Robert Johnson to Buy 100 Hotels for $1.7 Billion
Robert Johnson, founder of Black Entertainment Television, said his investment company has signed a deal to buy 100 hotels for $1.7 billion.
The 100 White Lodging Services Corp., hotels mostly under the Marriott name and located in Indiana, Texas and Illinois, will be staggered, with deals for the first group of 87 hotels is expected to close in the second quarter of 2006. The remaining 13 hotels, which are currently under construction or recently completed, are scheduled to close over the next 18 - 24 months, Johnson's company, RLJ Development LLC, said yesterday.
"We are thrilled to add these hotel properties to the RLJ Development portfolio," stated Robert L. Johnson, CEO and Chairman of RLJ Development.
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