– Portfolio generated positive gross operating profit and open hotels generated positive EBITDA

– Reduced monthly cash burn estimate

– Maintain total liquidity of $1.2 billion

BETHESDA, Md.–November 5, 2020–RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today reported results for the three and nine months ended September 30, 2020, and is providing a hotel reopening and cash burn update in light of the ongoing COVID-19 pandemic.


  • 96 hotels now open, representing 93% of the portfolio
  • Total portfolio achieved 29.3% occupancy and open hotels achieved 37.1% occupancy during the third quarter
  • Reducing monthly cash burn estimate range by $2.5 million at the mid-point
  • Maintained a strong balance sheet with approximately $1.0 billion of unrestricted cash
  • Total revenue of $83.9 million
  • Net loss of $173.9 million
  • Net loss per share of $1.10
  • Adjusted EBITDA of ($19.2) million
  • Adjusted FFO per diluted common share and unit of ($0.32)

“We are encouraged by our third quarter results, which exceeded our expectations as our portfolio benefited from the relative strength in leisure and an uptick in pockets of business transient and small group demand,” commented Leslie D. Hale, President and Chief Executive Officer. “We executed on all fronts to maintain our strong liquidity. This quarter, we reopened a significant number of hotels and continued our aggressive asset management efforts to minimize operating costs, which led to a further reduction in our burn rate. We believe that our solid execution has positioned us not only to continue to navigate the current environment and benefit early in the recovery, but also to outperform throughout the next lodging cycle.”

The prefix “Pro forma” as defined by the Company, denotes operating results which include results for periods prior to its ownership and excludes sold hotels. Pro forma RevPAR and Pro forma Hotel EBITDA Margin are reported on a comparable basis and therefore exclude any hotels sold during the period and non-comparable hotels that were not open for operation or were closed for renovation for comparable periods. Explanations of EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, Hotel EBITDA Margin, FFO, and Adjusted FFO, as well as reconciliations of those measures to net income or loss, if applicable, are included within this release.

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