RLJ Lodging Trust (NYSE:RLJ) Q2 2023 Earnings Conference Call August 4, 2023 11:00 AM ET

Company Participants

Nikhil Bhalla - Senior Vice President, Finance and Treasurer

Leslie Hale - President and CEO

Sean Mahoney - Executive Vice President and CFO

Tom Bardenett - Executive Vice President and COO

Conference Call Participants

Michael Bellisario - Baird

Dori Kesten - Wells Fargo

Bill Crow - Raymond James

Anthony Powell - Barclays

Gregory Miller - Truist Securities

Chris Woronka - Deutsche Bank

Tyler Batory - Oppenheimer & Company

Floris Van Dijkum - Compass Point

Operator

Welcome to the RLJ Lodging Trust's Second Quarter 2023 Earnings Call. As a reminder, all participants are in a listen-only mode and the conference is being recorded. [Operator Instructions]. I would now like to turn the call over to Nikhil Bhalla, RLJ's Senior Vice President, Finance and Treasurer. Please go ahead.

Nikhil Bhalla

Thank you, operator. Good morning, and welcome to RLJ Lodging Trust 2023 Second Quarter Earnings Call. On today's call, Leslie Hale, our President and Chief Executive Officer will discuss key highlights for the quarter. Sean Mahoney, our Executive Vice President and Chief Financial Officer will discuss the company's financial results. Tom Bardenett, our Chief Operating Officer, will be available for Q&A.

Forward-looking statements made on this call are subject to numerous risks and uncertainties that may lead the company's actual results to differ materially from what had been communicated. Factors that may impact the results of the company can be found in the company's 10-Q and other reports filed with the SEC. The company undertakes no obligation to update forward-looking statements.

Also, as we discuss certain non-GAAP measures, it may be helpful to review the reconciliations to GAAP located in our press release. Finally, please refer to the schedule of supplemental information which was posted to our website last night, which includes pro forma operating results for our current hotel portfolio.

I will now turn the call over to Leslie.

Leslie Hale

Thanks, Nikhil. Good morning, and thank you for joining us today. Overall, we are pleased with our second quarter results, which were in line with our expectations. Our urban market concentration allowed our RevPAR growth to exceed the industry for the second straight quarter.

With demand continuing to grow, we remain constructive on the overall health of lodging fundamentals, which continue to unfold with trends favorable for our portfolio. The industry is benefiting from the strengthened group and the continued recovery in business transient, which are disproportionately driving urban markets and enabling them to outperform.