ranked honestly with live data.
| # | REIT | Grade | Yield | Market Cap | Occupancy | Credit |
|---|---|---|---|---|---|---|
| 1 | Host Hotels & Resorts (HST) | B 78 | 7.32% | $15.6B | — | BBB |
| 2 | Ryman Hospitality Properties (RHP) | B 75 | 3.83% | $7.8B | — | — |
| 3 | Apple Hospitality REIT (APLE) | B 72 | 6.10% | $3.7B | 72.8% | — |
| 4 | Sunstone Hotel Investors (SHO) | C 67 | 3.33% | $2.0B | — | — |
| 5 | DiamondRock Hospitality (DRH) | C 66 | 3.11% | $2.5B | — | — |
| 6 | Xenia Hotels & Resorts (XHR) | C 65 | 2.98% | $1.7B | — | — |
| 7 | RLJ Lodging Trust (RLJ) | C 63 | 5.50% | $1.7B | — | — |
| 8 | Summit Hotel Properties (INN) | C 62 | 5.27% | $655M | — | — |
| 9 | Park Hotels & Resorts (PK) | C 61 | 6.73% | $3.0B | — | — |
| 10 | Pebblebrook Hotel Trust (PEB) | C 57 | 0.22% | $2.0B | — | — |
| 11 | Chatham Lodging Trust (CLDT) | C 56 | 3.00% | $590M | — | — |
| 12 | Braemar Hotels & Resorts (BHR) | D 38 | 4.93% | $139M | — | — |
| 13 | Service Properties Trust (SVC) | D 35 | 2.36% | $1.1B | — | — |
| 14 | Ashford Hospitality Trust (AHT) | D 28 | — | $20M | — | — |
Grades follow the published REIT Rankings methodology. Yields and market caps update automatically with market data.
Analyst Check (July 2026): Wells Fargo’s head of REIT research assumed coverage of the hotel REITs this month. See how the Street’s calls compare to our grades.
Why No Hotel REIT Earns an A
The grading framework rewards contractual cash flow durability, and hotels structurally have none: RevPAR follows GDP with a lag, dividends flex with the cycle by design, and 2020 proved the entire sector’s payouts evaporate when doors close. That is not a criticism, it is the asset class, and investors buying it for the right reason (cyclical torque, deep NAV discounts, event-driven demand like the 2026 World Cup) should size positions accordingly.
How to Read This Ranking
Host (78) leads on the sector’s only investment-grade balance sheet, raised 2026 guidance, and a base-plus-special dividend structure built for cyclicality. Ryman (75) earns its spot with group-booking visibility no transient hotel has. Apple Hospitality (72) is the covered monthly income option at 3.4x leverage. The middle band (Sunstone, DiamondRock, Xenia) trades balance-sheet quality against scale. The bottom band is deliberate risk: Park and RLJ are leveraged urban-recovery value, Summit is small-cap select-service, and Pebblebrook (57) is maximum San Francisco torque with a penny dividend, a legitimate trade, not an income investment.