The following is a summary of the RLJ Lodging Trust (RLJ) Q1 2024 Earnings Call Transcript:

Financial Performance:

• In Q1 2024, RLJ Lodging Trust's result was aligned with expectations, with RevPAR growing by 1% from last year, largely due to an increase in occupancy. Furthermore, the portfolio's RevPAR growth surpassed the industry average by 80 base points.

• The company saw a 13% growth in business transient revenues, with RevPAR rising 11.6% over 2023 figures, including a 5% ADR growth.

• RLJ's first-quarter hotel EBITDA margins stood at 27.4%, with adjusted EBITDA of $79.6 million and adjusted FFO per diluted share of $0.33.

Business Progress:

• In Q1, RLJ embarked on their next wave of conversions, expanding their conversion pipeline which included the acquisition of the Wyndham Boston Beacon Hill and executing numerous high return ROI projects.

• They are on track to complete several hotel conversions this year and in 2025.

• Expectations for RevPAR to improve from Q1 and strengthen further in the second half of the year have been stated, driven by citywide events and calendars.

• They are anticipating strong group business in the third and fourth quarters of 2024.

• Big leaps were noted in the Southern California portfolio in the first quarter, attributed mainly to robust business travel demand.

• There are plans to leverage increased flight numbers, particularly to Asia, due to shorter visa processing times.

• RLJ also foresees potential benefits from any rise in international inbound travel, especially in their New York, San Francisco, and South Florida markets.

More details: RLJ Lodging Trust IR

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