RLJ Lodging dips its toes into Hawaii for first time19 Jun, 2013
RLJ Lodging Trust has acquired the Courtyard by Marriott Waikiki Beach for $75.3 million, reports the Washington Business Journal, marking the first time the real estate investment trust has bought in Hawaii. RLJ Lodging acquired the 399-room property with cash.
RLJ now owns 148 hotels and has one hotel conversion underway.
The Oahu hotel market had record growth in revenue per available room last year with an increase of 16.7 percent, the highest growth among the top 25 U.S. hotel markets., RLJ Lodging said, citing STR.
RLJ's Hawaiian expansion comes two weeks after Host Hotels & Resorts said it had acquired the Hyatt Place Waikiki Beach in Honolulu for $135.5 million.
External Source : Washington Business Journal
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