QUEENS, NY-With a total purchasing power of $2.5 billion, RLJ Lodging Fund II has acquired the New York LaGuardia Airport Marriott for $69 million. LaSalle Hotel Properties was the seller.

With the acquisition, Bethesda, MD-based RLJ Lodging Fund, an affiliate of RLJ Development, plans to spend $11.5 million on renovating and repositioning the hotel across the street from one of the city’s main airports. Marriott International will continue to manage the asset, according to RLJ officials.

The buy marks RLJ’s entrance into the New York City lodging arena. “We are delighted to enter the New York City lodging market by acquiring the LaGuardia Airport Marriott,” CEO and chairman Robert L. Johnson says in a statement. “Our growing portfolio now stands at 120 hotels and nearly 17,000 guestrooms.”

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