This phase encompassed 23 hotels for $390 million. The first closing, in mid-June, was for 63 hotels, for $1 billion. The remaining 13 hotels, which are currently under construction or recently opened, are scheduled to close over the next 6 to 18 months.
Once the transaction is complete RLJ will become one of the largest Marriott franchisees in the US as some 90% of WLS's portfolio is affiliated with the Marriott family of brands. WLS is retaining management of the hotels under long-term management agreements. The hotels will continue to operate under the same affiliations with long term franchise agreements.
"We are thrilled to close these 23 hotel properties, bringing our total portfolio to 118 hotels, nearly $2.5 billion in assets" says Robert L. Johnson, CEO and chairman of RLJ.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
