RLJ Lodging closes on sale of 11-hotel portfolio

RLJ Lodging Trust has closed on the sale of a portfolio of 11 hotels for approximately $85 million. The sale price represents approximately a 7.9-percent capitalization rate on the portfolio's estimated 2013 net operating income, adjusted for approximately $23 million of pending capital expenditures.

"This transaction enabled us to make significant progress on our capital recycling program," said Thomas J. Baltimore, Jr., president and CEO. "The sale of these assets are immediately accretive to our portfolio's RevPAR and the net proceeds will be reinvested into higher-yielding hotels, such as our recently announced Hyatt deal. We are very pleased by the demand we saw while marketing these assets and we remain committed to expanding our capital recycling program."

The estimated combined 2013 revenue per available room portfolio was approximately $68.

Virtual Event

HOTEL OPTIMIZATION PART 2 | SEPTEMBER 10 & 24, 2020

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.


The 11 hotels totaling 1,205 rooms were: Hyatt House Colorado Springs; Courtyard Denver Southwest Lakewood; Residence Inn Denver Southwest Lakewood; SpringHill Suites Gainesville; Residence Inn Indianapolis Airport; Fairfield Inn & Suites Indianapolis Airport; Courtyard Grand Rapids Airport; Hampton Inn & Suites Las Vegas / Summerlin; Courtyard Austin University Area; Fairfield Inn & Suites Austin University Area; Hyatt House Dallas Richardson.

Read more on

Suggested Articles

The company intends to raise $100 million from investors to source mezzanine loan and preferred equity transactions in the hospitality sector.

With the transfer of 103 management and branding contracts, Sonesta's portfolio has more than doubled.

Airbnb has confidentially filed with the Securities & Exchange Commission to go public, with the number of shares and price range yet to be revealed.