RLJ Lodging Trust Pays $313 for Hyatt Portfolio

RLJ Lodging Trust, a Bethesda, MD based publicly traded real estate investment trust, announced this week that it had closed on the purchase of publicly traded real estate investment trust for a total purchase price of approximately $313 million. A Hyatt affiliate will continue to manage the hotels under new agreements now that the deal has closed, according to a GlobeSt.com article.

The portfolio includes:

Property		City		State		Rooms
Hyatt House Cypress / Anaheim		Cypress		CA		142
Hyatt House Emeryville / SF Bay Area		Emeryville		CA		234
Hyatt Place Fremont / Silicon Valley		Fremont		CA		151
Hyatt House San Diego / Sorrento Mesa		San Diego		CA		193
Hyatt House San Jose / Silicon Valley		San Jose		CA		164
Hyatt House San Ramon		San Ramon		CA		142
Hyatt House Santa Clara		Santa Clara		CA		150
Hyatt Market Street, The Woodlands		Woodlands		TX		70
Hyatt House Charlotte / Center City		Charlotte		NC		163
Hyatt Place Madison / Downtown		Madison		WI		151
Total						1,560

RLJ said that it intends to spend $25 million in capital expenditures across the portfolio, the majority of which will be invested over the next 24 months. "This deal will be immediately accretive to the portfolio and will reinforce our stated goal of becoming the aggregator in this segment," says Thomas Baltimore, Jr., president and CEO of RLJ Lodging Trust, in a statement.

For more news and information visit Blumberg Capital Partners.

RLJ Acquires 2 Hotels in DC and NYC for $146.5M

RLJ Lodging Trust announced this week that had acquired two hotels for a combined total of $146.5 million. RLJ acquired the Courtyard New York Manhattan/Upper East Side, a 226-room hotel, through a bankruptcy court-ordered sale for $82 million. The second property, the 187-room Residence Inn by Marriott Bethesda Hotel Downtown, was acquired in an off-market transaction for $62.5 million.

"We were able to leverage our extensive network and strong industry relationships to source and execute accretive transactions in key gateway cities," commented Thomas J. Baltimore, Jr., President and Chief Executive Officer at RLJ Lodging Trust. "We expect these two new additions to yield strong results and strengthen our overall portfolio."

For more news and information visit Blumberg Capital Partners.