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.

• Portfolio comprised 91–92 hotels with over 20,400 rooms as of June 30, 2026, focused on premium-branded, high-margin properties.

• Major refinancing transactions extended debt maturities and repaid $500M in senior notes due July 2026.

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

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

Financial highlights

• Q2 2026 RevPAR was $167.15, up 6.8% year-over-year, with ADR at $217.18 and occupancy at 77.0%.

• Comparable Hotel EBITDA reached $119.5M–$119.6M, up 7.1% year-over-year; Adjusted EBITDA was $110.4M, up 6.1%.

• Net income for Q2 2026 was $31.3M, up 9.4% year-over-year; Adjusted FFO per diluted share was $0.52, up 8.3%.

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

• Six-month revenues reached $723.0M, up $31.7M year-over-year.

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, 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.

• Forward-looking statements caution that actual results may differ materially due to risks and uncertainties.