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RLJ Lodging Trust closes USD313m 10-hotel portfolio acquisition

Fri, 14/03/2014 - 16:09

RLJ Lodging Trust has closed on the purchase of a portfolio of 10 Hyatt, Hyatt Place and Hyatt House hotels from Hyatt Hotels Corporation.

Hyatt affiliates will manage the hotels, which provide a combined total of 1,560 rooms, under new management agreements.
 
The portfolio of hotels, which are located primarily on the West Coast, was acquired for a total purchase price of approximately USD313m. RLJ intends to spend approximately USD25m in capital expenditures across the portfolio, the majority of which will be invested over the next 24 months.
 
With the addition of these hotels, RLJ owns 147 properties, consisting of 145 hotels with approximately 22,500 rooms and two planned hotel conversions, located in 22 states and the District of Columbia.


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