RLJ Lodging Picks Up Courtyard by Marriott Waikiki Beach

BETHESDA, MD-RLJ Lodging Trust has acquired the long-term leasehold interest in the 399-room Courtyard by Marriott Waikiki Beach for a purchase price of $75.3 million, or approximately $189,000 per key. The purchase price represents a forward capitalization rate of approximately 7.8% based on the hotel’s projected 2014 net operating income. The company purchased this asset with cash available on its balance sheet.

“We are excited to increase our presence in the west and expand our geographic footprint into another gateway market,” commented Thomas Baltimore, Jr., president and CEO. “The hotel’s strong brand affiliation and prime location in Waikiki will allow us to capitalize on the strong lodging fundamentals in Oahu.”