The following is a summary of the RLJ Lodging Trust (RLJ) Q3 2024 Earnings Call Transcript:

Financial Performance:

• RevPAR growth was 2%, doubling the industry growth for the same period, supported by both occupancy and average daily rates.

• EBITDA increased by 2.6% year-over-year, totaling $100.7 million.

• Achieved 2.2 million shares repurchased for $20.7 million, maintaining strong capital allocation and balance sheet management.

• Corporate adjusted EBITDA was $91.9 million and adjusted FFO per diluted share was $0.40.

Business Progress:

• Successfully refinanced all near-term debt maturities and executed attractive interest rate hedges.

• Completed two hotel conversions and continued with the strategy to execute two conversions per year.

• Portfolio showed strong gains from urban-centric properties, achieving 100 basis points of market share growth.

• Made progress in repositioning urban footprint with urban lifestyle hotels achieving 3.2% RevPAR growth.

Opportunities:

• Urban markets like Boston, Chicago, and Southern California showing strong performance, beneficial for future growth.

• Positive trends in business transient demand, particularly from large corporations returning to office, indicating sustained revenue growth.

• Group segment demonstrated strong performance, expected to contribute to future revenue stability.

• Managed to achieve strong room and non-room revenue growth, which positions the company for sustained top-line growth.

Risks:

• Continued impact from recent storms and holiday calendar shifts could constrain Q4 RevPAR by approximately 100 basis points.

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