Rlj Lodging Trust · NYSE:RLJ
Rlj Lodging Trust — Bank of America Global Real Estate Conference 2026
36 slides from Rlj Lodging Trust's conference presentation, September 2026
Slide 1: Bank of America Global Real Estate Conference
BANK OF AMERICA GLOBAL REAL ESTATE CONFERENCE SEPTEMBER 2026
Slide 2: RLJ | Investment Highlights
RLJ | INVESTMENT HIGHLIGHTS RLJ has a diversified, urban-centric portfolio with unique growth catalysts, a lean operating model, and a favorable capital structure High-quality portfolio with an attractive growth profile HIGH-QUALITY ▪ Urban-centric portfolio positioned to capture all segments of dem
Slide 3: RLJ | Operating Update
RLJ | OPERATING UPDATE RLJ’s urban-centric portfolio is capturing the broad-based growth across markets and demand segments, with positive trends continuing into 2H Robust Q2 results exceeded expectations, with RevPAR growth outpacing the industry ▪ RevPAR grew +6.8%, outperforming the industry by 1
Slide 4: RLJ | Business Travel Spend
RLJ | BUSINESS TRAVEL SPEND BT continues to gain momentum, benefitting RLJ’s urban markets, supported by healthy corporate profits, increased business investment and return-to-office Private Nonresidential Fixed Investment (1) RLJ Room Revenue Y/Y Growth | Business Transient (2) 16% $4,700 10% 15% 1
Slide 5: RLJ | Urban Entertainment
RLJ | URBAN ENTERTAINMENT RLJ’s urban-centric, lifestyle-oriented portfolio is benefitting from robust urban leisure demand, driven by sports, concerts, festivals, and other entertainment events Personal Consumption Expenditures – Admissions to RLJ Room Revenue Y/Y Growth | Leisure Specified Spectat
Slide 6: RLJ | Northern California Recovery Underway
RLJ | NORTHERN CALIFORNIA RECOVERY UNDERWAY Northern California, RLJ’s largest market, has a favorable outlook over the next several years ▪ Drivers include a thriving tech economy, a strong lineup of special events, and an improved overall environment 11 2,655 +16% Preliminary Market RLJ Hotels Roo
Slide 7: RLJ | Multiple Channels of Growth
RLJ | MULTIPLE CHANNELS OF GROWTH URBAN-CENTRIC PORTFOLIO FUTURE BALANCE SHEET CONVERSIONS ORGANIC GROWTH PIPELINE OF CONVERSIONS OPTIONALITY ▪ Business travel momentum ▪ Eight completed conversions ▪ Targeting two conversions ▪ Strong Liquidity ▪ Robust urban leisure demand to-date per year ▪ Signi
Slide 8: RLJ | High Quality Portfolio
RLJ | HIGH QUALITY PORTFOLIO RLJ owns a geographically diversified portfolio of premium branded, high-margin hotels Portfolio Overview(1) Hotels 91 Rooms 20,438 ADR $205 RevPAR $148 EBITDA/Key $18k Brand Exposure(1) 11% 44% 37% 8% Independent/Other (1) Based on TTM pro forma EBITDA for the portfolio
Slide 9: RLJ | High Quality Portfolio
RLJ | HIGH QUALITY PORTFOLIO URBAN LIFESTYLE U R B A N G AT E W AY RESORT URBAN METRO 33 31 11 16 # of HOTELS # of HOTELS # of HOTELS # of HOTELS 39% 37% 14% 10% of EBITDA of EBITDA of EBITDA of EBITDA $21K $22K $25K $16K EBITDA / KEY EBITDA / KEY EBITDA / KEY EBITDA / KEY Based on FY 2019 EBITDA pr
Slide 10: Urban Lifestyle
URBAN LIFESTYLE P R O P E RT I E S I N T O P U R B A N S U B M A R K E T S T H AT B E N E F I T F R O M S E V E N - D A Y- A - W E E K D E M A N D A N D “ B L E I S U R E ” W I T H H I G H L E I S U R E M I X 3 9 % O F E B I T DA (1) THE UNTITLED NASHVILLE HOTEL THE KNICKERBOCKER NEW YORK AC HOTEL B
Slide 11: Urban Gateway
Breakout slide option 1 URBAN GATEWAY P R O P E RT I E S L O C AT E D I N T O P H OT E L M A R K E T S I N T H E U . S . , T H AT A R E A L S O T H E N AT I O N ’ S K E Y E C O N O M I C C E N T E R S 3 7 % O F E B I T DA (1) COURTYARD NEW YORK MANHATTAN UPPER EAST SIDE HYATT PLACE WASHINGTON DC DTW
Slide 12: Resort
RESORT P R O P E RT I E S L O C AT E D I N R E S O RT D E S T I N AT I O N S W I T H A HIGH LEISURE MIX 1 4 % O F E B I T DA (1) THE PIERSIDE AT SANTA MONICA ZACHARI DUNES ON MANDALAY BEACH-HOTEL & RESORT EMBASSY SUITES DEERFIELD BEACH RESORT DOUBLETRREE GRAND KEY RESORT FAIRFIELD INN & SUITES KEY W
Slide 13: Urban Metro
URBAN METRO P R O P E RT I E S L O C AT E D I N N I C H E S U B M A R K E T S W I T H I N M A J O R U . S . H OT E L M A R K E T S 1 0 % O F E B I T DA (1) HYATT HOUSE SANTA CLARA EMBASSY SUITES MINNEAPOLIS AIRPORT MARRIOTT CHICAGO MIDWAY MARRIOTT DENVER SOUTH AT PARK MEADOWS HYATT PLACE MADISON DOW
Slide 14: RLJ | Diversified Footprint
RLJ | DIVERSIFIED FOOTPRINT RLJ’s footprint in top Urban markets is well-positioned to capture recovery in all segments ▪ Sunbelt markets represent +50% of RLJ’s Hotel EBITDA(1) ▪ Over 2/3rds of RLJ’s portfolio is concentrated in Urban markets (1) Seattle Portland Minneapolis 4% Boston NoCal 11% Mad
Slide 15: RLJ | Multiple Channels to Drive Shareholder Value
RLJ | MULTIPLE CHANNELS TO DRIVE SHAREHOLDER VALUE INTERNAL GROWTH From conversions, ROIs and margin expansion initiatives CAPITAL EXTERNAL RETURNS GROWTH Dividends Acquisitions and Share repurchases SEPTEMBER 2026 15
Slide 16: RLJ | Multiple Channels of Growth
RLJ | MULTIPLE CHANNELS OF GROWTH Internal Growth Status Returns Phase 1 Conversions/ROIs/Margin Expansion Stabilizing +$37M / +50% IRR Phase 2 Conversions/ROIs/Margin Expansion In Ramp Up +$14-15M / +50% IRR Phase 3 Conversions/ROIs/Margin Expansion In Progress +$8-11M / +50% IRR Hampton Inn Midtow
Slide 17: Internal Growth | The Atterbury Hotel
INTERNAL GROWTH | THE ATTERBURY HOTEL The reimagined The Atterbury Hotel made its debut as part of Marriott’s Autograph Collection in Q2 following a transformative renovation of the historic asset ▪ Previously the Renaissance Pittsburgh Hotel ▪ Comprehensive renovation with reimagined and activated
Slide 18: Internal Growth | Fairfield Inn & Suites Key West
INTERNAL GROWTH | FAIRFIELD INN & SUITES KEY WEST To join Margaritaville brand family as a reimagined tropical lifestyle resort opening in 2027 ▪ To be converted to a Compass by Margaritaville ▪ Full property transformation will attract higher-rated lifestyle travelers and create opportunities to dr
Slide 19: Internal Growth | Wyndham Boston Beacon Hill
INTERNAL GROWTH | WYNDHAM BOSTON BEACON HILL To join Hilton’s Tapestry Collection, with the conversion commencing in late 2026 ▪ Boston represents a top hotel market with a favorable growth outlook, supported by a strong corporate base, a robust life sciences industry, concentration of higher educat
Slide 20: Internal Growth | Phase 1 Initiatives
INTERNAL GROWTH | PHASE 1 INITIATIVES Our Phase 1 projects significantly exceeded initial underwriting with further room to ramp PHASE 1 INCREMENTAL EBITDA(1) PHASE 1 INITIATIVES $40M 2026 Projected $37M $35M +50% 2021 IRR Initial Underwriting $30M $23M - $28M The Mills House Charleston Margin Expan
Slide 21: Internal Growth | Phase 2 Initiatives
INTERNAL GROWTH | PHASE 2 INITIATIVES Our Phase 2 projects achieved the top-end of our initial underwriting with significant incremental ramp ahead PHASE 2 INCREMENTAL EBITDA(1) PHASE 2 INITIATIVES At Stabilization $14M - $15M $14M Additional EBITDA Opportunity(2) +50% $3M - $4M IRR $12M 2023 2026 P
Slide 22: Internal Growth | Phase 3 Initiatives
INTERNAL GROWTH | PHASE 3 INITIATIVES Our Phase 3 projects entering 2027 include the conversion of Wyndham Boston Beacon Hill and Fairfield Inn & Suites Key West PHASE 3 INCREMENTAL EBITDA(1) WYNDHAM BOSTON BEACON HILL $8M-$11M Will relaunch as part Incremental EBITDA Generated of Hilton’s Tapestry
Slide 23: Internal Growth | Embedded Pipeline of Opportunities
INTERNAL GROWTH | EMBEDDED PIPELINE OF OPPORTUNITIES RLJ is well positioned for continued value creation through a multiyear pipeline of incremental conversions and value-add opportunities Incremental 10-to-15 conversion and value-add opportunities in portfolio ▪ Brand expirations ▪ Remix customer b
Slide 24: Internal Growth | Transformative 2025 Renovations: Embassy Suites Deerfield Beach
INTERNAL GROWTH | TRANSFORMATIVE 2025 RENOVATIONS EMBASSY SUITES BY HILTON DEERFIELD BEACH RESORT & SPA SEPTEMBER 2026 24
Slide 25: Internal Growth | Transformative 2025 Renovations: DoubleTree Grand Key
INTERNAL GROWTH | TRANSFORMATIVE 2025 RENOVATIONS DOUBLETREE RESORT BY HILTON HOTEL GRAND KEY – KEY WEST SEPTEMBER 2026 25
Slide 26: Internal Growth | Transformative 2025 Renovations: Courtyard Waikiki Beach
INTERNAL GROWTH | TRANSFORMATIVE 2025 RENOVATIONS COURTYARD BY MARRIOTT WAIKIKI BEACH SEPTEMBER 2026 26
Slide 27: Internal Growth | Value Creation Through ROIs
INTERNAL GROWTH | VALUE CREATION THROUGH ROIs Unlocking embedded value through executing multiple high return ROI projects that increase out-of- room spend and optimize non-revenue generating spaces RESIDENCE INN BETHESDA ▪ Converted unutilized rooftop to revenue generating function space ▪ Outdoor
Slide 28: External Growth | Hotel Teatro Acquisition
EXTERNAL GROWTH | HOTEL TEATRO ACQUISITION RLJ acquired the Hotel Teatro Downtown Denver in May 2024 for $35.5M Rooms-Oriented - 110-room, boutique lifestyle hotel in the Denver CBD High Margins - ~32% stabilized margins High Growth Market - Colorado is one of the fastest growing lodging markets, dr
Slide 29: Best-in-Class Balance Sheet
BEST-IN-CLASS BALANCE SHEET RLJ has a strong balance sheet and well-staggered debt maturity profile, with no debt maturing until 2029(1)(2) Strong and flexible balance sheet with significant liquidity ▪ Approximately $1.0B of liquidity, including $600M of undrawn capacity on the corporate revolver ‒
Slide 30: RLJ | Investment Highlights
RLJ | INVESTMENT HIGHLIGHTS RLJ has a diversified, urban-centric portfolio with unique growth catalysts, a lean operating model, and a favorable capital structure High-quality portfolio with an attractive growth profile HIGH-QUALITY ▪ Urban-centric portfolio positioned to capture all segments of dem
Slide 31: Corporate Responsibility
CORPORATE RESPONSIBILITY COURTYARD WAIKIKI BEACH SEPTEMBER 2026 31
Slide 32: RLJ ESG | Corporate Responsibility
RLJ ESG | CORPORATE RESPONSIBILITY Our sustainability strategy aligns our ESG objectives with our commitment to generate long-term stakeholder value D R I V E Drive Reduce Improve Validate Expand revenue growth by cost through investments our human capital by our sustainability our engagement with o
Slide 33: RLJ ESG | Corporate Responsibility: Environmental
RLJ ESG | CORPORATE RESPONSIBILITY Our sustainability strategy aligns our ESG objectives with our commitment to generate long-term stakeholder value In recognition of the strategic importance of increasing environmental efficiency we… ▪ Achieved cost reductions through investment in energy, carbon a
Slide 34: RLJ ESG | Corporate Responsibility: Social
RLJ ESG | CORPORATE RESPONSIBILITY Our sustainability strategy aligns our ESG objectives with our commitment to generate long-term stakeholder value Our commitment and leadership on social responsibility continues with… ▪ Supporting communities through inclusive labor practices, policies and philant
Slide 35: RLJ ESG | Corporate Responsibility: Governance
RLJ ESG | CORPORATE RESPONSIBILITY Our sustainability strategy aligns our ESG objectives with our commitment to generate long-term stakeholder value We are strengthening our approach to governance by… ▪ Maintaining transparency with investors on our strategic approach to ESG performance ▪ Having for
Slide 36: Forward-Looking Statements
FORWARD - LOOKING STATEMENTS The following information contains certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are ba
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