RLJ · RLJ Lodging Trust

RLJ Lodging Trust delivered a strong first quarter 2026, exceeding expectations driven by improving fundamentals and strong performance in urban markets. Comparable RevPAR increased 4.8% to $148.55, supported by a 2.1% rise in ADR and 180 basis points of occupancy growth. Revenue growth was further bolstered by an 8.2% increase in comparable non-room revenues, outpacing RevPAR growth by 340 basis points. This top-line strength, combined with disciplined expense management, drove a 45 basis point expansion in Comparable Hotel EBITDA margin to 26.4% and a 4.2% increase in Adjusted EBITDA to $80.9 million. Adjusted FFO per diluted share rose 6.5% to $0.33. Management highlighted the successful ramp of recently completed renovations and conversions as a key driver. The Company significantly strengthened its balance sheet, completing refinancing transactions that addressed all debt maturities through 2028, pushing the next maturity to 2029. Total liquidity stood at approximately $950 million as of March 31, 2026. Reflecting the Q1 outperformance, management raised full-year 2026 guidance, now projecting Adjusted FFO per diluted share in the range of $1.29 to $1.45. Additionally, the Board authorized a new $250 million share repurchase program, signaling confidence in the Company's valuation and outlook.