RLJ Lodging Trust sold 24 hotels for approximately US$240 million through a combination of individual and portfolio sales. RLJ selected the hotels based on operating performance, market location and pending capital requirements. The company estimates it will save US$65 million through the sale of these assets.
According to Thomas Baltimore, RLJ’s president and CEO, the company has sold 39 hotels for about US$370 million in the past 16 months as part of its capital recycling program. “We remain committed to creating long-term shareholder value through enhancing our portfolio’s quality and recycling capital into higher-growth markets.”
Following this sale, RLJ now owns a total of 126 properties. The company expects to use the net proceeds of its capital recycling program for future acquisitions and other corporate purposes.