RLJ Lodging Trust (NYSE:RLJ) Q1 2024 Earnings Conference Call May 2, 2024 10:00 AM ET

Company Participants

Nikhil Bhalla - Senior Vice President, Finance & Treasurer
Leslie Hale - President & Chief Executive Officer
Sean Mahoney - Executive Vice President & Chief Financial Officer
Tom Bardenett - Chief Operating Officer

Conference Call Participants

Michael Bellisario - Baird
Tyler Batory - Oppenheimer & Company
Josh Friedland - KeyBanc Capital Markets
Dori Kesten - Wells Fargo
Anthony Powell - Barclays
Gregory Miller - Truist Securities
Chris Darling - Green Street

Operator

Welcome to the RLJ Lodging Trust First Quarter 2024 Earnings Call. As a reminder, all participants are in 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 2024 first 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.

I will now turn the call over to Leslie.

Leslie Hale

Thanks, Nikhil. Good morning, everyone, and thank you for joining us today.

We are pleased that our momentum from last year has continued, with our first quarter results once again exceeding the industry. These results were in line with our expectations, which anticipated the impact of the holiday shift in March. Against this backdrop, we were encouraged to see urban markets once again lead the way for the overall industry.

During the first quarter, in addition to delivering RevPAR growth and growing our RevPAR index, we executed on a number of fronts, including making progress on our next wave of conversions, expanding our pipeline of conversions with the acquisition of the Wyndham Boston Beacon Hill, executing multiple high return ROI projects, and taking steps to further ladder our debt maturities. Overall, our relative outperformance during the first quarter continues to demonstrate our multiple channels of growth.