RLJ Lodging Trust (RLJ): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la inversión inmobiliaria de la hospitalidad, RLJ Lodging Trust surge como una potencia estratégica, transformando las inversiones de propiedades del hotel en un ecosistema financiero sofisticado. Al navegar magistralmente de los paisajes complejos del mercado, RLJ ofrece una propuesta de valor única que combina la gestión innovadora de activos, las asociaciones estratégicas y el desempeño financiero sólido. Esta exploración de lienzo de modelo de negocio presenta los intrincados mecanismos que permiten a RLJ generar constantemente rendimientos atractivos para los inversores al tiempo que mantiene un enfoque flexible y con visión de futuro en el sector de la hospitalidad en constante evolución.

RLJ Lodging Trust (RLJ) - Modelo de negocio: asociaciones clave

Compañías de gestión hotelera

RLJ Lodging Trust Partners con las siguientes compañías de gestión hotelera:

Empresa de gestión	Número de hoteles administrados	Estado de asociación
Marriott International	37 hoteles	Asociación activa a largo plazo
Hilton en todo el mundo	22 hoteles	Acuerdo de gestión activa
Hyatt Hotels Corporation	15 hoteles	Colaboración en curso

Empresas de inversión inmobiliaria y socios de capital

Detalles clave de la asociación de capital:

• Inversiones inmobiliarias de Goldman Sachs: compromiso de capital de $ 250 millones
• Blackstone Real Estate Partners: $ 175 millones de inversión de empresa conjunta
• División de Bienes Raíces JPMorgan Chase: Facilidad de crédito de $ 200 millones

Inversores institucionales y grupos de capital privado

Inversor	Monto de la inversión	Porcentaje de propiedad
Grupo de vanguardia	$ 85.4 millones	12.3%
Asesores de fondos dimensionales	$ 62.7 millones	9.1%
Roca negra	$ 53.2 millones	7.6%

Tecnología de viajes y plataformas de distribución

Las asociaciones de tecnología estratégica incluyen:

• Expedia Group: Acuerdo de distribución que cubre 59 hoteles
• Booking.com: Global Distribution Partnership
• Sabilidades de hospitalidad de Saber: plataforma de integración de tecnología

Proveedores de servicios de mantenimiento y renovación de la propiedad

Proveedor de servicios	Valor anual del contrato	Servicios proporcionados
Grupo CBRE	$ 18.5 millones	Administración de propiedades y renovación
JLL (Jones Lang LaSalle)	$ 15.3 millones	Mantenimiento y actualizaciones de las instalaciones
Cushman & Wakefield	$ 12.7 millones	Servicios de optimización de activos

RLJ Lodging Trust (RLJ) - Modelo de negocio: actividades clave

Adquirir, administrar y desarrollar propiedades del hotel

A partir de 2024, RLJ Lodging Trust administra una cartera de 103 hoteles con 22,570 habitaciones en 17 estados. La compañía se centra en las inversiones de hoteles de alta información y lujo.

Tipo de propiedad	Número de hoteles	Habitaciones totales
De compensación superior	68	15,342
Lujo	35	7,228

Optimización de cartera estratégica y gestión de activos

La estrategia de gestión de activos de RLJ implica refinamiento continuo de cartera e inversiones estratégicas.

• Inversión total en propiedades del hotel: $ 4.2 mil millones
• Valor de propiedad promedio del hotel: $ 40.8 millones
• Tasa de ocupación: 64.3% (cuarto trimestre 2023)

Gestión de ingresos y optimización del rendimiento

La gestión de ingresos se centra en maximizar el rendimiento del hotel a través de precios estratégicos y estrategias de ocupación.

Métrico de ingresos	2023 rendimiento
Revista	$108.65
Ingresos totales	$ 1.12 mil millones

Asignación de capital y estrategia de inversión

RLJ emplea un enfoque disciplinado para la asignación e inversión de capital.

• Capitalización de mercado total: $ 1.8 mil millones
• Relación de capitalización de deuda / total: 42.6%
• Gastos de capital anuales: $ 87.3 millones

Gestión de riesgos y monitoreo de cumplimiento

El marco integral de gestión de riesgos garantiza la excelencia operativa y el cumplimiento regulatorio.

Área de cumplimiento	Monitoreo de métricas
Cumplimiento regulatorio	100% de adherencia a las regulaciones de REIT
Presupuesto de gestión de riesgos	$ 4.5 millones anuales

RLJ Lodging Trust (RLJ) - Modelo de negocio: recursos clave

Cartera diversa de hoteles de lujo y de alta información

A partir del cuarto trimestre de 2023, RLJ Lodging Trust posee 87 hoteles con 12,916 habitaciones en 17 estados. Desglose de cartera:

Categoría de hotel	Número de propiedades	Habitaciones totales
Hoteles exclusivos	52	7,654
Hoteles de la parte superior	35	5,262

Fuertes mercados de capital financiero e inversión

Métricas financieras al 31 de diciembre de 2023:

• Activos totales: $ 3.89 mil millones
• Deuda total: $ 1.92 mil millones
• Capitalización de mercado: $ 1.14 mil millones
• Liquidez: $ 250 millones en línea de crédito disponible

Equipo de gestión e inversión experimentado

Composición de liderazgo:

• Experiencia ejecutiva promedio: 22 años en hospitalidad
• Total de empleados: 318
• Equipo de liderazgo senior: 7 ejecutivos

Tecnología de hospitalidad avanzada y análisis de datos

Inversiones de infraestructura tecnológica:

Categoría de tecnología	Inversión anual
Plataforma de análisis de datos	$ 3.2 millones
Sistemas de gestión de ingresos	$ 1.7 millones
Tecnologías de experiencia de huéspedes	$ 2.5 millones

Relaciones de marca establecidas

Detalles de la asociación de marca:

• Marriott International: 42 propiedades
• Hilton Worldwide: 23 propiedades
• Hoteles Hyatt: 12 propiedades
• Hoteles IHG & Resorts: 10 propiedades

RLJ Lodging Trust (RLJ) - Modelo de negocio: propuestas de valor

Inversiones en hoteles bien ubicadas de alta calidad

RLJ Lodging Trust posee 103 hoteles con 22,130 habitaciones al 31 de diciembre de 2022. Portafolio valorada en $ 4.7 mil millones. Concentrado en segmentos superiores y medios de escala superior.

Categoría de hotel	Número de propiedades	Habitaciones totales
De compensación superior	65	14,271
Escala-escala superior	38	7,859

Devoluciones consistentes y atractivas para los accionistas

2022 Rendimiento financiero:

• Ingresos totales: $ 1.1 mil millones
• Ingresos netos: $ 86.7 millones
• FFO ajustado: $ 345.4 millones

Cartera de bienes raíces de hospitalidad administrada profesionalmente

Enfoque de gestión:

• Asociaciones con operadores hoteleros de primer nivel
• Las marcas incluyen Marriott, Hilton, Hyatt
• Centrado en los principales mercados metropolitanos y de resorts

Enfoque de inversión diversificado en múltiples mercados

Región geográfica	Número de hoteles	Porcentaje de cartera
Costa este	37	36%
Costa oeste	22	21%
Sudeste	25	24%
Otras regiones	19	19%

Estrategia adaptativa en respuesta a las tendencias de la industria hotelera

Adaptaciones estratégicas en 2022:

• Disposiciones de activos selectivos: $ 347.5 millones en ventas de propiedades
• Reinversión en mercados de alto potencial
• Mantenida liquidez fuerte: $ 475 millones de línea de crédito disponible

RLJ Lodging Trust (RLJ) - Modelo de negocios: relaciones con los clientes

Comunicación y transparencia de los inversores

RLJ Lodging Trust mantiene las relaciones de los inversores a través de canales precisos de comunicación financiera:

Canal de comunicación	Frecuencia	Plataforma
Llamadas de ganancias trimestrales	4 veces al año	Transmisión web/conferencia telefónica
Reunión anual de accionistas	1 vez por año	Presentación del inversor
Presentaciones de inversores	En curso	Conferencias de inversores

Informes financieros regulares y actualizaciones de los accionistas

Métricas de informes clave para inversores:

• Presentaciones trimestrales del Formulario 10-Q
• Informe anual del Formulario 10-K
• Informe actual en el Formulario 8-K para eventos materiales

Plataformas de relaciones con inversores digitales

Plataforma digital	Accesibilidad	Características
Sitio web de la empresa	Acceso público 24/7	Presentaciones de inversores, informes financieros
Sec Edgar Base de datos	Acceso público	Revelaciones financieras oficiales

Compromiso de los inversores institucionales

Detalles de la propiedad institucional a partir del cuarto trimestre 2023:

Métrico	Valor
Porcentaje de propiedad institucional	98.4%
Número de titulares institucionales	223

Confianza de los inversores basado en el rendimiento

Métricas de desempeño financiero que influyen en las relaciones con los inversores:

Métrico de rendimiento	Valor 2023
Ingresos totales	$ 637 millones
Lngresos netos	$ 84.2 millones
FFO ajustado	$ 203.5 millones

RLJ Lodging Trust (RLJ) - Modelo de negocio: canales

Sitio web de relaciones con los inversores

RLJ Lodging Trust mantiene un sitio web oficial de relaciones con los inversores en www.rljlodgingtrust.com. El sitio web proporciona Acceso en tiempo real a información financiera y actualizaciones corporativas.

Característica del sitio web	Disponibilidad
Informes anuales	Formato PDF descargable
Ganancias trimestrales	Estados financieros trimestrales
Presentaciones de inversores	Actualizado trimestralmente

Presentaciones de la SEC e informes financieros

RLJ alojamiento de la confianza archiva informes financieros integrales a través de múltiples canales.

• Informe anual de 10-K presentado ante la SEC
• Informes trimestrales de 10-Q
• Divulgaciones de eventos de material de 8 K

Conferencias y presentaciones de los inversores

Tipo de conferencia	Frecuencia	Participación
Conferencia Bank of America	Anualmente	Presentación de gestión
Conferencia de alojamiento JP Morgan	Anualmente	Discusiones de inversores

Comunicación directa de los inversores

RLJ Lodging Trust proporciona Canales de comunicación directa para inversores.

• Correo electrónico de relaciones con los inversores: ir@rljlodgingtrust.com
• Línea telefónica de relaciones con inversores dedicados: (202) 331-4300
• Llamadas de conferencia trimestrales de ganancias

Medios financieros y cobertura de analistas

Plataforma de medios	Tipo de cobertura
Terminal de Bloomberg	Datos financieros en tiempo real
Reuters	Actualizaciones financieras de la empresa
Wall Street Journal	Análisis de la compañía periódica

RLJ Lodging Trust (RLJ) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, la propiedad institucional de RLJ Lodging Trust es del 95.2% del total de acciones. Los inversores institucionales clave incluyen:

Tipo de inversor	Porcentaje de propiedad	Acciones mantenidas
Vanguard Group Inc	12.4%	14,672,389 acciones
Blackrock Inc	10.7%	12,653,291 acciones
State Street Corporation	8.3%	9,821,456 acciones

Empresas de capital privado

RLJ Lodging Trust atrae a empresas de capital privado con su cartera de hoteles diversos valorados en $ 3.8 mil millones a partir de 2023.

• Número total de hoteles en la cartera: 103
• Total de habitaciones: 22,474
• Diversificación geográfica en 23 estados

Fideicomisos de inversión inmobiliaria (REIT)

RLJ se clasifica como un REIT centrado en el alojamiento con características de inversión específicas:

Métrica de reit	Valor 2023
Capitalización de mercado	$ 1.96 mil millones
Rendimiento de dividendos	4.2%
Ingresos totales	$ 572 millones

Inversores individuales de alto nivel de red

RLJ se dirige a inversores de alto valor de la red con características de cartera específicas:

• Inversión promedio por individuo: $ 250,000 a $ 1,000,000
• Centrado en los segmentos de hoteles de lujo y de lujo.
• Las marcas incluyen Marriott, Hilton y Hyatt

Fondos mutuos y fondos de pensiones

Detalles de la propiedad de fondos mutuos y de pensiones:

Categoría de fondos	Inversión total	Porcentaje de cartera
Fondos mutuos	$ 412 millones	21.3%
Fondos de pensiones	$ 287 millones	14.8%

RLJ Lodging Trust (RLJ) - Modelo de negocio: Estructura de costos

Gastos de adquisición y desarrollo de propiedades

A partir de 2023 informes financieros, los costos de adquisición de propiedades de RLJ Lodging Trust totalizaron $ 38.7 millones. Los gastos de desarrollo para nuevas propiedades del hotel fueron de aproximadamente $ 12.5 millones.

Categoría de gastos	Monto ($)
Costos de adquisición de propiedades	38,700,000
Gastos de desarrollo	12,500,000

Gestión hotelera y costos operativos

Los gastos operativos para la cartera de hoteles de RLJ en 2023 incluyeron:

• Costos laborales: $ 87.3 millones
• Utilidades: $ 22.6 millones
• Mantenimiento: $ 16.4 millones
• Marketing y distribución: $ 14.2 millones

Gastos de intereses y financiamiento

Los gastos de intereses totales para 2023 fueron de $ 45.2 millones. La tasa de interés promedio de la deuda pendiente fue del 5,6%.

Métrico de financiamiento	Valor
Gastos de intereses totales	$45,200,000
Tasa de interés promedio	5.6%

Sobrecarga administrativa corporativa

Los gastos administrativos corporativos para 2023 se rompieron de la siguiente manera:

• Salarios y beneficios: $ 9.7 millones
• Tarifas profesionales: $ 3.2 millones
• Tecnología y sistemas: $ 2.5 millones
• Gastos de la oficina: $ 1.1 millones

Mantenimiento de activos y inversiones de renovación

Los gastos de capital para 2023 totalizaron $ 52.3 millones, con asignaciones específicas:

Tipo de renovación	Inversión ($)
Mejoras de la propiedad	35,600,000
Actualizaciones de infraestructura	16,700,000

RLJ Lodging Trust (RLJ) - Modelo de negocio: flujos de ingresos

Ingresos de alquiler de propiedades del hotel

A partir del cuarto trimestre de 2023, los ingresos totales de RLJ Lodging Trust de alquileres de propiedades del hotel eran de $ 305.4 millones. La cartera consta de 103 hoteles con 22,482 habitaciones totales en 17 estados.

Categoría de ingresos	Monto ($)	Porcentaje
Hoteles de lujo	87,600,000	28.7%
Hoteles de lujo superior	134,376,000	44%
Hoteles de servicio completo	83,484,000	27.3%

Apreciación de la propiedad y ganancias de venta

En 2023, RLJ obtuvo $ 42.3 millones de las ventas de propiedades, con una tasa de apreciación promedio de 6.2% por propiedad.

Distribuciones de dividendos a los accionistas

RLJ Lodging Trust distribuyó $ 0.40 por acción en dividendos para 2023, por un total de aproximadamente $ 28.6 millones a los accionistas.

Año	Dividendo por acción	Distribución de dividendos totales
2023	$0.40	$28,600,000
2022	$0.35	$25,050,000

Tarifas de gestión basadas en el desempeño

Las tarifas de gestión del desempeño para 2023 totalizaron $ 12.7 millones, derivados de contratos estratégicos de gestión hotelera.

Monetización de la cartera de activos estratégicos

La cartera de activos estratégicos de RLJ generó flujos de ingresos adicionales:

• Acuerdos de franquicia del hotel: $ 9.2 millones
• Ingresos del servicio auxiliar: $ 6.5 millones
• Programas de asociación corporativa: $ 4.3 millones

Flujos de ingresos totales para 2023: $ 399.7 millones

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.