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.
Eleven analysts cover Park Hotels & Resorts and not one of them is saying "buy." When the consensus on a lodging REIT ranges from "hold" to "reduce" while the company sells assets above implied portfolio value, the math is worth decomposing.
Pebblebrook beat Q4 estimates and guided for RevPAR growth in 2026, but the stock still sits roughly 50% below the company's own NAV estimate of $23.50 per share. That gap tells a story about what the public markets actually think of urban hotel recovery, and owners holding similar assets should be paying attention.
Citi just reaffirmed a Buy on the largest lodging REIT in the country with a $22 price target, and the spread between that number and where HST trades today tells you more about what Wall Street is pricing into luxury hospitality than any earnings call will.
