RLJ Lodging Trust Sells 24 Hotels for $240 Million

    RLJ Lodging Trust has sold 24 hotels for approximately $240 million. The sale price represents approximately a 7.9 percent capitalization rate on the hotels’ 2014 net operating income, including planned capital expenditures. The 24 hotels were initially acquired as part of a large portfolio transaction in 2006. The company expects to use the net proceeds to fund future acquisitions or for general corporate purposes. Following the sale of these assets, the company now owns 126 properties, consisting of 124 hotels with more than 20,400 rooms and two planned hotel conversions, located in 21 states and the District of Columbia. Over the last 16 months, the company has sold a total of 39 hotels for approximately $370 million.