Consisting of about 14,000 guestrooms, the WLS portfolio involves properties that are located in states in nearly every major region of the country--Colorado, Connecticut, Florida, Illinois, Indiana, Kentucky, Michigan, New Jersey, Pennsylvania, Tennessee, Texas and Utah. Most of the hotels carry the Marriott or Hilton brand flags and will continue to do so under the new ownership.

"This acquisition is consistent with our strategy to invest in upscale, focused service hotels with premium brands in desirable markets," says RLJ president Thomas J. Baltimore Jr. "A majority of the WLS portfolio is less than eight years old and located in recovering markets with substantial growth potential. This is the type of profile that RLJ Development has consistently excelled in within our existing portfolio."

Because the portfolio involves facilities that have recently opened or are presently being built, the transaction is scheduled to close in two parts. RLJ's acquisition of 87 of the properties will likely reach completion during the second quarter, while the final purchase of the other 13 new or in-progress hotels will conclude no later than two years from now. Among the hotels that are currently under way are the 270-room Courtyard by Marriott in Austin, TX and the 179-room Residence Inn by Marriott, also in Austin, both of which are scheduled for delivery this June.