RLJ Lodging Trust Announces Closing of $313 Million, 10-Hotel Portfolio Acquisition from Affiliates of Hyatt Hotels Corporation
RLJ Lodging Trust?(NYSE: RLJ) (?RLJ?) and?Hyatt Hotels Corporation?(NYSE: H) (?Hyatt?) today announced that their affiliates have closed on the previously announced purchase and sale of 10 Hyatt,?Hyatt Place?andHyatt House?hotels, totaling 1,560 rooms. Hyatt affiliates will manage the hotels under new management agreements.
The portfolio, which is comprised of the hotels listed below and located primarily on the?West Coast, was acquired for a total purchase price of approximately?$313 million. RLJ intends to spend approximately?$25 million?in capital expenditures across the portfolio, the majority of which will be invested over the next 24 months.
Details of the hotels are listed below:
|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|
With the addition of these hotels, RLJ owns 147 properties, consisting of 145 hotels with approximately 22,500 rooms and two planned hotel conversions, located in 22 states and theDistrict of Columbia.
About?RLJ Lodging Trust
RLJ Lodging Trust?is a self-advised, publicly traded real estate investment trust focused on acquiring premium-branded, focused-service and compact full-service hotels. For more information, please visit?www.rljlodgingtrust.com.
About?Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in?Chicago, is a leading global hospitality company with a proud heritage of making guests feel more than welcome. Thousands of members of the Hyatt family strive to make a difference in the lives of the guests they encounter every day by providing authentic hospitality. The Company’s subsidiaries manage, franchise, own and develop hotels and resorts under the?Hyatt?, Park Hyatt?, Andaz?, Grand Hyatt?, Hyatt Regency?, Hyatt Place?, Hyatt House?, Hyatt Zilara? and?Hyatt Ziva? brand names and have locations on six continents.?Hyatt Residential Group, Inc., a?Hyatt Hotels Corporationsubsidiary, develops, operates, markets or licenses?Hyatt Residences??and?Hyatt Residence Club?. As of?December 31, 2013, the Company’s worldwide portfolio consisted of 548 properties in 48 countries. For more information, please visit?www.hyatt.com.