Q4 2021 RLJ Lodging Trust Earnings Call

Welcome to the R O J lodging Trust's fourth quarter 2021 earnings call.

A reminder, all participants are in listen only mode and the conference is being recorded after the presentation. There will be an opportunity to ask questions. If anyone should require operator assistance. During the conference. Please press star zero on your telephone keypad I would now like to turn the call over to Mckeel Bella are all Jay's, Vice President and treasurer of corporate strategy.

<unk> and Investor Relations. Please go ahead.

Thank you operator.

Good morning, and welcome to <unk> lodging Trust's 2021 fourth quarter and year end earnings call.

On today's call.

E Mail, our president and Chief Executive Officer will discuss key highlights for the quarter.

Sean Mahoney, our executive Vice President and Chief Financial Officer, who will discuss the company's financial results.

Tom Bartlett, our executive Vice President of asset management will be available for Q&A.

Forward looking statements made on this call are subject to numerous risks and uncertainties that may lead the company's actual results could differ materially from what had been communicated.

Factors that may impact the results of the company can be found in the company's 10-K and other reports filed with SEC.

The company undertakes no obligation to update forward looking statements.

Also as we discuss certain non-GAAP measures. It may be helpful to review the reconciliations to GAAP located in our press release from last night.

I will now turn the call over to Leslie.

Thanks, Nikhil good morning, everyone and thank you for joining us today.

We are pleased that lodging fundamentals continue their recovery relative to 2019 throughout the fourth quarter with the industry's faster than expected recovery being the most significant event of 2021.

Against this accelerating recovery our portfolio achieved strong operating performance throughout the year.

Additionally, our team successfully executed on all of our strategic priorities, which included acquiring three high quality hotels during the year, which were Accretively match funded with proceeds from noncore dispositions generating strong operating results, which allowed us to achieve positive corporate cash flow for the full year.

Advancing our value creation initiatives, which are expected to deliver an incremental $23 million to $28 million of hotel EBITDA and actively managing our balance sheet to increase flexibility extend covenant waivers further ladder debt maturities and lower our cost of debt through the refinancing of over $1 billion of.

Yeah.

Our confidence in our strategic initiatives was bolstered by the industry's recovery throughout the year with revpar sequentially, improving each quarter, culminating with a four.