Hotel investment company RLJ Lodging Trust has reported net income attributable to common shareholders of $1.7m for the fourth quarter (Q4) of 2023, a 466.7% growth compared with $300,000 in the same period of 2022.

The company’s total quarterly revenues also increased, reaching $319.5m, up 5.7% from $302.2m in Q4 2022.

Its comparable revenue per available room (RevPAR) was $133.8m in Q4 2023, marking a 5.2% increase from $127.3m in the year-ago quarter.

RLJ Lodging Trust’s comparable earnings before interest, taxes, depreciation and amortisation (EBITDA) for the three months ended 31 December 2023 stood at $89.6m, a 2.3% rise from $87.6m in the previous year.

Its adjusted EBITDA increased 0.3% to $79.2m from $79m, while net income grew 18% to $8.04m from $6.8m.

Adjusted funds from operations (FFO) for the period were $53.4m, up 1.1% from $52.8m in Q4 2022.

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Total operating expenses were $292.8m in the three months under review, a 7.4% rise compared with $272.6m in the prior year.

During Q4, the company announced strategic brand transitions, with its Renaissance Pittsburgh Hotel set to join Marriott’s Autograph Collection, and the Wyndham Pittsburgh University Center converting to a Courtyard by Marriott.

RLJ Lodging Trust president and CEO Leslie D Hale “We are pleased to have achieved top-quartile RevPAR growth, capping off a very successful year of outperformance for RLJ.

“Our urban-centric portfolio is uniquely positioned to capture the improving demand that urban markets are disproportionately seeing, and the incremental lift from the first wave of our completed conversions, which should continue to be a tailwind into 2024.”