RLJ Lodging Trust posted a first quarter that made Wall Street happy, with AFFO beating estimates by six cents and RevPAR outpacing the industry by 100 basis points. But the number buried in the earnings call tells you more about where this cycle is heading than the headline ever will.
The University of Michigan sentiment index cratered to 53.3 in March while gas crossed $4 a gallon and the S&P posted five straight weeks of losses. If you run a leisure-dependent property and haven't pulled your 60-90 day forward pace yet, you're about to find out the hard way what your guests already decided.
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