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
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.