RLJ Lodging Trust (RLJ) Q4 2024 earnings summary

Executive summary

• Achieved top-quartile RevPAR growth in 2024, outpacing the industry, with strong urban-centric portfolio performance and successful execution of key objectives.

• Operated 95 hotels with 21,156 rooms as of December 31, 2024, excluding one unconsolidated property.

• Completed strategic acquisitions and conversions, including Hotel Teatro in Denver, Wyndham Boston Beacon Hill, and conversions in Houston, New Orleans, and Pittsburgh, driving robust RevPAR growth.

• Addressed all 2025 debt maturities, recycled disposition proceeds into share repurchases, and increased quarterly dividends to enhance shareholder returns.

• Market capitalization stood at $1.6B with a total enterprise value of $3.7B and total capitalization of $4.1B.

Financial highlights

• FY 2024 total revenue for comparable hotels reached $1.37B, up from $1.33B in FY 2023; Q4 revenue was $330.0 million, up 3.2% year-over-year.

• Q4 RevPAR grew 2.2% year-over-year to $137.53, with ADR at $198.71 and occupancy at 69.2%; FY 2024 RevPAR was $144.72, up 2.0%.

• Comparable hotel EBITDA for FY 2024 was $398.0M, slightly down from $402.1M in FY 2023; Q4 hotel EBITDA was $90.4M.

• Adjusted EBITDA for the trailing twelve months ended Q4 2024 was $361.6M; Q4 Adjusted EBITDA was $81.1M.

• Adjusted FFO per diluted share for FY 2024 was $1.57; Q4 Adjusted FFO was $50.2M.

Outlook and guidance

• 2025 guidance: comparable RevPAR growth of 1–3%, Adjusted EBITDA of $345–375M, hotel EBITDA of $378–408M, and Adjusted FFO per share of $1.46–1.66.

• Capital expenditures expected at $80–100M; cash G&A at $34–35M; net interest expense at $94–96M.

• Guidance assumes no additional acquisitions, dispositions, or refinancing; incorporates anticipated displacement from scheduled renovations and Austin Convention Center closure.

• Group demand expected to remain healthy, with 2025 group pace mid-single digits ahead of 2024 and Q1 pace up low double digits.

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