RLJ buys 100 hotels for $1.7 billion
Privately held RLJ Development LLC — the largest African-American owned hotel group in the US — has acquired 100 hotels from White Lodging Services Corporation (WLS) for $1.7 billion.
The hotel brands are mainly Marriott and Hilton.
Said Thomas J. Baltimore Jr., president of RLJ Development:
“This acquisition is consistent with our strategy to invest in upscale, focused service hotels with premium brands in desirable markets.”
He said the majority of the hotels are in recovering markets with substantial growth potential.
“This is the type of profile that RLJ Development has consistently excelled in within our existing portfolio,” he added.
A first group of 87 hotels is expected to close later this year. The remaining 13 hotels are under construction or recently completed.
WLF will retain management of the hotels under long-term management agreements and the hotels will continue to operate under the same brand affiliations.
RLJ is controlled by Robert L. Johnson, owner of the National Basketball Association’s Charlotte Bobcats.
With this deal, RLJ Development will become one of the largest Marriott franchisees in the US with over 85% of the WLS portfolio properties affiliated with Marriott.
The WLS portfolio acquisition marks the second deal of over $1 billion lead by Mr Johnson. The first was the sale of Black Entertainment Television to Viacom for $3 billion in 2001.
RLJ Development currently owns 29 hotels in major markets in North America valued at more than $1 billion. The company is the largest African-American hotel investment company in the US.
Report by David Wilkening
David
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