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First quarter RevPAR growth of 4.8% outperformed the industry by 100 basis points, driven by the urban-centric portfolio's ability to capture broad-based momentum across all demand segments.

Business transient revenue grew 9%, fueled by record corporate profits and increased business investment in sectors like AI, technology, finance, and life sciences.

Northern California achieved 27% RevPAR growth, benefiting from the Super Bowl, favorable conference timing, and the continued expansion of the AI industry in the region.

Non-room revenue growth of 8.2% significantly exceeded RevPAR performance, validating ROI initiatives focused on expanding ancillary revenue channels and food and beverage offerings.

Strategic capital allocation through transformative renovations and conversions contributed meaningfully to results, with 7 completed conversions generating 16% EBITDA growth.

Management attributes margin expansion of 45 basis points to a lean operating model and disciplined cost management, which offset elevated energy expenses from winter storms.

Revised 2026 guidance incorporates Q1 outperformance while maintaining a cautious stance for the remainder of the year due to macroeconomic and geopolitical uncertainty.

The outlook assumes sustained strength in business transient demand and robust urban leisure experiences, with urban markets expected to be the primary beneficiaries.

Second quarter group pace shows a 400 basis point improvement, with an increasing share of corporate bookings expected to drive higher ADR and out-of-room spend.

Management anticipates significant catalysts starting in June and continuing through the back half of the year, including the World Cup and America's 250th anniversary, with the World Cup particularly benefiting high-occupancy markets like L.A., New York, and Miami.

The conversion pipeline remains active, with the Renaissance Pittsburgh relaunching under the Autograph Collection this summer and the Wyndham Boston conversion starting later this year.

The company addressed all debt maturities through 2029 by expanding undrawn capacity and plans to pay off $500 million in senior notes maturing in July.

Property insurance costs saw a double-digit decline following a favorable renewal last year, providing a tailwind to fixed cost management.

Management noted that while booking windows for group travel remain short, the leisure booking window has actually elongated as consumers secure rooms for high-demand events.

The Austin market is expected to remain positive despite the convention center closure, as the portfolio focuses on self-contained group business and benefits from airport expansions.

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Management clarified that the shorter booking window is specific to group travel, while leisure booking windows have actually elongated.

BT acceleration is broad-based, particularly in national accounts and high-growth sectors like aerospace and life sciences.

RLJ is focusing on securing blocks for teams, media, and sponsors with deposits already being received in 3 of 9 key markets.

The company expects the primary benefit to be driven by ADR growth rather than just occupancy, given the high-occupancy nature of the host markets.

Management intends to be active with dispositions to fund share buybacks on a leverage-neutral basis, while maintaining a balanced approach that includes ongoing investment in high-ROI conversion projects.

Buybacks are targeted to be executed on a leverage-neutral basis using proceeds from asset recycling.

Northern California achieved 27% RevPAR growth in Q1, driven by one-time events such as the Super Bowl and favorable conference timing, as well as recurring factors like improving local policy, increased return-to-office trends, and venture capital investment in AI.

International travel from Mexico, the U.K., and India is growing, with China expected to be the final recovery catalyst.

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