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RLJ Snaps Up Two Hotels on West Coast for $120M

BETHESDA, MD—The REIT has expanded its portfolio yet again via off-market trades.

By Erika Morphy | Updated on May 25, 2014

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.

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