The following is a summary of the RLJ Lodging Trust (RLJ) Q4 2023 Earnings Call Transcript:

Financial Performance:

• RLJ Lodging Trust reported Q4 RevPAR growth of 9% and total revenue increase by 5.7%, resulting in EBITDA growth of 2.3% year-over-year.

• Business Travel revenues rebounded to 79% of 2019 levels.

• They demonstrated strong capital allocation, repurchasing shares worth $77 million and doubling the dividend payout in the year.

• Q4 Hotel EBITDA was $89.6 million, with margins at 28.1%, while adjusted FFO per diluted share was $0.34, at the high end of their guidance.

• In 2023, the company repurchased about 7.6 million shares, at an average price of $10.20 per share.

Business Progress:

• RLJ made considerable progress on its conversion strategy, with ongoing projects in Nashville, Houston, and New Orleans, in addition to newly announced conversions in Pittsburgh.

• They acquired the fee simple interest in the Boston Wyndham asset, unlocking further potential for growth.

• Forecasts for 2024 see robust financial performance in various urban markets, and it expects to keep outperforming the industry in these areas.

• Long-term plans are optimistic, fueled by shifting consumer preferences, improving business demand, the recovery of inbound international travel, and growing attendance at citywide events.

• In 2024, the company plans to extend its mortgage loans and is in the process of refinancing a secured loan. Meanwhile, it also intends to distribute capital to shareholders with a quarterly common dividend of $0.10 per share.

More details: RLJ Lodging Trust IR

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