RLJ Lodging Trust is trading at a price that makes their own 2023 share repurchases look like a bad bet, with $2.2 billion in debt and full-year 2025 earnings that essentially flatlined. If you're an operator inside that 96-hotel portfolio, the spreadsheet pressure rolling downhill toward your property is about to get very real.
A REIT that traded at a persistent NAV discount all year just told you which assets it values most. The award list is a capital allocation signal hiding in a press release.
Operations
Primary
Mar 12
Park Hotels is guiding $580-$610M in Adjusted EBITDA for 2026 after posting $609M in 2025, which itself was a 6.6% decline from 2024's $652M. The headline says "modest growth." The math says something more complicated.
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