Robert Johnson's RLJ Development Closes $900 Million Hotel Deal
Robert Johnson's RLJ Development LLC today announced the closing of the sale of 22 full and select service hotels to Inland American Lodging Corporation.
The 4,061-room portfolio consists of upper upscale and upscale full and select-service hotels, primarily located in major urban markets, including Boston, Baltimore, Chicago and Washington D.C. These assets are currently operated by industry leading brands including Marriott, Hilton and Hyatt. The total price for the portfolio, subject to post-closing adjustments and including debt and transaction costs, is approximately $900 million.
"To be able to complete a transaction of this magnitude under the current credit market conditions is a testament to the quality of the portfolio, and the tremendous effort made by the RLJ and Inland teams. I congratulate both organizations," stated Robert L. Johnson, chairman of RLJ.
Inland American Lodging Corporation acquired the 22-hotel portfolio on behalf of Inland American Real Estate Trust, Inc. from The RLJ Urban Lodging Fund, an affiliate entity of RLJ Development, LLC, a privately-held hotel real estate investment company.
RLJ Development, LLC is one of The RLJ Companies’ portfolio companies controlled by Robert L. Johnson. RLJ Development is a privately-held real estate investment company founded and led by Robert L. Johnson and Thomas J. Baltimore, Jr. and is the largest African-American hotel investment company in the U.S. with 114 hotels valued over $2.0 billion.
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