BETHESDA, MD—RLJ Lodging is upsizing the proceeds secured from its recent share offering to $232.7 million, after the underwriters exercised their option to purchase additional shares.
Last week we reported that the REIT netted $202.3 million from a public offering of 8 million common shares of its stock, upsized from an original 7.5 million. The shares were priced at $26.45 per unit
It has closed the offering with 9.2-million shares sold, including 1.2 million to the underwriters.
The REIT intends to use the net proceeds from the offering to fund potential acquisitions and for general corporate purposes.
RLJ, it seems, has already decided on where some of the proceeds will be invested. Days after it announced its public offering, the company said it had acquired two hotels on the West Coast for $120 million in off-market transactions.
They were the 256-room Courtyard Portland City Center in Portland, OR, and the 293-room Embassy Suites Irvine Orange County in Irvine, CA.