RLJ Lodging Trust is the hottest lodging REIT on the board right now, and Wall Street is calling it a momentum play. But the real engine behind that 52% run isn't momentum... it's a portfolio strategy built on premium-branded urban conversions that either validates everything I believe about brand positioning or is about to teach a very expensive lesson.
Pebblebrook beat Q1 estimates by 39% on FFO and nearly 5% on revenue, but the 327 basis points of margin expansion tells a more important story about what this portfolio actually earns after years of repositioning toward resorts.
RLJ Lodging Trust posted 4.8% RevPAR growth in Q1, but the 45 basis points of margin expansion underneath it tells you something more important about what's actually working in urban select-service right now... and what most operators are still leaving on the table.
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