BETHESDA, Md.—RLJ Lodging Trust and Hyatt Hotels Corporation announced that their affiliates have closed on the previously announced purchase and sale of 10 Hyatt, Hyatt Place, and Hyatt House hotels, totaling 1,560 rooms. Hyatt affiliates will manage the hotels under new management agreements.
The portfolio, which is comprised of hotels 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.
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 the District of Columbia.