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 •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.