RLJ Lodging Trust Acquires Upper East Side Hotel for $82M

NEW YORK CITY-RLJ Acquisitions LLC, a subsidiary of Bethesda, MD-based hotel investment firm RLJ Lodging Trust, has acquired the formerly-troubled Courtyard by Marriott on the Upper East Side following a bankruptcy court-ordered sale. The company acquired the 226-room hotel from owners Madison 92^nd Street Associates for $82 million, or approximately $363,000 per key at a 7.5% cap rate.

The hotel – located on 410 E. 92^nd St. between York and First Avenues – is situated near the city’s most dense concentration of healthcare establishments, including Mount Sinai Hospital, Rockefeller University, Sloan Kettering Cancer Center and Cornell/Weill New York Presbyterian Hospital. But the hotel fell on hard times after the owner went into foreclosure in November 2009 and then filed for bankruptcy in August 2011.