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RLJ Lodging Closes on 63 Hotels for $1B

BETHESDA, MD-This is the first closing of a $1.7-billion transaction announced earlier this year. A second group of 24 hotels is expected to close next month.

By Erika Morphy | Updated on June 15, 2006

BETHESDA, MD-RLJ Lodging Fund II LP, an affiliate of RLJ Development, LLC, has completed the first closing of a $1.7-billion, 100-hotel acquisition announced earlier this year . It has acquired 63 hotels from White Lodging Services Corp. for $1 billion.

A second group of 24 hotels is scheduled to close in mid-July, while the remaining 13 hotels, currently under construction or recently opened, are scheduled to close over the next six to 18 months. WLS will retain management of the hotels under long-term management agreements. The hotels, which consist primarily of Marriott and Hilton brands, will continue to operate under the same affiliations with long-term franchise agreements.

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