RLJ Lodging Trust (RLJ) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered strong results with RevPAR up 6.8% year-over-year, driven by robust business travel, urban leisure demand, and successful renovations and conversions, including the relaunch of an Autograph Collection asset in Pittsburgh.

• Portfolio comprised 92 hotels with ~20,600 rooms in 23 states and DC as of June 30, 2026, focused on premium-branded, high-margin, rooms-oriented properties.

• Completed major refinancing transactions, extending debt maturities and repaying $500M in senior notes due July 2026.

• Approved a new $250M share repurchase program effective through May 2027.

• Sold one hotel property in Fremont, CA for $13.2M at a 29.2x EBITDA multiple.

Financial highlights

• Q2 2026 RevPAR increased 6.8% year-over-year to $167.15, driven by ADR growth of 4.9% to $217.18 and occupancy up to 77.0%.

• Comparable Hotel EBITDA grew 7.1% to $119.5M, with margins improving to 31.3%.

• Adjusted EBITDA was $110.4M, up 6.1% year-over-year; Adjusted FFO per diluted share was $0.52, up 8.3%.

• Q2 2026 total revenues rose to $383.0M, up $19.9M year-over-year; net income for Q2 was $31.3M, up 9.4%.

• Out-of-room spend rose 7.1%, outpacing RevPAR growth.

Outlook and guidance

• Full-year 2026 guidance raised: Comparable RevPAR growth of 3.5%-4.5%, Comparable Hotel EBITDA of $369M–$389M, Adjusted EBITDA of $336M–$356M, and Adjusted FFO per diluted share of $1.37–$1.50.

• Capital expenditures expected at $80M–$90M; net interest expense at $101M–$103M; cash G&A at $33.5M–$34.5M.

• Q3 expected to outperform Q4, with Q3 adjusted EBITDA contribution about 100 basis points higher than last year.

• Management expects continued strong demand in urban markets, driven by leisure, corporate, and government travel.