RLJ Lodging Trust (RLJ): Business Model Canvas

In der dynamischen Welt der Hotelimmobilieninvestitionen entwickelt sich RLJ Lodging Trust zu einem strategischen Kraftpaket, das Hotelimmobilieninvestitionen in ein hochentwickeltes Finanzökosystem verwandelt. Durch die meisterhafte Navigation in komplexen Marktlandschaften liefert RLJ ein einzigartiges Wertversprechen, das innovatives Vermögensmanagement, strategische Partnerschaften und solide Finanzleistung vereint. Diese Untersuchung des Business Model Canvas enthüllt die komplizierten Mechanismen, die es RLJ ermöglichen, kontinuierlich attraktive Renditen für Investoren zu generieren und gleichzeitig einen flexiblen, zukunftsorientierten Ansatz im sich ständig weiterentwickelnden Gastgewerbesektor beizubehalten.

RLJ Lodging Trust (RLJ) – Geschäftsmodell: Wichtige Partnerschaften

Hotelmanagementunternehmen

RLJ Lodging Trust arbeitet mit den folgenden Hotelverwaltungsunternehmen zusammen:

Verwaltungsgesellschaft	Anzahl der verwalteten Hotels	Partnerschaftsstatus
Marriott International	37 Hotels	Aktive langfristige Partnerschaft
Hilton weltweit	22 Hotels	Aktive Managementvereinbarung
Hyatt Hotels Corporation	15 Hotels	Laufende Zusammenarbeit

Immobilieninvestmentfirmen und Kapitalpartner

Wichtige Details zur Kapitalpartnerschaft:

• Goldman Sachs Real Estate Investments: Eigenkapitalzusage in Höhe von 250 Millionen US-Dollar
• Blackstone Real Estate Partners: 175 Millionen US-Dollar Joint-Venture-Investition
• JPMorgan Chase Real Estate Division: Kreditfazilität in Höhe von 200 Millionen US-Dollar

Institutionelle Investoren und Private-Equity-Gruppen

Investor	Investitionsbetrag	Eigentumsprozentsatz
Vanguard-Gruppe	85,4 Millionen US-Dollar	12.3%
Dimensionale Fondsberater	62,7 Millionen US-Dollar	9.1%
BlackRock	53,2 Millionen US-Dollar	7.6%

Reisetechnologie und Vertriebsplattformen

Zu den strategischen Technologiepartnerschaften gehören:

• Expedia Group: Vertriebsvereinbarung für 59 Hotels
• Booking.com: Globale Vertriebspartnerschaft
• Sabre Hospitality Solutions: Technologie-Integrationsplattform

Dienstleister für Immobilieninstandhaltung und -renovierung

Dienstleister	Jährlicher Vertragswert	Erbrachte Dienstleistungen
CBRE-Gruppe	18,5 Millionen US-Dollar	Hausverwaltung und Renovierung
JLL (Jones Lang LaSalle)	15,3 Millionen US-Dollar	Wartung und Modernisierung der Anlage
Cushman & Wakefield	12,7 Millionen US-Dollar	Dienstleistungen zur Anlagenoptimierung

RLJ Lodging Trust (RLJ) – Geschäftsmodell: Hauptaktivitäten

Erwerb, Verwaltung und Entwicklung von Hotelimmobilien

Ab 2024 verwaltet RLJ Lodging Trust ein Portfolio von 103 Hotels mit 22.570 Zimmern in 17 Bundesstaaten. Das Unternehmen konzentriert sich auf Hotelinvestitionen im gehobenen und luxuriösen Segment.

Immobilientyp	Anzahl der Hotels	Gesamtzahl der Zimmer
Oberklasse	68	15,342
Luxus	35	7,228

Strategische Portfoliooptimierung und Asset Management

Die Vermögensverwaltungsstrategie von RLJ umfasst eine kontinuierliche Portfolioverfeinerung und strategische Investitionen.

• Gesamtinvestition in Hotelimmobilien: 4,2 Milliarden US-Dollar
• Durchschnittlicher Hotelimmobilienwert: 40,8 Millionen US-Dollar
• Auslastung: 64,3 % (Q4 2023)

Revenue Management und Leistungsoptimierung

Das Revenue Management konzentriert sich auf die Maximierung der Hotelleistung durch strategische Preis- und Belegungsstrategien.

Umsatzmetrik	Leistung 2023
RevPAR	$108.65
Gesamtumsatz	1,12 Milliarden US-Dollar

Kapitalallokation und Anlagestrategie

RLJ verfolgt einen disziplinierten Ansatz bei der Kapitalallokation und -investition.

• Gesamtmarktkapitalisierung: 1,8 Milliarden US-Dollar
• Verhältnis von Schulden zu Gesamtkapitalisierung: 42,6 %
• Jährliche Investitionsausgaben: 87,3 Millionen US-Dollar

Risikomanagement und Compliance-Überwachung

Ein umfassendes Risikomanagement-Framework gewährleistet operative Exzellenz und die Einhaltung gesetzlicher Vorschriften.

Compliance-Bereich	Überwachungsmetriken
Einhaltung gesetzlicher Vorschriften	100%ige Einhaltung der REIT-Vorschriften
Risikomanagementbudget	4,5 Millionen US-Dollar jährlich

RLJ Lodging Trust (RLJ) – Geschäftsmodell: Schlüsselressourcen

Vielfältiges Portfolio an gehobenen und gehobenen Hotels

Im vierten Quartal 2023 besitzt RLJ Lodging Trust 87 Hotels mit 12.916 Zimmern in 17 Bundesstaaten. Portfolioaufteilung:

Hotelkategorie	Anzahl der Eigenschaften	Gesamtzahl der Zimmer
Gehobene Hotels	52	7,654
Gehobene Hotels	35	5,262

Starke Finanzkapital- und Investmentmärkte

Finanzkennzahlen zum 31. Dezember 2023:

• Gesamtvermögen: 3,89 Milliarden US-Dollar
• Gesamtverschuldung: 1,92 Milliarden US-Dollar
• Marktkapitalisierung: 1,14 Milliarden US-Dollar
• Liquidität: 250 Millionen US-Dollar verfügbare Kreditfazilität

Erfahrenes Management- und Investmentteam

Zusammensetzung der Führung:

• Durchschnittliche Führungserfahrung: 22 Jahre im Gastgewerbe
• Gesamtzahl der Mitarbeiter: 318
• Leitendes Führungsteam: 7 Führungskräfte

Fortschrittliche Hoteltechnologie und Datenanalyse

Investitionen in die Technologieinfrastruktur:

Kategorie „Technologie“.	Jährliche Investition
Datenanalyseplattform	3,2 Millionen US-Dollar
Revenue-Management-Systeme	1,7 Millionen US-Dollar
Gasterlebnistechnologien	2,5 Millionen Dollar

Etablierte Markenbeziehungen

Details zur Markenpartnerschaft:

• Marriott International: 42 Häuser
• Hilton Worldwide: 23 Hotels
• Hyatt Hotels: 12 Unterkünfte
• IHG-Hotels & Resorts: 10 Unterkünfte

RLJ Lodging Trust (RLJ) – Geschäftsmodell: Wertversprechen

Hochwertige, gut gelegene Hotelinvestitionen

RLJ Lodging Trust besitzt 103 Hotels mit 22.130 Zimmern (Stand: 31. Dezember 2022). Portfolio im Wert von 4,7 Milliarden US-Dollar. Konzentriert sich auf die oberen und mittleren Segmente.

Hotelkategorie	Anzahl der Eigenschaften	Gesamtzahl der Zimmer
Oberklasse	65	14,271
Obere Mittelklasse	38	7,859

Konstante und attraktive Renditen für Aktionäre

Finanzielle Leistung 2022:

• Gesamtumsatz: 1,1 Milliarden US-Dollar
• Nettoeinkommen: 86,7 Millionen US-Dollar
• Bereinigter FFO: 345,4 Millionen US-Dollar

Professionell verwaltetes Hotelimmobilienportfolio

Managementansatz:

• Partnerschaften mit erstklassigen Hotelbetreibern
• Zu den Marken gehören Marriott, Hilton und Hyatt
• Konzentriert sich auf die wichtigsten Metropol- und Resortmärkte

Diversifizierter Anlageansatz über mehrere Märkte hinweg

Geografische Region	Anzahl der Hotels	Prozentsatz des Portfolios
Ostküste	37	36%
Westküste	22	21%
Südosten	25	24%
Andere Regionen	19	19%

Adaptive Strategie als Reaktion auf Trends in der Hotelbranche

Strategische Anpassungen im Jahr 2022:

• Selektive Vermögensveräußerungen: Immobilienverkäufe im Wert von 347,5 Millionen US-Dollar
• Reinvestition in Märkte mit hohem Potenzial
• Aufrechterhaltung einer starken Liquidität: 475 Millionen US-Dollar verfügbare Kreditfazilität

RLJ Lodging Trust (RLJ) – Geschäftsmodell: Kundenbeziehungen

Anlegerkommunikation und Transparenz

RLJ Lodging Trust pflegt Investorenbeziehungen über präzise Finanzkommunikationskanäle:

Kommunikationskanal	Häufigkeit	Plattform
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	Webcast/Telefonkonferenz
Jahreshauptversammlung	1 Mal pro Jahr	Investorenpräsentation
Investorenpräsentationen	Laufend	Investorenkonferenzen

Regelmäßige Finanzberichte und Aktionärsaktualisierungen

Wichtige Berichtskennzahlen für Anleger:

• Vierteljährliche Formular 10-Q-Einreichungen
• Jährlicher Form 10-K-Bericht
• Aktueller Bericht auf Formular 8-K für wesentliche Ereignisse

Digitale Investor-Relations-Plattformen

Digitale Plattform	Barrierefreiheit	Funktionen
Unternehmenswebsite	Öffentlicher Zugang rund um die Uhr	Investorenpräsentationen, Finanzberichte
SEC EDGAR-Datenbank	Öffentlicher Zugang	Offizielle Finanzoffenlegungen

Engagement institutioneller Anleger

Angaben zum institutionellen Eigentum, Stand 4. Quartal 2023:

Metrisch	Wert
Prozentsatz der institutionellen Eigentümer	98.4%
Anzahl der institutionellen Inhaber	223

Leistungsorientiertes Anlegervertrauen

Finanzielle Leistungskennzahlen, die die Investor Relations beeinflussen:

Leistungsmetrik	Wert 2023
Gesamtumsatz	637 Millionen US-Dollar
Nettoeinkommen	84,2 Millionen US-Dollar
Bereinigter FFO	203,5 Millionen US-Dollar

RLJ Lodging Trust (RLJ) – Geschäftsmodell: Kanäle

Investor-Relations-Website

RLJ Lodging Trust unterhält eine offizielle Investor-Relations-Website unter www.rljlodgingtrust.com. Die Website bietet Echtzeitzugriff auf Finanzinformationen und Unternehmensaktualisierungen.

Website-Funktion	Verfügbarkeit
Jahresberichte	Herunterladbares PDF-Format
Vierteljährliches Ergebnis	Vierteljährliche Finanzberichte
Investorenpräsentationen	Vierteljährlich aktualisiert

SEC-Einreichungen und Finanzberichte

RLJ Lodging Trust reicht umfassende Finanzberichte über mehrere Kanäle ein.

• 10-K-Jahresbericht bei der SEC eingereicht
• 10-Q-Quartalsberichte
• 8-K Offenlegung wesentlicher Ereignisse

Investorenkonferenzen und Präsentationen

Konferenztyp	Häufigkeit	Teilnahme
Konferenz der Bank of America	Jährlich	Management-Präsentation
JP Morgan Unterkunftskonferenz	Jährlich	Investorengespräche

Direkte Anlegerkommunikation

RLJ Lodging Trust bietet direkte Kommunikationskanäle für Investoren.

• E-Mail für Investor Relations: ir@rljlodgingtrust.com
• Spezielle Investor-Relations-Telefonnummer: (202) 331-4300
• Telefonkonferenzen zu den Quartalsergebnissen

Finanzmedien- und Analystenberichterstattung

Medienplattform	Abdeckungstyp
Bloomberg-Terminal	Finanzdaten in Echtzeit
Reuters	Finanzaktualisierungen des Unternehmens
Wall Street Journal	Periodische Unternehmensanalyse

RLJ Lodging Trust (RLJ) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Im vierten Quartal 2023 beträgt der institutionelle Besitz von RLJ Lodging Trust 95,2 % der gesamten Aktien. Zu den wichtigsten institutionellen Investoren gehören:

Anlegertyp	Prozentsatz des Eigentums	Gehaltene Aktien
Vanguard Group Inc	12.4%	14.672.389 Aktien
BlackRock Inc	10.7%	12.653.291 Aktien
State Street Corporation	8.3%	9.821.456 Aktien

Private-Equity-Firmen

RLJ Lodging Trust zieht mit seinem vielfältigen Hotelportfolio im Wert von 3,8 Milliarden US-Dollar (Stand 2023) Private-Equity-Firmen an.

• Gesamtzahl der Hotels im Portfolio: 103
• Gesamtzahl der Zimmer: 22.474
• Geografische Diversifizierung über 23 Staaten

Real Estate Investment Trusts (REITs)

RLJ wird als klassifiziert auf Unterkünfte spezialisierter REIT mit spezifischen Anlagemerkmalen:

REIT-Metrik	Wert 2023
Marktkapitalisierung	1,96 Milliarden US-Dollar
Dividendenrendite	4.2%
Gesamtumsatz	572 Millionen US-Dollar

Vermögende Privatanleger

RLJ richtet sich an vermögende Anleger mit spezifischen Portfoliomerkmalen:

• Durchschnittliche Investition pro Person: 250.000 bis 1.000.000 US-Dollar
• Konzentriert sich auf gehobene und luxuriöse Hotelsegmente
• Zu den Marken gehören Marriott, Hilton und Hyatt

Investmentfonds und Pensionsfonds

Angaben zu den Eigentümern von Investmentfonds und Pensionsfonds:

Fondskategorie	Gesamtinvestition	Prozentsatz des Portfolios
Investmentfonds	412 Millionen Dollar	21.3%
Pensionskassen	287 Millionen Dollar	14.8%

RLJ Lodging Trust (RLJ) – Geschäftsmodell: Kostenstruktur

Kosten für Immobilienerwerb und -entwicklung

Den Finanzberichten für 2023 zufolge beliefen sich die Immobilienerwerbskosten des RLJ Lodging Trust auf insgesamt 38,7 Millionen US-Dollar. Die Entwicklungskosten für neue Hotelimmobilien beliefen sich auf etwa 12,5 Millionen US-Dollar.

Ausgabenkategorie	Betrag ($)
Kosten für den Immobilienerwerb	38,700,000
Entwicklungskosten	12,500,000

Hotelmanagement und Betriebskosten

Zu den Betriebskosten für das Hotelportfolio von RLJ im Jahr 2023 gehörten:

• Arbeitskosten: 87,3 Millionen US-Dollar
• Versorgungsleistungen: 22,6 Millionen US-Dollar
• Wartung: 16,4 Millionen US-Dollar
• Marketing und Vertrieb: 14,2 Millionen US-Dollar

Zins- und Finanzierungskosten

Die gesamten Zinsaufwendungen für 2023 beliefen sich auf 45,2 Millionen US-Dollar. Der durchschnittliche Zinssatz für ausstehende Schulden betrug 5,6 %.

Finanzierungsmetrik	Wert
Gesamtzinsaufwand	$45,200,000
Durchschnittlicher Zinssatz	5.6%

Verwaltungsaufwand des Unternehmens

Die Verwaltungsaufwendungen des Unternehmens für 2023 setzten sich wie folgt zusammen:

• Gehälter und Sozialleistungen: 9,7 Millionen US-Dollar
• Honorar: 3,2 Millionen US-Dollar
• Technologie und Systeme: 2,5 Millionen US-Dollar
• Bürokosten: 1,1 Millionen US-Dollar

Investitionen in die Instandhaltung und Renovierung von Vermögenswerten

Die Investitionsausgaben für 2023 beliefen sich auf insgesamt 52,3 Millionen US-Dollar, mit spezifischen Zuweisungen:

Renovierungstyp	Investition ($)
Immobilienverbesserungen	35,600,000
Infrastruktur-Upgrades	16,700,000

RLJ Lodging Trust (RLJ) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus Hotelimmobilien

Im vierten Quartal 2023 belief sich der Gesamtumsatz des RLJ Lodging Trust aus der Vermietung von Hotelimmobilien auf 305,4 Millionen US-Dollar. Das Portfolio besteht aus 103 Hotels mit insgesamt 22.482 Zimmern in 17 Bundesstaaten.

Umsatzkategorie	Betrag ($)	Prozentsatz
Luxushotels	87,600,000	28.7%
Obere gehobene Hotels	134,376,000	44%
Full-Service-Hotels	83,484,000	27.3%

Immobilienwertsteigerung und Verkaufsgewinne

Im Jahr 2023 erzielte RLJ 42,3 Millionen US-Dollar aus Immobilienverkäufen, mit einer durchschnittlichen Wertsteigerungsrate von 6,2 % pro Immobilie.

Dividendenausschüttungen an Aktionäre

Der RLJ Lodging Trust schüttete für das Jahr 2023 Dividenden in Höhe von 0,40 US-Dollar pro Aktie aus, was einer Gesamtsumme von etwa 28,6 Millionen US-Dollar an die Aktionäre entspricht.

Jahr	Dividende pro Aktie	Gesamtdividendenausschüttung
2023	$0.40	$28,600,000
2022	$0.35	$25,050,000

Leistungsabhängige Verwaltungsgebühren

Die Leistungsmanagementgebühren für 2023 beliefen sich auf insgesamt 12,7 Millionen US-Dollar und stammen aus strategischen Hotelmanagementverträgen.

Strategische Monetarisierung des Vermögensportfolios

Das strategische Vermögensportfolio von RLJ generierte zusätzliche Einnahmequellen:

• Hotel-Franchiseverträge: 9,2 Millionen US-Dollar
• Einnahmen aus Nebendienstleistungen: 6,5 Millionen US-Dollar
• Unternehmenspartnerschaftsprogramme: 4,3 Millionen US-Dollar

Gesamteinnahmequellen für 2023: 399,7 Millionen US-Dollar

RLJ Lodging Trust (RLJ) - Canvas Business Model: Value Propositions

You're looking at the core reasons why guests choose RLJ Lodging Trust properties and why investors back the trust. It's about the brands they own and where those hotels sit in the market.

Access to premium-branded, high-quality hotel experiences is central. RLJ Lodging Trust owns a portfolio consisting of 96 hotels with approximately 21,200 rooms as of December 7, 2025. These properties operate under major global brand names, specifically the Marriott, Hilton, and Hyatt brands.

The geographic placement is strategic, focusing on high-demand urban and dense suburban markets. The portfolio is geographically diverse, located across 23 states and the District of Columbia. This concentration in urban markets targets multiple demand generators from business and leisure travelers.

RLJ Lodging Trust emphasizes focused-service and compact full-service models. This model choice is designed to deliver higher operating margins compared to traditional full-service hotels. The Q3 2025 results showed that out-of-room revenues grew by 1.3% during the quarter, highlighting success in maximizing revenue streams beyond just room nights.

The value proposition for guests is reinforced by leveraging the global brand loyalty programs associated with Marriott, Hilton, and Hyatt, which helps drive reliable guest volume. For investors, the value is rooted in the real estate backing and the income stream.

Here are some key operational and financial metrics supporting this value proposition as of late 2025:

Metric	Value	Context/Date
Trailing 12-Month Revenue	$1.35B USD	As of 30-Sep-2025
Q3 2025 Total Revenues	$330.0 million USD	For the three months ended September 30, 2025
Q3 2025 Portfolio Comparable RevPAR	$138.51 USD	For the three months ended September 30, 2025
Q3 2025 Adjusted FFO per Share/Unit	$0.27 USD	For the three months ended September 30, 2025
Last Declared Quarterly Dividend	$0.15 USD per common share	Q3 2025, paid October 15, 2025
Annualized Dividend (TTM)	$0.60 USD	As of December 03, 2025
Dividend Yield (TTM)	8.10% to 8.25%	As of December 2025
Remaining Share Repurchase Capacity	$245.7 million USD	As of November 5, 2025

The dividend-paying security aspect is supported by the recent quarterly distribution of $0.15 per common share. The TTM (Trailing Twelve Month) dividend payout stands at $0.60 per share, yielding around 8.10% as of early December 2025.

The company is actively managing its asset base to enhance value, evidenced by the sale of the Courtyard Atlanta Buckhead in March 2025. Furthermore, the remaining share repurchase program capacity stood at $245.7 million as of November 5, 2025.

• Hotels are under Marriott, Hilton, and Hyatt brands.
• Portfolio size: 96 hotels with 21,200 rooms.
• Concentration in urban markets.
• Q3 2025 Adjusted FFO per share/unit: $0.27.
• TTM Dividend Yield: Approximately 8.20%.

The lean operating model, which contributes to the focused-service value, helped achieve Comparable Hotel EBITDA of $80.8 million in Q3 2025.

Finance: draft 13-week cash view by Friday.

RLJ Lodging Trust (RLJ) - Canvas Business Model: Customer Relationships

You're managing a portfolio of premium-branded hotels, so your direct relationship with the end guest is often filtered, which is a key part of the structure here. The core customer interaction for the traveler staying at one of the 94 hotels in the RLJ Lodging Trust portfolio, which totals approximately 21,000 rooms as of September 30, 2025, is primarily with the hotel operator and, by extension, the major brand itself.

Indirect relationship managed primarily through franchisor's systems

Honestly, the day-to-day guest experience is dictated by the franchise agreement. RLJ Lodging Trust owns the bricks and mortar, but the brand-be it Marriott, Hilton, or Hyatt-sets the service standards, the operating playbook, and the reservation system. This means the guest relationship is largely indirect, managed by the franchisor's established systems. The guest experience is transactional for the stay itself-they book a room, they stay, they pay-but the underlying relationship is built on the long-term equity of the brand they trust.

Direct asset management oversight to ensure operator performance and cost control

Since RLJ Lodging Trust is a self-advised real estate investment trust, its asset management team steps in to bridge that gap between ownership and the independent managers running the properties day-to-day. They don't run the front desk, but they definitely watch the score. This team monitors performance daily and holds frequent meetings with the corporate executives of the management companies. They focus intensely on revenue management, market positioning, and cost structure. For instance, they work on identifying and evaluating Return on Investment (ROI) initiatives, which contributed to out-of-room revenues growing by 1.3% in Q3 2025 despite lower occupancy. Plus, RLJ Lodging Trust retains approval rights on critical roles, like the hotel's general manager and director of sales, ensuring alignment on strategy.

Here's a quick look at the operational context as of the third quarter of 2025:

Metric	Value (As of Q3 2025)	Context/Period
Portfolio Size (Hotels)	94	As of September 30, 2025
Comparable RevPAR	$138.51	Q3 2025, a 5.1% decrease year-over-year
Total Revenues	$330.0 million	Q3 2025
Comparable Hotel EBITDA	$80.8 million	Q3 2025
Adjusted FFO per Share/Unit	$0.27	Q3 2025
Out-of-Room Revenue Growth	1.3%	Q3 2025

Investor relations and communication for shareholders and analysts

For the capital providers-the shareholders and analysts-the relationship is direct and highly structured. RLJ Lodging Trust maintains a consistent cadence of communication, with the Q3 2025 earnings conference call held on November 6, 2025. They provide supplemental information and investor presentations, such as the one released in November 2025, to keep the financial community informed on portfolio strategy, including ongoing brand conversions like the Boston property moving to Hilton's Tapestry Collection.

Shareholder capital management is a key communication point, showing direct engagement with the ownership base:

• Year-to-date share repurchases reached 3.3 million common shares for approximately $28.6 million as of November 5, 2025.
• The remaining capacity under the 2025 share repurchase program stood at $245.7 million.
• Q3 2025 saw a repurchase of 0.2 million shares for about $1.3 million.

Leveraging major brand loyalty programs for guest retention

The reliance on Marriott, Hilton, and Hyatt means RLJ Lodging Trust inherently benefits from their massive loyalty ecosystems. These programs are crucial for driving occupancy because they lower customer acquisition costs for the operator and secure repeat business. Industry data suggests that loyalty program fees paid by owners grew by 3.9% from 2023 to 2024, outpacing the growth in rooms revenue, which implies loyalty members are making up a larger share of stays. For RLJ Lodging Trust, this translates to a customer base that is often less price-sensitive, which is beneficial, especially as business-transient demand was reported at 81% of pre-pandemic levels in early 2025.

Transactional for hotel stays, but long-term for brand relationships

The relationship is dual-natured. For the individual booking, it's transactional-a room night at a specific location. However, for RLJ Lodging Trust as the owner, the relationship is a long-term strategic partnership with the franchisors. This partnership is about maintaining property value and ensuring the operator maximizes profits while adhering to brand standards. The company's focus on conversions and repositionings, like the eight announced as of late 2023, shows a commitment to optimizing these long-term brand relationships to unlock embedded value.

Finance: review the impact of the $245.7 million remaining share repurchase capacity on Q4 2025 FFO guidance by next Tuesday.

RLJ Lodging Trust (RLJ) - Canvas Business Model: Channels

You're looking at how RLJ Lodging Trust gets its product-rooms and services across its 94 hotels-into the hands of the customer, which is a mix of direct engagement and reliance on major third-party systems. This is critical because, as a REIT, their channel efficiency directly impacts the Adjusted FFO per diluted share they guide for, which was projected between $1.31 and $1.37 for full-year 2025.

Global Distribution Systems (GDS) and Online Travel Agencies (OTAs)

RLJ Lodging Trust relies on the broader travel ecosystem, meaning a significant portion of bookings flows through Global Distribution Systems (GDS) and Online Travel Agencies (OTAs). While the exact percentage split isn't published in the Q3 2025 supplemental data, this channel is the default access point for many transient and corporate bookers. The company's strategy focuses on owning premium-branded assets in urban markets, which are heavily indexed in these high-volume booking channels. The overall portfolio, as of June 30, 2025, comprised 94 hotels with about 21,000 rooms.

Major franchisor central reservation systems (e.g., Marriott.com, Hilton.com)

A core component of the channel strategy is the relationship with major franchisors. RLJ Lodging Trust hotels operate under globally recognized brands, including flags from Marriott, Hilton, and Hyatt. This means direct booking channels like Marriott.com and Hilton.com are primary distribution avenues. These systems offer brand loyalty benefits that often drive higher-rated, more stable demand compared to OTAs. The portfolio includes brands like Courtyard by Marriott, Residence Inn by Marriott, AC Hotels, Moxy Hotels, Hilton Garden Inn, Embassy Suites, Hyatt Place, and Wyndham.

Hotel-level direct sales teams and on-site property staff

On-site teams are responsible for capturing demand that bypasses the major online channels, focusing on local, group, and transient business. This direct effort contributes to the non-room revenue growth the company highlights; for instance, out-of-room spend grew by 1.3% in Q3 2025. The property staff manages the day-to-day execution of revenue management strategies, aiming to maximize the Average Daily Rate (ADR), which stood at $190 in Q3 2025.

Investor Relations website and NYSE trading platform for capital access

For capital access, the channel is the public market. RLJ Lodging Trust trades on the New York Stock Exchange (NYSE) under the ticker RLJ. The Investor Relations website, www.rljlodgingtrust.com, serves as the direct channel for communicating financial performance, such as the Q3 2025 results released on November 5, 2025. The company actively manages its capital structure through this platform, evidenced by the remaining capacity on its 2025 share repurchase program of $245.7 million as of November 5, 2025.

Here's a quick look at the scale of the assets being managed through these channels as of mid-2025:

Metric	Value (As of Q2/Q3 2025)	Context
Total Hotels Owned	94	As of June 30, 2025
Total Rooms Owned	Approx. 21,000	As of June 30, 2025
Q3 2025 Total Revenue	$330.0 million	Reported for the third quarter ended September 30, 2025
Q3 2025 Comparable RevPAR	$138.51	A decrease of 5.1% over the prior year
Q3 2025 Occupancy Rate	73%	Reported for the third quarter
Q3 2025 Average Daily Rate (ADR)	$190	Reported for the third quarter

Direct asset management team communication with property operators

The self-advised structure means a dedicated asset management team is a key internal channel for operational control. This team monitors hotel performance on a daily basis and holds frequent ownership meetings with corporate operations executives and key personnel at the hotels. They work closely with independent managers on revenue management, market positioning, cost structure, and identifying return on investment initiatives. For instance, the team works on capital and operational budgeting, and they retain approval rights for key staffing positions, such as the hotel's general manager and director of sales, at many properties.

RLJ Lodging Trust (RLJ) - Canvas Business Model: Customer Segments

You're looking at the core groups RLJ Lodging Trust serves, which is key to understanding their revenue engine. Honestly, for a Real Estate Investment Trust (REIT) like RLJ Lodging Trust, the customer segments aren't just guests; they include the people funding the whole operation, too.

Business travelers requiring consistent, premium-branded accommodations

This group relies on RLJ Lodging Trust's portfolio of premium-branded, focused-service, and compact full-service hotels. These assets are intentionally placed in urban markets that offer multiple demand generators, which often means proximity to corporate headquarters and business hubs. The consistency of brands like Marriott, Hilton, and Hyatt is what keeps these corporate accounts coming back. For example, in the third quarter of 2025, RLJ Lodging Trust saw non-government-related business travel deliver a 2.4% revenue growth. Furthermore, corporate rates specifically were up a healthy 3% during that same period, showing that the highest-rated corporate customers are definitely returning to their properties.

Leisure travelers seeking urban and major market destinations

Leisure demand is a major driver, especially in the key urban markets where RLJ Lodging Trust concentrates its 94 hotels and approximately 20,982 rooms. While overall portfolio comparable Revenue Per Available Room (RevPAR) dipped 5.1% in Q3 2025, certain urban markets showed significant strength, indicating strong leisure pull. To be fair, this segment is sensitive to broader economic shifts, as seen by the overall occupancy decline of 3.1% in Q3 2025. Still, the performance in specific leisure-heavy urban areas was impressive:

• San Francisco RevPAR growth: 19.4%.
• Atlanta RevPAR growth: 12.1%.
• New York City RevPAR growth: 4.7%.

Geographically, for the nine months ending September 30, 2025, major markets like Southern California and Northern California each contributed $128.7 million in revenue, and South Florida added $112.6 million.

Group and convention business in key citywide markets

Group business is a critical component, though it faced some near-term noise in Q3 2025. Management noted that the shift of the Jewish holidays into September softened the citywide calendar across many markets, and ongoing convention center transformations, like the one in Austin, also had an impact. This segment is highly dependent on the local convention and event calendar, which can cause volatility quarter-to-quarter. The company is actively working to capture this demand through strategic asset improvements, such as completing transformative renovations in Waikiki, Key West, and Fort Lauderdale.

Here's a quick look at the portfolio size and the Q3 2025 operational snapshot that reflects the demand across these segments:

Metric	Value as of Q3 2025 / Latest Data
Total Hotels Owned	94
Total Rooms	Approximately 20,982
Portfolio Comparable RevPAR (Q3 2025)	$138.51, a decrease of 5.1% year-over-year
Portfolio Occupancy (Q3 2025)	73%, a decline of 3.1%
Portfolio Average Daily Rate (ADR) (Q3 2025)	$190, a decrease of 2.1%
Total Revenues (Q3 2025)	$330.0 million

Institutional and individual investors (shareholders) in the REIT

As a publicly traded REIT on the NYSE, RLJ Lodging Trust's financial health and strategy are directly aimed at its shareholders. This segment is interested in the stability of the asset base, debt management, and return of capital. As of October 30, 2025, the company's market capitalization stood at $1.04B, based on 151M shares outstanding. The company has shown a commitment to returning capital through share repurchases, executing 3.3 million shares repurchased year-to-date for approximately $28.6 million. Furthermore, the balance sheet is managed to appeal to institutional holders, with 74% of debt fixed or hedged, and all 2025 debt maturities addressed. This focus on financial structure is what keeps the institutional money interested.

RLJ Lodging Trust (RLJ) - Canvas Business Model: Cost Structure

The Cost Structure for RLJ Lodging Trust is heavily influenced by debt servicing and ongoing property investment, characteristic of a real estate investment trust focused on premium-branded hotels. You need to keep a close eye on these fixed and semi-fixed outflows to gauge operational flexibility.

A significant portion of the cost base is tied to financing the asset portfolio. The projected Net interest expense for the full year 2025 is set in the range of $94.0 million to $96.0 million. This represents a major fixed commitment. To give you context on how that interest is calculated, as of the third quarter of 2025, RLJ Lodging Trust had $2.2 billion in debt with a weighted-average interest rate of 4.7%.

The table below summarizes the key projected annual financial commitments for 2025:

Cost Category	Projected 2025 Range (Millions USD)	Notes
Net Interest Expense	$94.0M to $96.0M	High fixed cost related to debt servicing
Capital Expenditures (Renovations)	$80.0M to $100.0M	Investment in property improvements and brand standards
Cash Corporate G&A	$34.0M to $35.0M	Overhead for the self-advised management structure

Hotel operating expenses are variable but substantial, directly tied to running the 94-hotel portfolio. While specific line-item costs for labor, utilities, property taxes, and insurance aren't explicitly broken out in the forward guidance, the efficiency of managing these is reflected in the margin performance. For instance, in the third quarter of 2025, the company achieved a Hotel EBITDA margin of 24.5%. This margin shows how effectively RLJ Lodging Trust managed its day-to-day property costs against hotel revenues during that period.

Ongoing investment in the physical assets is a critical cost component, ensuring brand compliance and driving future revenue. Capital expenditures dedicated to renovations for the full year 2025 are projected to be between $80.0 million and $100.0 million. This spending is strategic, aimed at unlocking embedded value through property transformations.

The corporate overhead, or Cash corporate G&A, is projected to fall between $34.0 million and $35.0 million for 2025. This cost supports the self-advised structure of RLJ Lodging Trust.

Another necessary outflow involves payments to the major hotel brands that RLJ Lodging Trust partners with. These are the Franchise fees paid to major hotel brands, which typically include base fees and often incentive fees tied to revenue performance. These fees are a direct operational cost embedded within the hotel-level expenses, though a specific dollar projection for 2025 wasn't detailed in the latest guidance summaries.

You can see the major operational cost drivers below:

• Debt servicing costs, with interest expense projected annually in the $94.0M to $96.0M band.
• Property-level expenses contributing to the 24.5% Hotel EBITDA margin in Q3 2025.
• Significant capital outlay for renovations, budgeted at $80.0M to $100.0M for 2025.
• Fixed corporate overhead projected between $34.0M and $35.0M.

Finance: draft 13-week cash view by Friday.

RLJ Lodging Trust (RLJ) - Canvas Business Model: Revenue Streams

You're looking at how RLJ Lodging Trust actually brings in the cash to keep those premium-branded hotels running. Honestly, it all comes down to the guest staying the night, but they're getting smarter about the other stuff, too.

The primary source is definitely the money from rooms. That's the bread and butter for any hotel REIT. For instance, in the first quarter of 2025, room revenue hit $267.7 million, which was a big chunk of their total $328.1 million for that period. That tells you where the focus is.

Still, they are pushing hard on the secondary streams. Food and beverage revenue, for example, is a key component they track. To give you a concrete number, Q1 2025 saw food and beverage revenue reach $37.5 million. That's the kind of ancillary income that helps smooth out the volatility you see in room rates.

RLJ Lodging Trust also generates other out-of-room revenues. They specifically mentioned success from their Return on Investment (ROI) initiatives driving growth in these areas. You should expect revenue from:

• Parking fees.
• Meeting space rental.
• Expanded market offerings.

The top-line number for the most recent quarter we have data for, Q3 2025, was $330.0 million in Total Revenues. That figure is the aggregate of all those streams, even though occupancy was softer, showing the benefit of their focus on non-room spend.

Plus, you can't forget the capital recycling aspect. This isn't operating revenue, but it's a financial inflow that supports the business model. They actively dispose of assets to free up capital. As an example of this strategy in action, during Q1 2025, RLJ Lodging Trust sold one non-core hotel for $24.3 million, and they used those proceeds for share repurchases. That's capital recycling at work.

Here's a quick look at some of those key revenue figures we've seen recently:

Revenue Component	Period	Amount
Total Revenues	Q3 2025	$330.0 million
Room Revenue (Example)	Q1 2025	$267.7 million
Food and Beverage Revenue (Example)	Q1 2025	$37.5 million
Proceeds from Asset Disposition (Example)	Q1 2025	$24.3 million

The management noted that non-room revenue growth in Q3 2025 was 1.3%, which outperformed the RevPAR decline by over 600 basis points. That's a clear indicator of where they are focusing operational improvements to diversify income away from just the nightly room rate.

Finance: draft the Q4 2025 revenue projection based on the Q3 run-rate by Wednesday.