Here are 1-2 brief analogies for RLJ Lodging Trust (RLJ):

• Simon Property Group for hotels: Like Simon Property Group owns and leases out malls where various retail brands operate, RLJ Lodging Trust owns a portfolio of hotel properties that are operated by major hotel brands like Marriott and Hilton.
• American Tower for hotels: Similar to how American Tower owns the essential cell tower infrastructure that wireless carriers use, RLJ Lodging Trust owns the physical hotel properties (the infrastructure) that hospitality brands utilize to run their businesses.

• Hotel Accommodation: Provides temporary lodging and accommodation services to business and leisure travelers.
• Meeting and Event Facilities: Offers dedicated spaces and services for corporate meetings, conferences, and social events within its hotel properties.
• Food and Beverage Services: Delivers a range of dining options, bars, room service, and catering across its portfolio of hotels.

RLJ Lodging Trust (RLJ) is a real estate investment trust (REIT) that owns hotel properties. As such, it primarily sells to other companies, specifically third-party hotel management companies that operate its hotels under various brand flags.

Its major customers (management companies) include:

• Aimbridge Hospitality (private company)
• Marriott International, Inc. (NASDAQ: MAR)
• Crescent Hotels & Resorts (private company)

• Marriott International, Inc. (Symbol: MAR)
• Hilton Worldwide Holdings Inc. (Symbol: HLT)
• Hyatt Hotels Corporation (Symbol: H)
• IHG Hotels & Resorts (Symbol: IHG.L)
• White Lodging Services Corporation
• Aimbridge Hospitality

Leslie D. Hale, President & CEO

Leslie D. Hale has served as President and Chief Executive Officer of RLJ Lodging Trust since 2018. She joined RLJ's predecessor, RLJ Development, LLC, in 2005 and has held progressively senior roles including Chief Financial Officer (2007) and Chief Operating Officer (2016). Prior to RLJ, Ms. Hale was an investment banker at Goldman, Sachs & Co., where she advised on mergers, acquisitions, and corporate finance. She also held senior positions at General Electric Capital Corporation, including Vice President in the Mergers and Acquisitions Group of GE Commercial Finance and Associate Director in the Strategic Capital Group of GE Real Estate. She was instrumental in leading the execution of RLJ's initial public offering (IPO) in 2011 and oversaw the merger of two hospitality REITs in 2017.

Nikhil Bhalla, Chief Financial Officer

Nikhil Bhalla was appointed Chief Financial Officer of RLJ Lodging Trust, effective September 2025, succeeding Sean Mahoney who retired in May 2025. Mr. Bhalla joined RLJ in 2015 and previously served as Senior Vice President of Finance and Treasurer. In this role, he oversaw corporate strategy, treasury management, investor relations, and financial planning and analysis. Before joining RLJ, he was Vice President of Equity Research at FBR Capital Markets & Co. and held positions at Host Hotels & Resorts and CB Richard Ellis, gaining experience in the hospitality and real estate sectors.

Robert L. Johnson, Founder and Chairman

Robert L. Johnson is the Founder and Chairman of The RLJ Companies, an innovative business network with interests in hotel real estate, private equity, and other sectors. He is widely recognized as the founder and former chairman of Black Entertainment Television (BET), which he took public in 1991 as the first African American-owned company traded on the New York Stock Exchange. He later sold BET to Viacom in 2001 for approximately $3 billion. Mr. Johnson co-founded RLJ Development, the predecessor to RLJ Lodging Trust, in 2000, and successfully led its roll-up and merger with two affiliated private equity funds, followed by the initial public offering of RLJ Lodging Trust in 2011. His involvement includes private equity through RLJ Equity Partners, co-founded with The Carlyle Group.

Jeffrey Dauray, Co-Chief Investment Officer

Jeffrey Dauray serves as Co-Chief Investment Officer, responsible for RLJ's transactions, including acquisitions and dispositions. He joined RLJ's senior team in February 2009 through its predecessor Private Equity Platform, RLJ Development, LLC, as Vice President of Acquisitions. Mr. Dauray was involved with RLJ Real Estate Fund III, a $1.2 billion private equity fund, which was later included in the successful IPO of RLJ Lodging Trust in 2011. With a 30-year career in institutional investment real estate, his experience includes senior positions in real estate private equity investment, real estate investment banking, and commercial real estate brokerage.

Thomas J. Bardenett, Executive Vice President, Asset Management

Thomas J. Bardenett joined RLJ Lodging Trust in September 2017 as Executive Vice President of Asset Management. He has over 30 years of experience in the hospitality industry, having most recently served as Chief Operating Officer for Extended Stay America. Prior to that, Mr. Bardenett held multiple leadership roles at Crossroads Hospitality, the operations arm of Interstate Hotels & Resorts, including Executive Vice President of Operations and President. He has managed hotels for various ownership groups, including public REITs, high net-worth individuals, and private equity groups.

1. Dependence on Economic Conditions and Weak Demand Environment: The performance of the lodging industry, and consequently RLJ Lodging Trust, is closely tied to the overall economic environment. Factors such as consumer confidence, corporate travel budgets, and economic downturns can significantly influence demand for hotel rooms, leading to fluctuations in revenue and profitability. Recent reports indicate the company is navigating a "soft demand environment" with profitability struggles, including a net loss in Q3 2025.
2. High Leverage and Interest Rate Risk: High leverage is identified as a key risk in RLJ Lodging Trust's investment case. The company's financial health is susceptible to changes in interest rates, which can impact the cost of its debt financing. An increase in long-term interest rates, in particular, presents a key risk to the investment case for preferred shares.
3. Competitive Industry Landscape and Market Saturation: The lodging industry is highly competitive, with RLJ's properties competing against a wide range of accommodations, including other hotels and non-traditional lodging options like online home-sharing platforms. This competition, coupled with the risk of market saturation and overcapacity, can impact room rates, occupancy levels, and overall market share, putting pressure on revenue and profitability.

Continued structural shift in business travel patterns due to widespread adoption of hybrid and remote work models. This trend is leading to sustained lower demand for traditional corporate travel, including individual business trips and large corporate meetings, directly impacting the occupancy and revenue per available room (RevPAR) of RLJ's urban and upscale hotel portfolio which historically relied heavily on this segment.

RLJ Lodging Trust (RLJ) is expected to experience future revenue growth over the next 2-3 years, driven by several key initiatives and market trends:

1. Successful Renovations and Conversions: The company has completed significant renovations and brand conversions in key locations such as Waikiki, Key West, and Fort Lauderdale, with new projects in Pittsburgh and Boston anticipated to generate substantial EBITDA upside. Recent conversions have already contributed to a 6% growth in Revenue Per Available Room (RevPAR) for these properties. RLJ Lodging Trust expects total revenue growth to continue to outpace RevPAR growth due to the success of its initiatives to drive out-of-room spend.
2. Performance in Urban Markets: RLJ's urban-centric portfolio is outperforming, benefiting from strong demand driven by concerts, sports, and special events. Specific urban markets like San Francisco CBD, Atlanta, and New York City have shown robust RevPAR growth of 19.4%, 12.1%, and 4.7% respectively.
3. Growth in Non-Room Revenue through ROI Initiatives: RLJ Lodging Trust has reported a 1.3% growth in non-room revenue, surpassing RevPAR performance. This growth is attributed to targeted return on investment (ROI) initiatives in areas such as food and beverage, parking, and expanded market offerings, indicating a strategic focus on diversifying revenue streams beyond traditional room sales.
4. Major Events in 2026: The company anticipates positive industry tailwinds in 2026, partly driven by significant upcoming events such as the World Cup and the 250th anniversary of the U.S. These events are expected to boost demand and improve overall performance for RLJ's portfolio.
5. Recovery and Growth in Business Transient and Group Segments: Despite recent challenges, the business transient RevPAR grew 8.7% above 2023 in the third quarter of 2024. The group segment also demonstrated strong performance with 3.4% revenue growth, benefiting from corporate meetings and citywide volumes in key markets. A more stable economic environment is expected to further support the recovery and growth of these segments.

Share Repurchases

• In 2025, RLJ Lodging Trust repurchased 3.3 million common shares for approximately $28.6 million year-to-date as of November 5, 2025.
• The company's Board of Trustees approved a $250.0 million share repurchase program in April 2025, which is authorized to acquire common and preferred shares and expires on May 8, 2026.
• During 2024, RLJ Lodging Trust repurchased and retired 2.3 million common shares for approximately $22.0 million.

Outbound Investments

• In 2024, RLJ Lodging Trust acquired the Hotel Teatro.
• In 2021, the company acquired the Hampton Inn & Suites Atlanta Midtown for $58.0 million in cash, anticipating an 8.0% to 8.5% NOI yield upon stabilization.
• In 2025, RLJ sold one non-core hotel for $24.3 million, with the proceeds utilized to repurchase shares. The company also sold the Courtyard Atlanta Buckhead for $24.3 million in 2024.

Capital Expenditures

• RLJ Lodging Trust expects capital expenditures for 2025 to be in the range of $80 million to $100 million.
• The primary focus of recent and upcoming capital expenditures includes transformative renovations in Waikiki, Key West, and Fort Lauderdale, along with conversions such as the Renaissance Pittsburgh to Marriott's Autograph Collection and a Boston property to Hilton's Tapestry Collection.
• Due to the pandemic, the company significantly reduced its 2020 capital plan by over 80%, concentrating spending on in-flight projects nearing completion.