RLJ Lodging Trust Closes $313M, 10-Hotel Portfolio Deal
Thursday March 13th, 2014 - 9:20AM BEH
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BETHESDA, MD—RLJ Lodging Trust and Hyatt Hotels Corp. closed on the previously announced purchase and sale of 10 Hyatt, Hyatt Place and Hyatt House hotels, totaling 1,560 rooms.
Hyatt affiliates will manage the hotels.
The portfolio, with hotels located primarily on the West Coast, was acquired for approximately $313 million. RLJ intends to spend approximately $25 million in capital expenditures across the portfolio, the majority of which will be invested over the next 24 months.
Tags: RLJ Lodging Trust • Hyatt Hotels Corp • Hospitality • Brands • Acquisitions • Ownership •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.