RLJ Lodging Trust is a self-advised, publicly traded real estate investment trust focused on acquiring premium-branded, focused-service and compact full-service hotels. RLJ Lodging Trust has a portfolio that consists of 150 properties with approximately 28,600 rooms located in 25 states and the District of Columbia and an ownership interest in one unconsolidated property with 171 rooms. Our hotels are geographically diverse and concentrated in major urban areas and dense markets that provide multiple demand generators from business, leisure and other travelers. At the same time, as a result of high construction costs and the density of these markets, these locales provide significant barriers to entry. We believe that our investment strategy presents attractive opportunities for us to acquire additional hotels with significant upside potential.
Our strategy is to invest in focused-service and compact full-service hotels, which typically generate most of their revenue from room rentals, have limited food and beverage outlets and meeting space, and require fewer employees than larger hotels. We believe that such premium-branded, focused-service hotels have the potential to provide attractive risk-adjusted returns relative to larger full-service hotels due to their ability to generate higher revenue per room while providing better profit margins as a result of a more efficient operating model and less volatile cash flows. Our hotels operate under well-recognized global brands, including Courtyard by Marriott, Residence Inn by Marriott, Hilton Garden Inn, Homewood Suites by Hilton, Hyatt Place, Wyndham and Embassy Suites and we maintain strong relationships with these leading franchisors.
The company became publicly-traded in May 2011 and was formed to succeed the hotel investment and ownership platform of RLJ Development and its two remaining lodging-focused private equity funds, RLJ Lodging Fund II, LP and RLJ Real Estate Fund III, LP. RLJ Development was co-founded in 2000 by Robert L. Johnson, our Executive Chairman, and Thomas J. Baltimore Jr.. In August 2017, the company completed its merger with FelCor Lodging Trust, further diversifying the company’s footprint through the addition of 37 high quality properties. With over 15 years of operations, the company has developed significant expertise in acquiring and asset managing focused-service and compact full-service hotels. Our experienced senior management team, which operated the company’s predecessor, is comprised of seasoned professionals with extensive industry relationships and asset management experience that will allow us to continue to compete effectively and generate strong internal growth. In addition, we plan to enhance the value of this platform by being open and transparent in our investor communications and following sound corporate governance practices.
The company is a self-advised and self-administered Maryland real estate investment trust and is traded on the New York Stock Exchange under the stock symbol “RLJ”.