With the acquisition, Bethesda, MD-based RLJ Lodging Fund, anaffiliate of RLJ Development, plans to spend $11.5 million onrenovating and repositioning the hotel across the street from oneof the city's main airports. Marriott International will continueto manage the asset, according to RLJ officials.

The buy marks RLJ's entrance into the New York City lodgingarena. "We are delighted to enter the New York City lodging marketby acquiring the LaGuardia Airport Marriott," CEO and chairmanRobert L. Johnson says in a statement. "Our growing portfolio nowstands at 120 hotels and nearly 17,000 guestrooms."

The 11-floor hotel contains 438 rooms and nearly 15,300 sf ofmeeting space in 23 meeting rooms. It also has two restaurants, andguest amenities include an indoor pool, business center and fitnesscenter. "We are thrilled to acquire this first-class asset at asignificant discount to replacement cost," RLJ president Thomas J.Baltimore, Jr. explains in the statement. "We look forward toworking with Marriott to upgrade and reposition this hotel in thecoming months."