With the acquisition, Bethesda, MD-based RLJ Lodging Fund, an affiliate of RLJ Development, plans to spend $11.5 million on renovating and repositioning the hotel across the street from one of the city's main airports. Marriott International will continue to manage the asset, according to RLJ officials.

The buy marks RLJ's entrance into the New York City lodging arena. "We are delighted to enter the New York City lodging market by acquiring the LaGuardia Airport Marriott," CEO and chairman Robert L. Johnson says in a statement. "Our growing portfolio now stands at 120 hotels and nearly 17,000 guestrooms."

The 11-floor hotel contains 438 rooms and nearly 15,300 sf of meeting space in 23 meeting rooms. It also has two restaurants, and guest amenities include an indoor pool, business center and fitness center. "We are thrilled to acquire this first-class asset at a significant discount to replacement cost," RLJ president Thomas J. Baltimore, Jr. explains in the statement. "We look forward to working with Marriott to upgrade and reposition this hotel in the coming months."