RLJ Lodging Trust Earnings Call Transcripts
Fiscal Year 2026
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Q3 RevPAR rose 9.7% and adjusted EBITDA increased 17.3%, driven by broad urban demand and pricing strength. 2026 guidance was raised, with 2027 supported by limited supply, group pace, and conversion growth.
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Q2 results exceeded expectations with 6.8% RevPAR growth, 7% EBITDA growth, and margin improvement, driven by strong business transient and urban leisure demand. Raised full-year guidance, continued high-return renovations, and maintained a robust balance sheet.
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Lodging industry fundamentals are strong, with low supply growth and rising demand from business and urban leisure travel. The portfolio is well-positioned in urban markets, benefiting from major events and strategic brand affiliations, while internal growth initiatives and a conservative balance sheet support future value creation.
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First quarter results exceeded expectations with 4.8% RevPAR growth, strong EBITDA and margin expansion, and robust non-room revenue. Urban markets, especially Northern California and New York, led performance, while guidance for 2026 remains positive despite macro uncertainty.
Fiscal Year 2025
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Fourth quarter and full-year results exceeded expectations, driven by urban market strength, successful renovations, and robust non-room revenue growth. Guidance for 2026 anticipates modest RevPAR and EBITDA growth, with continued capital returns and a strong balance sheet.
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Third quarter results were in line with expectations, with urban markets and out-of-room spend outperforming despite a 5.1% RevPAR decline. The government shutdown and macro uncertainty led to a more cautious Q4 outlook, but major renovations and conversions position the portfolio for growth in 2026.
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Second quarter results exceeded expectations, with strong urban and conversion performance, disciplined cost control, and robust capital allocation. Near-term headwinds from renovations and soft group demand are expected to ease by Q4, with a favorable long-term outlook.
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First quarter results exceeded expectations, led by urban hotel strength and robust group demand, though March and April saw softness due to macro uncertainty. Guidance for 2025 was revised downward, with a flat outlook for the back half of the year and continued focus on capital recycling and share repurchases.
Fiscal Year 2024
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Fourth quarter and full-year results showed strong RevPAR and EBITDA growth, led by urban markets and successful hotel conversions. The company raised its dividend, repurchased shares, and provided 2025 guidance for continued growth, with urban and group segments expected to outperform.
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Third quarter results exceeded expectations, with strong RevPAR and EBITDA growth led by urban and business transient segments. Guidance for 2024 is reaffirmed, with continued capital recycling, conversions, and share repurchases supporting shareholder returns.
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Q2 2024 saw 2.6% RevPAR growth and 3.4% total revenue growth, led by urban markets and strong group and business transient demand. Guidance was adjusted downward due to leisure ADR headwinds, but liquidity and capital allocation remain strong.