RLJ Lodging Trust (RLJ) Q3 2026 earnings summary

Executive summary

• Q3 comparable RevPAR rose 9.7% to $153.36; Adjusted EBITDA increased 17.3% to $85.2M, and diluted Adjusted FFO per share and unit rose 25.9% to $0.34.

• Q3 Comparable Hotel EBITDA increased 17.5% to $93.9M, with margin expanding 190 bps to 26.5%; EBITDA grew nearly twice as fast as revenue.

• Business travel accelerated alongside sustained leisure and group demand, particularly in urban markets.

• Full-year 2026 guidance was raised following Q3 outperformance and strong October results.

Financial highlights

• Q3 total revenue was $354.5M, up 7.4% YoY; net income was $4.6M versus a $3.8M loss, while common shareholders recorded a $1.7M loss after preferred dividends.

• Q3 Adjusted EBITDA was $85.2M versus $72.6M; Adjusted FFO was $52.0M versus $41.1M.

• 9M revenue was $1.077B, up 5.5%; net income was $35.6M, and Adjusted EBITDA was $303.0M.

• Non-room revenue grew 6.5% YoY, its fourth consecutive quarter of high-single-digit growth; EBITDA flow-through was nearly 50%.

• Q3 comparable statistics for an 84-hotel portfolio showed revenue of $337.0M, Comparable Hotel EBITDA of $87.6M, and RevPAR up 9.1% to $153.32.

Outlook and guidance

• 2026 comparable RevPAR growth forecast: 5.75%–6.25%; Comparable Hotel EBITDA: $377M–$383M; corporate Adjusted EBITDA: $352M–$358M; diluted Adjusted FFO per share and unit: $1.47–$1.51.

• Guidance includes net interest expense of $101M–$103M, cash corporate G&A of $34.5M–$35.5M, and renovation capex of $80M–$90M.

• Comparable RevPAR and Hotel EBITDA guidance excludes the seven Chicago Midway hotels sold after Q3; no potential acquisitions, dispositions, financings, or repurchases are assumed.

• 2027 group pace was ahead by mid-single digits; convention calendars, major events, and Boston and Key West relaunches support the outlook.