RLJ Lodging Trust (RLJ): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique des investissements immobiliers hôteliers, RLJ Lodging Trust apparaît comme une puissance stratégique, transformant les investissements immobiliers hôteliers en un écosystème financier sophistiqué. En naviguant magistralement des paysages de marché complexes, RLJ offre une proposition de valeur unique qui mélange la gestion innovante des actifs, les partenariats stratégiques et les performances financières robustes. Cette exploration de toile de modèle commercial dévoile les mécanismes complexes qui permettent à RLJ de générer régulièrement des rendements attrayants pour les investisseurs tout en maintenant une approche flexible et avant-gardiste dans le secteur de l'hôtellerie en constante évolution.

RLJ Lodging Trust (RLJ) - Modèle d'entreprise: partenariats clés

Entreprises de gestion hôtelière

RLJ Lodging Trust s'associe aux sociétés de gestion hôtelière suivantes:

Entreprise de gestion	Nombre d'hôtels gérés	Statut de partenariat
Marriott International	37 hôtels	Partenariat actif à long terme
Hilton dans le monde	22 hôtels	Contrat de gestion active
Hyatt Hotels Corporation	15 hôtels	Collaboration continue

Sociétés d'investissement immobilier et partenaires de capital

Détails clés du partenariat en capital:

• Goldman Sachs Real Estate Investments: 250 millions de dollars Engagement en actions
• Blackstone Real Estate Partners: 175 millions de dollars d'investissement de coentreprise
• JPMorgan Chase Real Estate Division: 200 millions de dollars facilité de crédit

Investisseurs institutionnels et groupes de capital-investissement

Investisseur	Montant d'investissement	Pourcentage de propriété
Groupe d'avant-garde	85,4 millions de dollars	12.3%
Conseillers de fonds dimensionnels	62,7 millions de dollars	9.1%
Blackrock	53,2 millions de dollars	7.6%

Technologies de voyage et plateformes de distribution

Les partenariats technologiques stratégiques comprennent:

• Groupe Expedia: accord de distribution couvrant 59 hôtels
• Booking.com: partenariat mondial de distribution
• Sabre Hospitality Solutions: Plateforme d'intégration technologique

Provideurs de services de maintenance et de rénovation des biens

Fournisseur de services	Valeur du contrat annuel	Services fournis
Groupe CBRE	18,5 millions de dollars	Gestion et rénovation immobilières
Jll (Jones Lang Lasalle)	15,3 millions de dollars	Entretien et mises à niveau des installations
Cushman & Wakefield	12,7 millions de dollars	Services d'optimisation des actifs

RLJ Lodging Trust (RLJ) - Modèle d'entreprise: activités clés

Acquérir, gérer et développer des propriétés hôtelières

En 2024, RLJ Lodging Trust gère un portefeuille de 103 hôtels avec 22 570 chambres dans 17 États. L'entreprise se concentre sur les investissements hôteliers supérieurs et luxueux.

Type de propriété	Nombre d'hôtels	Total Rooms
Supérieur à l'échelle	68	15,342
Luxe	35	7,228

Optimisation stratégique du portefeuille et gestion des actifs

La stratégie de gestion des actifs de RLJ implique un raffinement de portefeuille continu et des investissements stratégiques.

• Investissement total dans les propriétés de l'hôtel: 4,2 milliards de dollars
• Valeur de propriété moyenne de l'hôtel: 40,8 millions de dollars
• Taux d'occupation: 64,3% (Q4 2023)

Gestion des revenus et optimisation des performances

La gestion des revenus se concentre sur la maximisation des performances de l'hôtel grâce à des stratégies stratégiques de prix et d'occupation.

Métrique des revenus	Performance de 2023
Revpar	$108.65
Revenus totaux	1,12 milliard de dollars

Attribution de l'allocation des capitaux et de l'investissement

RLJ utilise une approche disciplinée de l'allocation et de l'investissement des capitaux.

• Capitalisation boursière totale: 1,8 milliard de dollars
• Ratio de dette / capitalisation totale: 42,6%
• Dépenses en capital annuelles: 87,3 millions de dollars

Gestion des risques et surveillance de la conformité

Un cadre complet de gestion des risques garantit l'excellence opérationnelle et la conformité réglementaire.

Zone de conformité	Surveillance des mesures
Conformité réglementaire	Adhésion à 100% aux réglementations du RPE
Budget de gestion des risques	4,5 millions de dollars par an

RLJ Lodging Trust (RLJ) - Modèle d'entreprise: Ressources clés

Portfolio diversifié d'hôtels haut de gamme et supérieur à l'échelle

Au quatrième trimestre 2023, RLJ Lodging Trust possède 87 hôtels avec 12 916 chambres dans 17 États. Répartition du portefeuille:

Catégorie d'hôtel	Nombre de propriétés	Total Rooms
Hôtels haut de gamme	52	7,654
Hôtels supérieurs à l'échelle	35	5,262

Marchés financiers et investissements financiers solides

Mesures financières au 31 décembre 2023:

• Actif total: 3,89 milliards de dollars
• Dette totale: 1,92 milliard de dollars
• Capitalisation boursière: 1,14 milliard de dollars
• Liquidité: 250 millions de dollars facilité de crédit disponible

Équipe de gestion et d'investissement expérimentées

Composition du leadership:

• Expérience exécutive moyenne: 22 ans d'hospitalité
• Total des employés: 318
• Équipe de direction: 7 cadres

Technologie hôtelière avancée et analyse des données

Investissements infrastructures technologiques:

Catégorie de technologie	Investissement annuel
Plateforme d'analyse de données	3,2 millions de dollars
Systèmes de gestion des revenus	1,7 million de dollars
Technologies d'expérience des clients	2,5 millions de dollars

Relations de marque établies

Détails du partenariat de marque:

• Marriott International: 42 propriétés
• Hilton Worldwide: 23 propriétés
• Hôtels Hyatt: 12 propriétés
• Hôtels ihg & Stations: 10 propriétés

RLJ Lodging Trust (RLJ) - Modèle d'entreprise: propositions de valeur

Investissements hôteliers de haute qualité et bien situés

RLJ Lodging Trust possède 103 hôtels avec 22 130 chambres au 31 décembre 2022. Portfolio d'une valeur de 4,7 milliards de dollars. Concentré dans les segments supérieurs à l'échelle supérieure et à l'échelle supérieure.

Catégorie d'hôtel	Nombre de propriétés	Total Rooms
Supérieur à l'échelle	65	14,271
À l'échelle supérieure	38	7,859

Rendements cohérents et attrayants pour les actionnaires

2022 Performance financière:

• Revenu total: 1,1 milliard de dollars
• Revenu net: 86,7 millions de dollars
• FFO ajusté: 345,4 millions de dollars

Portfolio immobilier géré par des professionnels

Approche de gestion:

• Partenariats avec des opérateurs d'hôtels de haut niveau
• Les marques incluent Marriott, Hilton, Hyatt
• Axé sur les principaux marchés métropolitains et centraux

Approche d'investissement diversifiée sur plusieurs marchés

Région géographique	Nombre d'hôtels	Pourcentage de portefeuille
Côte est	37	36%
Côte ouest	22	21%
Au sud-est	25	24%
Autres régions	19	19%

Stratégie adaptative en réponse aux tendances de l'industrie hôtelière

Adaptations stratégiques en 2022:

• Dispositions d'actifs sélectifs: 347,5 millions de dollars de ventes de biens
• Réinvestissement sur les marchés à fort potentiel
• Stendue forte liquidité: 475 millions de dollars de facilité de crédit disponible

RLJ Lodging Trust (RLJ) - Modèle d'entreprise: relations avec les clients

Communication et transparence des investisseurs

RLJ Lodging Trust entretient des relations avec les investisseurs grâce à des canaux de communication financière précis:

Canal de communication	Fréquence	Plate-forme
Appels de résultats trimestriels	4 fois par an	Webdiffion / conférence téléphonique
Réunion des actionnaires annuelle	1 fois par an	Présentation des investisseurs
Présentations des investisseurs	En cours	Conférences d'investisseurs

Rapports financiers réguliers et mises à jour des actionnaires

Métriques de rapport clés pour les investisseurs:

• Formulaire trimestriel 10-Q Déposages
• Rapport annuel du formulaire 10-K
• Rapport actuel sur le formulaire 8-K pour les événements matériels

Plateformes de relations avec les investisseurs numériques

Plate-forme numérique	Accessibilité	Caractéristiques
Site Web de l'entreprise	Accès public 24/7	Présentations des investisseurs, rapports financiers
SEC Edgar Database	Accès public	Divulgations financières officielles

Engagement des investisseurs institutionnels

Détails de la propriété institutionnelle auprès du quatrième trimestre 2023:

Métrique	Valeur
Pourcentage de propriété institutionnelle	98.4%
Nombre de détenteurs institutionnels	223

Confiance des investisseurs axé sur les performances

Les mesures de performance financière influencent les relations avec les investisseurs:

Métrique de performance	Valeur 2023
Revenus totaux	637 millions de dollars
Revenu net	84,2 millions de dollars
FFO ajusté	203,5 millions de dollars

RLJ Lodging Trust (RLJ) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs

RLJ Lodging Trust maintient un site Web officiel de relations avec les investisseurs sur www.rljlodgingtrust.com. Le site Web fournit Accès en temps réel aux informations financières et mises à jour de l'entreprise.

Fonctionnalité de site Web	Disponibilité
Rapports annuels	Format PDF téléchargeable
Revenus trimestriels	États financiers trimestriels
Présentations des investisseurs	Mis à jour trimestriel

Déposés et rapports financiers de la SEC

RLJ Lodging Trust dépose des rapports financiers complets via plusieurs canaux.

• Rapport annuel de 10 k déposé auprès de la SEC
• Rapports trimestriels 10-Q
• Divulgations des événements de matériaux 8-K

Conférences et présentations des investisseurs

Type de conférence	Fréquence	Participation
Conférence Bank of America	Annuellement	Présentation de gestion
Conférence de l'hébergement JP Morgan	Annuellement	Discussions sur les investisseurs

Communication des investisseurs directs

RLJ Lodging Trust fournit canaux de communication directs pour les investisseurs.

• Courriel des relations avec les investisseurs: ir@rljlodgingtrust.com
• Ligne téléphonique des relations avec les investisseurs dédiés: (202) 331-4300
• Conférences de résultats trimestriels

Couverture des médias financiers et des analystes

Plate-forme multimédia	Type de couverture
Bloomberg Terminal	Données financières en temps réel
Reuters	Mises à jour financières de l'entreprise
Wall Street Journal	Analyse des entreprises périodiques

RLJ Lodging Trust (RLJ) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, la propriété institutionnelle de RLJ Lodging Trust représente 95,2% du total des actions. Les investisseurs institutionnels clés comprennent:

Type d'investisseur	Pourcentage de propriété	Actions tenues
Vanguard Group Inc	12.4%	14 672 389 actions
BlackRock Inc	10.7%	12 653 291 actions
State Street Corporation	8.3%	9 821 456 actions

Sociétés de capital-investissement

RLJ Lodging Trust attire des sociétés de capital-investissement avec son diverse portefeuille hôtelier d'une valeur de 3,8 milliards de dollars en 2023.

• Nombre total d'hôtels dans le portefeuille: 103
• Total des chambres: 22 474
• Diversification géographique dans 23 États

Trusts de placement immobilier (FPI)

RLJ est classé comme un RPE axé sur l'hébergement avec des caractéristiques d'investissement spécifiques:

Métrique du REIT	Valeur 2023
Capitalisation boursière	1,96 milliard de dollars
Rendement des dividendes	4.2%
Revenus totaux	572 millions de dollars

Investisseurs individuels à haute nette

RLJ cible les investisseurs à haute netteté avec des caractéristiques de portefeuille spécifiques:

• Investissement moyen par individu: 250 000 $ à 1 000 000 $
• Axé sur les segments hôteliers supérieurs et luxueux
• Les marques incluent Marriott, Hilton et Hyatt

Fonds communs de placement et fonds de pension

Détails de la propriété des fonds mutuels et de retraite:

Catégorie de fonds	Investissement total	Pourcentage de portefeuille
Fonds communs de placement	412 millions de dollars	21.3%
Fonds de pension	287 millions de dollars	14.8%

RLJ Lodging Trust (RLJ) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de développement des biens

En 2023 rapports financiers, les coûts d'acquisition de propriétés de RLJ Lodging Trust ont totalisé 38,7 millions de dollars. Les dépenses de développement pour les nouveaux propriétés de l'hôtel étaient d'environ 12,5 millions de dollars.

Catégorie de dépenses	Montant ($)
Coûts d'acquisition de propriétés	38,700,000
Frais de développement	12,500,000

Coûts de gestion hôtelière et opérationnelle

Les dépenses opérationnelles du portefeuille d'hôtel de RLJ en 2023 comprenaient:

• Coûts de main-d'œuvre: 87,3 millions de dollars
• Services publics: 22,6 millions de dollars
• Entretien: 16,4 millions de dollars
• Marketing et distribution: 14,2 millions de dollars

Frais d'intérêt et de financement

Les frais d'intérêt total pour 2023 étaient de 45,2 millions de dollars. Le taux d'intérêt moyen sur la dette en cours était de 5,6%.

Financement de la métrique	Valeur
Total des frais d'intérêt	$45,200,000
Taux d'intérêt moyen	5.6%

Administration des entreprises

Les frais administratifs des entreprises pour 2023 ont été en panne comme suit:

• Salaires et avantages sociaux: 9,7 millions de dollars
• Frais professionnels: 3,2 millions de dollars
• Technologie et systèmes: 2,5 millions de dollars
• Dépenses de bureau: 1,1 million de dollars

Investissements de maintenance des actifs et de rénovation

Les dépenses en capital pour 2023 ont totalisé 52,3 millions de dollars, avec des allocations spécifiques:

Type de rénovation	Investissement ($)
Améliorations de la propriété	35,600,000
Mises à niveau des infrastructures	16,700,000

RLJ Lodging Trust (RLJ) - Modèle d'entreprise: Strots de revenus

Revenu de location de biens de l'hôtel

Au quatrième trimestre 2023, les revenus totaux de RLJ Lodging Trust des locations de biens de l'hôtel étaient de 305,4 millions de dollars. Le portefeuille se compose de 103 hôtels avec 22 482 chambres au total dans 17 États.

Catégorie de revenus	Montant ($)	Pourcentage
Hôtels de luxe	87,600,000	28.7%
Hôtels supérieurs haut de gamme	134,376,000	44%
Hôtels à service complet	83,484,000	27.3%

Gains d'appréciation des biens et de vente

En 2023, RLJ a réalisé 42,3 millions de dollars des ventes de biens, avec un taux d'appréciation moyen de 6,2% par propriété.

Distributions de dividendes aux actionnaires

RLJ Lodging Trust a distribué 0,40 $ par action en dividendes pour 2023, totalisant environ 28,6 millions de dollars aux actionnaires.

Année	Dividende par action	Distribution totale des dividendes
2023	$0.40	$28,600,000
2022	$0.35	$25,050,000

Frais de gestion basés sur la performance

Les frais de gestion du rendement pour 2023 ont totalisé 12,7 millions de dollars, dérivé des contrats de gestion des hôtels stratégiques.

Monétisation du portefeuille d'actifs stratégiques

Le portefeuille stratégique d'actifs stratégiques de RLJ a généré des sources de revenus supplémentaires:

• Accords de franchise d'hôtel: 9,2 millions de dollars
• Revenus de service auxiliaires: 6,5 millions de dollars
• Programmes de partenariat d'entreprise: 4,3 millions de dollars

Total des sources de revenus pour 2023: 399,7 millions de dollars

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.