RLJ Lodging Trust
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
RLJ$12.54+1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-08.
0001511337-25-000023
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001511337-25-000031
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 131 previous paragraphs and 137 current paragraphs.
88 unchanged; 37 reworded; 7 added; 4 removed; 2 previous and 5 current paragraphs rearranged.
Tables are not compared: 10 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
Total revenues decreased $15.7 million to $330.0 million for the three months ended September 30, 2025 from $345.7 million for the three months ended September 30, 2024. The decrease was the result of a $16.2 million decrease in room revenue and a $0.1 million decrease in food and beverage revenue, offset by a $0.6 million increase in other revenue.
Current report
Food and beverage revenue decreased $0.1 million to $36.9 million for the three months ended September 30, 2025 from $37.0 million for the three months ended September 30, 2024.
Current report
Property operating expenses decreased $0.2 million to $223.4 million for the three months ended September 30, 2025 from $223.6 million for the three months ended September 30, 2024. The decrease was due to a $1.5 million decrease in property operating expenses from the non-comparable properties partially offset by a $1.2 million increase in property operating expenses from the comparable properties.
Current report
The net cash flow used in investing activities totaled $246.3 million for the nine months ended September 30, 2024
Current report
of two hotel properties.
Current report
The net cash flow used in financing activities totaled $99.1 million for the nine months ended September 30, 2024. The
Current report
sources of cash included $500.0 million in borrowings on a term loan and $200.0 million in borrowings on our Revolver. The
Removed paragraphs (4)
Previous report
Other income, net increased $0.5 million to $1.1 million for the three months ended June 30, 2025 from $0.7 million for the three months ended June 30, 2024.
Previous report
Total revenues decreased $2.5 million to $691.2 million for the six months ended June 30, 2025 from $693.7 million for the six months ended June 30, 2024. The decrease was the result of a $6.5 million decrease in room revenue, offset by a $2.9 million increase in food and beverage revenue and a $1.1 million increase in other revenue.
Previous report
Property operating expenses increased $4.9 million to $443.2 million for the six months ended June 30, 2025 from $438.3 million for the six months ended June 30, 2024. The increase was due to a $6.0 million increase in property operating expenses from the comparable properties offset by a $1.1 million decrease in property operating expenses from the non-comparable properties.
Previous report
Other Income, net
Reworded paragraphs (37)
Previous wording
Our strategy is to own primarily premium-branded, rooms-oriented, high-margin, focused-service and compact full-service hotels located within heart of demand locations. Focused-service and compact full-service hotels typically generate most of their revenue from room rentals, have limited food and beverage outlets and meeting space, and require fewer employees than traditional full-service hotels. We believe these types of hotels have the potential to generate attractive returns relative to other types of hotels due to their ability to achieve RevPAR levels at or close to those achieved by traditional full-service hotels while achieving higher profit margins due to their more efficient operating model and less volatile cash flows.
Current wording
We are a self-advised and self-administered Maryland REIT that owns primarily premium-branded, rooms-oriented, high-margin, focused-service and compact full-service hotels located within heart of demand locations. We own a geographically diversified portfolio of hotels located in high-growth urban markets that exhibit multiple demand generators and attractive long-term growth prospects. We believe that our investment strategy allows us to generate high levels of Revenue per Available Room ("RevPAR"), strong operating margins and attractive returns. Our focused-service and compact full-service hotels typically generate most of their revenue from room rentals, have limited food and beverage outlets and meeting space, and require fewer employees than traditional full-service hotels. We believe these types of hotels have the potential to generate attractive returns relative to other types of hotels due to their ability to achieve RevPAR levels at or close to those achieved by traditional full-service hotels while achieving higher profit margins due to their more efficient operating model and less volatile cash flows.
Previous wording
•Repurchased and retired approximately 3.3 million common shares for approximately $28.2 million.
Current wording
•Repurchased and retired approximately 3.3 million common shares for approximately $28.6 million.
Previous wording
At June 30, 2025 and 2024, we owned 95 and 97 hotel properties, respectively. Based on when a hotel property is acquired or sold, the operating results for certain hotel properties are not comparable for the three and six months ended June 30, 2025 and 2024. The non-comparable properties include three hotel properties that were sold in 2025 and 2024 and one hotel property that was acquired in 2024.
Current wording
At September 30, 2025 and 2024, we owned 95 and 96 hotel properties, respectively. Based on when a hotel property is acquired or sold, the operating results for certain hotel properties are not comparable for the three and nine months ended September 30, 2025 and 2024. The non-comparable properties include three hotel properties that were sold in 2025 and 2024 and one hotel property that was acquired in 2024.
Previous wording
Room revenue decreased $7.6 million to $296.1 million for the three months ended June 30, 2025 from $303.7 million for the three months ended June 30, 2024. The decrease was the result of a $6.3 million decrease in room revenue attributable to the comparable properties and a $1.2 million decrease in room revenue attributable to the non-comparable properties. The decrease in room revenue from the comparable properties was primarily due to a decrease in government, corporate and group travel.
Current wording
Room revenue decreased $16.2 million to $267.4 million for the three months ended September 30, 2025 from $283.6 million for the three months ended September 30, 2024. The decrease was the result of a $14.3 million decrease in room revenue attributable to the comparable properties and a $2.0 million decrease in room revenue attributable to the non-comparable properties. The decrease in room revenue from the comparable properties was primarily due to a decrease in leisure, government, corporate and group travel.
Previous wording
Other revenue increased $0.3 million to $25.1 million for the three months ended June 30, 2025 from $24.8 million for the three months ended June 30, 2024.
Current wording
Other revenue increased $0.6 million to $25.8 million for the three months ended September 30, 2025 from $25.1 million for the three months ended September 30, 2024.
Previous wording
The increase in property operating expenses from the comparable properties was primarily due to increases in wages and benefits, as well as increases in room expenses and increases in other operating expenses, primarily due to increases in utilities and general liability insurance coverage. This was offset by a decrease in management and franchise fee expense, which was due to lower revenues as well as recently amended management and franchise agreements.
Current wording
The increase in property operating expenses from the comparable properties was primarily due to increases in wages and benefits, as well as increases in room expenses and increases in other operating expenses, including increases in sales and marketing expenses and general liability insurance coverage. This was offset by a decrease in management and franchise fee expense, which was due to lower revenues as well as recently amended management and franchise agreements.
Previous wording
Depreciation and amortization expense increased $1.9 million to $46.4 million for the three months ended June 30, 2025 from $44.5 million for the three months ended June 30, 2024. The increase in depreciation and amortization expense was primarily related to recently renovated hotels.
Current wording
Depreciation and amortization expense increased $2.1 million to $47.0 million for the three months ended September 30, 2025 from $44.9 million for the three months ended September 30, 2024. The increase in depreciation and amortization expense was primarily related to recently renovated hotels.
Previous wording
Property tax, insurance and other expense decreased $2.3 million to $26.5 million for the three months ended June 30, 2025 from $28.8 million for the three months ended June 30, 2024. The decrease was primarily attributable to the beneficial impact of successful real estate tax appeals in the current quarter and a decrease in property insurance premiums.
Current wording
Property tax, insurance and other expense increased $2.5 million to $26.6 million for the three months ended September 30, 2025 from $24.2 million for the three months ended September 30, 2024. The increase was primarily attributable to the beneficial impact of successful real estate tax appeals in the prior year, partially offset by a decrease in property insurance premiums.
Previous wording
General and administrative expense decreased $5.3 million to $23.8 million for the six months ended June 30, 2025 from $29.0 million for the six months ended June 30, 2024. The decrease was primarily attributable to a decrease in non-cash compensation expense, including the impact of a $1.6 million benefit as a result of the performance unit forfeitures related to the departure of Company executives during the six months ended June 30, 2025.
Current wording
General and administrative expense decreased $1.0 million to $11.8 million for the three months ended September 30, 2025 from $12.8 million for the three months ended September 30, 2024. The decrease was primarily attributable to a decrease in non-cash compensation expense related to the departure of Company executives during the three months ended June 30, 2025.
Previous wording
Interest income decreased $0.8 million to $3.4 million for the three months ended June 30, 2025 from $4.1 million for the three months ended June 30, 2024. The decrease was attributable to the combination of lower interest rates and the Company holding less cash in 2025.
Current wording
Interest income decreased $0.8 million to $3.5 million for the three months ended September 30, 2025 from $4.3 million for the three months ended September 30, 2024. The decrease was attributable to the combination of lower interest rates and the Company holding less cash in 2025.
Previous wording
Interest expense decreased $0.2 million to $27.9 million for the three months ended June 30, 2025 from $28.0 million for the three months ended June 30, 2024. The components of our interest expense for the three months ended June 30, 2025 and 2024 were as follows (in thousands):
Current wording
Interest expense decreased $0.3 million to $28.3 million for the three months ended September 30, 2025 from $28.6 million for the three months ended September 30, 2024. The components of our interest expense for the three months ended September 30, 2025 and 2024 were as follows (in thousands):
Previous wording
During the three months ended June 30, 2024, we sold one hotel property for a sales price of approximately $8.1 million and recorded a net gain on the sale of approximately $3.5 million. There were no hotels sold during the three months ended June 30, 2025.
Current wording
During the three months ended September 30, 2024, we sold one hotel property for a sales price of approximately $12.7 million and recorded a net gain on the sale of approximately $4.8 million. There were no hotels sold during the three months ended September 30, 2025.
Previous wording
Comparison of the six months ended June 30, 2025 to the six months ended June 30, 2024
Current wording
Comparison of the nine months ended September 30, 2025 to the nine months ended September 30, 2024
Previous wording
Total revenues decreased $6.2 million to $363.1 million for the three months ended June 30, 2025 from $369.3 million for the three months ended June 30, 2024. The decrease was the result of a $7.6 million decrease in room revenue, offset by a $1.1 million increase in food and beverage revenue and a $0.3 million increase in other revenue.
Current wording
Total revenues decreased $18.2 million to $1,021.3 million for the nine months ended September 30, 2025 from $1,039.5 million for the nine months ended September 30, 2024. The decrease was the result of a $22.8 million decrease in room revenue, offset by a $2.8 million increase in food and beverage revenue and a $1.8 million increase in other revenue.
Previous wording
Room revenue decreased $6.5 million to $563.8 million for the six months ended June 30, 2025 from $570.3 million for the six months ended June 30, 2024. The decrease was the result of a $4.8 million decrease in room revenue attributable to the comparable properties and a $1.8 million decrease in room revenue attributable to the non-comparable properties. The decrease in room revenue from the comparable properties was primarily due to a decrease in government, corporate, group and leisure travel.
Current wording
Room revenue decreased $22.8 million to $831.1 million for the nine months ended September 30, 2025 from $853.9 million for the nine months ended September 30, 2024. The decrease was the result of a $19.0 million decrease in room revenue attributable to the comparable properties and a $3.7 million decrease in room revenue attributable to the non-comparable properties. The decrease in room revenue from the comparable properties was primarily due to a decrease in leisure, government, corporate and group travel.
Previous wording
Food and beverage revenue increased $1.1 million to $41.9 million for the three months ended June 30, 2025 from $40.8 million for the three months ended June 30, 2024. The increase in food and beverage revenue was primarily due to increases in outlet revenue and the ramping up of our recently converted and renovated hotels.
Current wording
Food and beverage revenue increased $2.8 million to $116.3 million for the nine months ended September 30, 2025 from $113.5 million for the nine months ended September 30, 2024. The increase in food and beverage revenue was primarily due to increases in outlet revenue and the ramping up of our recently converted and renovated hotels.
Previous wording
Other revenue increased $1.1 million to $48.0 million for the six months ended June 30, 2025 from $46.9 million for the six months ended June 30, 2024. The increase in other revenue was primarily due to an increase in parking and resort fees.
Current wording
Other revenue increased $1.8 million to $73.8 million for the nine months ended September 30, 2025 from $72.0 million for the nine months ended September 30, 2024. The increase in other revenue was primarily due to an increase in gift shop sales, parking and resort fees.
Previous wording
Property operating expenses increased $1.3 million to $226.1 million for the three months ended June 30, 2025 from $224.8 million for the three months ended June 30, 2024. The increase was due to a $2.1 million increase in property operating expenses from the comparable properties offset by a $0.8 million decrease in property operating expenses from the non-comparable properties.
Current wording
Property operating expenses increased $4.6 million to $666.5 million for the nine months ended September 30, 2025 from $661.9 million for the nine months ended September 30, 2024. The increase was due to a $7.2 million increase in property operating expenses from the comparable properties offset by a $2.6 million decrease in property operating expenses from the non-comparable properties.
Previous wording
The increase in property operating expenses from the comparable properties was primarily due to increases in wages and benefits, as well as increases in room expenses and increases in other operating expenses, primarily due to increases in utilities and general liability insurance coverage. This was offset by a decrease in management and franchise fee expense, which was due to lower revenues as well as recently amended management and franchise agreements.
Current wording
The increase in property operating expenses from the comparable properties was primarily due to increases in wages and benefits, as well as increases in room expenses and increases in other operating expenses, including increases in sales and marketing expenses, utilities and general liability insurance coverage. This was offset by a decrease in management and franchise fee expense, which was due to lower revenues as well as recently amended management and franchise agreements.
Previous wording
Depreciation and amortization expense increased $3.0 million to $92.2 million for the six months ended June 30, 2025 from $89.2 million for the six months ended June 30, 2024. The increase in depreciation and amortization expense was primarily related to our recently renovated hotels.
Current wording
Depreciation and amortization expense increased $5.1 million to $139.1 million for the nine months ended September 30, 2025 from $134.0 million for the nine months ended September 30, 2024. The increase in depreciation and amortization expense was primarily related to our recently renovated hotels.
Previous wording
Property tax, insurance and other expense decreased $2.9 million to $53.7 million for the six months ended June 30, 2025 from $56.6 million for the six months ended June 30, 2024. The decrease was primarily attributable to the impact of successful real estate tax appeals in the current period and a decrease in property insurance premiums.
Current wording
Property tax, insurance and other expense decreased $0.4 million to $80.3 million for the nine months ended September 30, 2025 from $80.7 million for the nine months ended September 30, 2024. The decrease was primarily attributable to a decrease in property insurance premiums offset by an increase in real estate tax expense due to the beneficial impact of successful real estate tax appeals in the prior year.
Previous wording
General and administrative expense decreased $2.8 million to $11.1 million for the three months ended June 30, 2025 from $13.9 million for the three months ended June 30, 2024. The decrease was primarily attributable to a decrease in non-cash compensation expense, including the impact of a $1.6 million benefit as a result of the performance unit forfeitures related to the departure of Company executives during the three months ended June 30, 2025.
Current wording
General and administrative expense decreased $6.3 million to $35.6 million for the nine months ended September 30, 2025 from $41.8 million for the nine months ended September 30, 2024. The decrease was primarily attributable to a decrease in non-cash compensation expense, including the impact of a $1.6 million benefit as a result of the performance unit forfeitures related to the departure of Company executives during the three months ended June 30, 2025.
Previous wording
Other income, net decreased $1.8 million to $2.0 million for the six months ended June 30, 2025 from $3.9 million for the six months ended June 30, 2024. The decrease was primarily attributable to the receipt of certain one-time COVID-19 relief awards during the six months ended June 30, 2024.
Current wording
Other income, net decreased $2.0 million to $2.7 million for the nine months ended September 30, 2025 from $4.7 million for the nine months ended September 30, 2024. The decrease was primarily attributable to the receipt of certain one-time COVID-19 relief awards during the nine months ended September 30, 2024.
Previous wording
Interest income decreased $2.3 million to $6.6 million for the six months ended June 30, 2025 from $8.9 million for the six months ended June 30, 2024. The decrease was attributable to the combination of lower interest rates and the Company holding less cash in 2025.
Current wording
Interest income decreased $3.1 million to $10.1 million for the nine months ended September 30, 2025 from $13.2 million for the nine months ended September 30, 2024. The decrease was attributable to the combination of lower interest rates and the Company holding less cash in 2025.
Previous wording
Interest expense increased $0.9 million to $55.4 million for the six months ended June 30, 2025 from $54.5 million for the six months ended June 30, 2024. The increase was attributable to an increase in the amount of our debt that was unhedged combined with the expiration of certain interest rate swaps. The components of our interest expense for the six months ended June 30, 2025 and 2024 were as follows (in thousands):
Current wording
Interest expense increased $0.6 million to $83.7 million for the nine months ended September 30, 2025 from $83.2 million for the nine months ended September 30, 2024. The components of our interest expense for the nine months ended September 30, 2025 and 2024 were as follows (in thousands):
Previous wording
During the six months ended June 30, 2025, we sold one hotel property for a sales price of $24.3 million and recorded a net gain on the sale of $0.9 million. During the six months ended June 30, 2024, we sold one hotel property for a sales price of approximately $8.1 million and recorded a net gain on the sale of approximately $3.5 million.
Current wording
During the nine months ended September 30, 2025, we sold one hotel property for a sales price of $24.3 million and recorded a net gain on the sale of $0.8 million. During the nine months ended September 30, 2024, we sold two hotel properties for a combined sales price of approximately $20.8 million and recorded net gains on the sales of approximately $8.3 million.
Previous wording
The following table is a reconciliation of our GAAP net income to FFO attributable to common shareholders and unitholders and Adjusted FFO attributable to common shareholders and unitholders for the three and six months ended June 30, 2025 and 2024 (in thousands):
Current wording
The following table is a reconciliation of our GAAP net (loss) income to FFO attributable to common shareholders and unitholders and Adjusted FFO attributable to common shareholders and unitholders for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Previous wording
(4)Represents expenses and income outside of the normal course of operations.
Current wording
(4)Represents income and expenses outside of the normal course of operations.
Previous wording
The following table is a reconciliation of our GAAP net income to EBITDA, EBITDAre and Adjusted EBITDA for the three and six months ended June 30, 2025 and 2024 (in thousands):
Current wording
The following table is a reconciliation of our GAAP net (loss) income to EBITDA, EBITDAre and Adjusted EBITDA for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Previous wording
(3)Represents expenses and income outside of the normal course of operations.
Current wording
(3)Represents income and expenses outside of the normal course of operations.
Previous wording
As of June 30, 2025, we had $401.2 million of cash, cash equivalents, and restricted cash reserves as compared to $433.3 million at December 31, 2024.
Current wording
As of September 30, 2025, we had $404.1 million of cash, cash equivalents, and restricted cash reserves as compared to $433.3 million at December 31, 2024.
Previous wording
The net cash flow provided by operating activities totaled $117.6 million and $134.3 million for the six months ended June 30, 2025 and 2024, respectively. Our cash flows provided by operating activities generally consist of the net cash generated by our hotel operations, the cash paid for corporate expenses and other working capital changes. Refer to the "Results of Operations" section for further discussion of our operating results for the six months ended June 30, 2025 and 2024.
Current wording
The net cash flow provided by operating activities totaled $180.9 million and $214.4 million for the nine months ended September 30, 2025 and 2024, respectively. Our cash flows provided by operating activities generally consist of the net cash generated by our hotel operations, the cash paid for corporate expenses and other working capital changes. Refer to the "Results of Operations" section for further discussion of our operating results for the nine months ended September 30, 2025 and 2024.
Previous wording
The net cash flow used in investing activities totaled $58.2 million for the six months ended June 30, 2025 primarily due to $82.0 million in capital improvements and additions to our hotel properties and other assets. The net cash flow used in investing activities was partially offset by $23.8 million in proceeds from the sale of a hotel property.
Current wording
The net cash flow used in investing activities totaled $88.1 million for the nine months ended September 30, 2025 primarily due to $111.7 million in capital improvements and additions to our hotel properties and other assets. The net cash flow used in investing activities was partially offset by $23.6 million in proceeds from the sale of a hotel property.
Previous wording
The net cash flow used in investing activities totaled $225.0 million for the six months ended June 30, 2024 primarily due to a $122.7 million acquisition of a fee simple interest in our Wyndham Boston Beacon Hill hotel property, a $35.7 million acquisition of a hotel property, $72.4 million in capital improvements and additions to our hotel properties and other assets, and a purchase deposit of $2.0 million. The net cash flow used in investing activities was partially offset by $7.7 million in proceeds from the sale of a hotel property.
Current wording
primarily due to a $122.8 million acquisition of a fee simple interest in our Wyndham Boston Beacon Hill hotel property, a
Previous wording
The net cash flow used in financing activities totaled $91.6 million for the six months ended June 30, 2025 primarily due to $100.0 million in repayment of our Revolver, $27.2 million paid to repurchase common shares under our share repurchase programs, $58.8 million in distributions to shareholders and unitholders, $3.6 million paid to repurchase common shares to satisfy employee tax withholding requirements, and $2.1 million in deferred financing cost payments. The net cash flow used in financing activities was partially offset by $100.0 million in borrowings on a term loan.
Current wording
The net cash flow used in financing activities totaled $122.1 million for the nine months ended September 30, 2025 primarily due to $100.0 million in repayment of our Revolver, $28.6 million paid to repurchase common shares under our share repurchase programs, $87.9 million in distributions to shareholders and unitholders, $3.6 million paid to repurchase common shares to satisfy employee tax withholding requirements, and $2.1 million in deferred financing cost payments. The net cash flow used in financing activities was partially offset by $100.0 million in borrowings on a term loan.
Previous wording
The net cash flow used in financing activities totaled $57.4 million for the six months ended June 30, 2024 primarily due to $200.0 million in repayment of a maturing mortgage loan, $4.2 million paid to repurchase common shares under our share repurchase programs, $43.9 million in distributions to shareholders and unitholders, and $9.0 million paid to repurchase common shares to satisfy employee tax withholding requirements. The net cash flow used in financing activities was partially offset by $200.0 million in borrowings on our Revolver.
Current wording
uses of cash included $400.0 million in repayment of a term loan, $200.0 million in repayment of a maturing mortgage loan,
Previous wording
With respect to some of our hotels that are operated under franchise agreements with major national hotel brands and for some of our hotels subject to first mortgage liens, we are obligated to maintain FF&E reserve accounts for future capital expenditures at these hotels. The amount funded into each of these reserve accounts is generally determined pursuant to the management agreements, franchise agreements and/or mortgage loan documents for each of the respective hotels, and typically ranges between 3.0% and 5.0% of the respective hotel’s total gross revenue. As of June 30, 2025, approximately $27.3 million was held in FF&E reserve accounts for future capital expenditures.
Current wording
With respect to some of our hotels that are operated under franchise agreements with major national hotel brands and for some of our hotels subject to first mortgage liens, we are obligated to maintain FF&E reserve accounts for future capital expenditures at these hotels. The amount funded into each of these reserve accounts is generally determined pursuant to the management agreements, franchise agreements and/or mortgage loan documents for each of the respective hotels, and typically ranges between 3.0% and 5.0% of the respective hotel’s total gross revenue. As of September 30, 2025, approximately $29.2 million was held in FF&E reserve accounts for future capital expenditures.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
$35.9 million acquisition of a hotel property, and $107.0 million in capital improvements and additions to our hotel properties
Current report — wording carried from elsewhere
and other assets. The net cash flow used in investing activities was partially offset by $19.5 million in proceeds from the sales
Current report — wording carried from elsewhere
$100.0 million in repayment of our Revolver, $19.0 million paid to repurchase common shares under our share repurchase
Current report — wording carried from elsewhere
programs, $65.8 million in distributions to shareholders and unitholders, $9.0 million paid to repurchase common shares to
Current report — wording carried from elsewhere
satisfy employee tax withholding requirements, and $5.3 million in deferred financing cost payments.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
We are a self-advised and self-administered Maryland REIT that owns primarily premium-branded, rooms-oriented, high-margin, focused-service and compact full-service hotels located within heart of demand locations. We own a geographically diversified portfolio of hotels located in high-growth urban markets that exhibit multiple demand generators and attractive long-term growth prospects. We believe that our investment strategy allows us to generate high levels of Revenue per Available Room ("RevPAR"), strong operating margins and attractive returns.
Previous report — wording carried elsewhere
Food and beverage revenue increased $2.9 million to $79.4 million for the six months ended June 30, 2025 from $76.5 million for the six months ended June 30, 2024. The increase in food and beverage revenue was primarily due to increases in outlet revenue and the ramping up of our recently converted and renovated hotels.