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Inland American Buys 22 Hotels for $900M

OAK BROOK, IL-The 22 hotels, acquired from RLJ Cos., have a total of 4,061 rooms and are in 12 different states.

By Gina Kenny | Updated on February 13, 2008

OAK BROOK, IL-Inland American Lodging Corp. has acquired a 22-hotel portfolio on behalf of Inland American Real Estate Trust Inc., based here. The portfolio was acquired from RLJ Urban Lodging Fund, an affiliate of RLJ Development LLC, for approximately $900 million, a spokesperson for Inland confirms. Inland had initially been in negotiations to acquire the portfolio for $920 million, as previously reported by GlobeSt.com.

Bethesda, MD-based RLJ Development is headed by Robert L. Johnson, founder of Black Entertainment Television and owner of the Charlotte Bobcats and Charlotte Sting professional teams. Representatives from Inland and RLJ were not available for further comment.

The portfolio consists of a total of 4,061 rooms. The hotels in the portfolio consist of “upper upscale and upscale full and select-service hotels” that are operated by brands including Marriott, Hilton and Hyatt, according to a released statement from Inland on the acquisition. The hotels are “in major urban markets that Inland American Lodging believes to have strong barriers to entry and are less sensitive to economic changes,” the released statement says. 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, according to information on RLJ’s website.

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