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Dec 31, 2025
RLJ Q4 2025 Earnings Report
RLJ Lodging Trust reported fourth quarter and full year 2025 results, highlighting solid performance despite a government shutdown and the successful refinancing of all debt maturities through 2028.
Key Takeaways
RLJ Lodging Trust achieved solid Q4 results that exceeded outlook expectations, driven by urban market outperformance and robust non-room revenue growth. Despite a 1.5% decline in comparable RevPAR due to a protracted government shutdown, the company maintained strong liquidity of over $1.0 billion and successfully addressed all debt maturities through 2028.
Comparable RevPAR decreased 1.5% to $136.79, primarily impacted by the extended U.S. government shutdown starting in October.
The company ended the year with over $1.0 billion in liquidity, including $410.2 million in unrestricted cash.
Successfully refinanced all debt maturities through 2028, with the next maturity not occurring until 2029.
Sold two hotels in Q4 for a combined $49.5 million, representing a 16.3x multiple on 2025 Hotel EBITDA.
Revenue by Segment
Forward Guidance
For the full year 2026, RLJ expects comparable RevPAR growth between 0.5% and 3.0% and Adjusted FFO per diluted share between $1.21 and $1.41.
Positive Outlook
- Anticipated benefits from the FIFA World Cup and America's 250th Anniversary celebrations.
- Continued momentum of business and leisure demand in Urban markets.
- Ongoing ramp-up from recent hotel conversions and renovations.
- Fortified balance sheet with no debt maturities until 2029.
- Cautious optimism regarding the broader economic setup for lodging fundamentals.
Challenges Ahead
- Persistent geopolitical uncertainty remains a factor.
- Operating environment described as 'choppy' in the recent quarter.
- Impact of the protracted government shutdown on demand trends.
- Potential for material changes to outlook based on future acquisitions or dispositions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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