BETHESDA, MD—Following news that Bethesda, MD-based RLJ Lodging Trust netted $202.3 million from a public offering—and that it would use the proceeds for acquisition purposes—the REIT announced two acquisitions on the West Coast for $120 million.
The off-market trades are the 256-room Courtyard Portland City Center in Portland, OR, and the 293-room Embassy Suites Irvine Orange County in Irvine, CA. The properties are trading for approximately $219,000 per key, representing a forward capitalization rate of approximately 7.4% on the hotels' combined projected 2015 net operating income.
In a prepared statement, RLJ president and CEO Thomas Baltimore Jr. highlighted the REIT's ability to source "attractive, off-market opportunities."
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