RLJ Lodging Trust Q1 2026 – Revenue Up, Net Loss Modest

By Chris Stiles • Monday, May 04 11:39 • Permanent Link

RLJ Lodging Trust reported first-quarter 2026 results with higher revenue, stronger hotel operating metrics and a modest net loss, while also boosting its full-year outlook.

Comparable RevPAR rose 4.8% to $148.55 from $141.80 a year earlier. Comparable ADR increased 2.1% to $209.91, and comparable occupancy improved to 70.8% from 69.0%.

Comparable hotel revenue climbed 5.4% to $340.0 million from $322.5 million. Comparable hotel EBITDA increased 7.2% to $89.9 million from $83.9 million, and comparable hotel EBITDA margin expanded 45 basis points to 26.4% from 26.0%.

Adjusted EBITDA rose 4.2% to $80.9 million from $77.6 million. Adjusted FFO increased 5.5% to $49.5 million from $46.9 million, and adjusted FFO per diluted common share and unit increased 6.5% to $0.33 from $0.31.

Total revenue was $340.0 million, up 3.6% from $328.1 million. The company reported a net loss of $0.3 million, compared with net income of $3.2 million in the prior-year quarter.

Non-room revenue increased 8.2%, outpacing RevPAR growth by 340 basis points.

On the balance sheet, RLJ said it had more than $950 million of total liquidity at March 31, including about $353.1 million of unrestricted cash and $600 million available under its revolving credit facility. Debt outstanding was nearly $2.2 billion. The company said it completed refinancing transactions during the quarter that pushed its next debt maturity, after extension options, to 2029.

RLJ raised its 2026 outlook. It now sees comparable RevPAR growth of 1.5% to 3.5%, comparable hotel EBITDA of $356 million to $380 million, adjusted EBITDA of $324 million to $348 million, and adjusted FFO per diluted share of $1.29 to $1.45.

The updated outlook also includes net interest expense of $101 million to $103 million, cash corporate G&A of $32.5 million to $33.5 million, and renovation-related capital expenditures of $80 million to $90 million. Following these announcements, the company's shares moved 0.25%, and are now trading at a price of $7.97. For more information, read the company's full 8-K submission here.

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