RLJ Lodging Trust is a hotel REIT that owns a portfolio of roughly 93 branded, focused-service and compact full-service hotels (~20,800 rooms) concentrated in urban U.S. markets. About two-thirds of the portfolio by EBITDA sits in urban locations, with key concentrations in Northern California, New York City, Washington D.C., Southern California, and South Florida. Roughly 89% of hotels operate under Marriott, Hilton, or Hyatt brands, with Embassy Suites (Hilton) and Courtyard (Marriott) being the largest individual brands by room count. As a REIT, RLJ does not operate its hotels directly — it leases properties to taxable REIT subsidiaries, which engage third-party management companies to run day-to-day operations. RLJ's role is active asset management: overseeing capital allocation, revenue management strategy, and operator performance. Room revenue drives roughly 80% of total revenues, with the remainder from F&B, parking, and ancillary sources. The focused-service model requires fewer labor-intensive amenities than full-service hotels, which RLJ argues produces structurally better margins and more stable cash flows. RLJ's primary internal growth strategy is hotel conversions — rebranding lower-tier assets into premium Marriott, Hilton, or Hyatt flags to gain loyalty program access and drive RevPAR uplift. RLJ also targets ROI-driven capital projects to grow non-room revenues and completes transformational renovations at high-occupancy assets. RLJ recycles capital from non-core asset sales into conversions, share repurchases, or debt reduction, and maintains a largely unsecured balance sheet with 84 of 93 hotels unencumbered.