- Business
- R&R Real Estate Investment Trust (RRR.UN) is a Canada-based open-ended real estate investment trust that acquires and owns hotel properties principally located in the United States to generate stable cash flows, enhance asset value through active management, and expand its portfolio via accretive acquisitions and operational improvements. Established pursuant to a Declaration of Trust dated July 16, 2014, and headquartered at 5090 Explorer Drive, Suite 500, Mississauga, Ontario, the REIT primarily generates revenue from room bookings along with ancillary sources such as parking, in-room movies, safes, and vending at its economy and extended-stay hotels, including brands like Red Roof Inn and HomeTowne Studios across multiple U.S. states in the eastern region. Its strategy emphasizes revenue and yield management, targeted capital expenditures, and Adjusted Funds from Operations growth per unit. In May 2024, the REIT appointed Irfan Lakha, former Chief Financial Officer and current trustee, as President and Chief Executive Officer following Michael Klingher's departure, signaling a strategic shift toward aggressive expansion including potential capital raises to double the portfolio size amid opportunities in distressed U.S. hotel assets. Recent governance actions include issuing units to non-executive trustees under 2024 Units for Services Agreements and entering new agreements for 2025, alongside a one-time return of capital distribution approved by the board.