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Inland Weighs $920M Hotel Portfolio Buy

OAK BROOK, IL-Inland American is considering the purchase of a 22-property hotel portfolio from an affiliate of RLJ Cos., but can still back out of the deal until Oct. 15.

By Gina Kenny | Updated on September 23, 2007

OAK BROOK, IL-Inland American Real Estate Trust Inc., based here, is considering the purchase of a 22-hotel portfolio from RLJ Cos., headed by Robert L. Johnson, founder of Black Entertainment Television and owner of the Charlotte Bobcats and Charlotte Sting professional basketball teams. Inland American looks to buy the portfolio from the Bethesda, MD-based RLJ Cos. for $920 million, of which $460 million would be paid in cash, according to a filing with the Securities and Exchange Commission (SEC). Representatives from Inland American declined to be interviewed. Representatives from RLJ Cos. did not respond to a request for an interview.

Inland and RLJ entered into the agreement on Aug. 12, according to the filing. The portfolio consists of 22 hotels with a total of 4,061 rooms. The portfolio includes the Marriott Chicago, a 113-room hotel constructed in 1988 at 625 S. Ashland Ave. in the Illinois Medical District. The portfolio also includes hotels in New Jersey, Maryland, Texas, Alabama, Georgia, Ohio, Colorado, Massachusetts, Arizona, New York and Washington, DC. The oldest hotel in the portfolio is the 179-room Hilton Garden Inn Burlington, in Burlington, MA, which was constructed in 1971 and the newest constructed hotel is the 158-room Hyatt Place Medford, in Medford, MA, which was constructed in 2003.

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