(Carl Cronan is editor of RealEstateFlorida.)

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MIAMI-Locally based Gencom Group has sold a portfolio of sixHyatt Summerfield Suites hotels to RLJ Real Estate Fund III LP.Gencom owned the hotels in partnership with Lehman Bros. RealEstate Partners. Prices and locations of the hotels involved werenot immediately disclosed.

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"The sale is consistent with our original business plan ofidentifying, repositioning and disposing of assets at significantreturns," Karim Alibhai, founder and principal of Gencom Group,stated in a release. Gencom Group is an international investmentand development firm specializing in hospitality and residentialreal estate sectors, with luxury and mixed-use projects under waytotaling more than $6 billion.

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Bethesda, MD-based RLJ Real Estate is an affiliate of RLJDevelopment LLC, a privately held hotel real estate investmentcompany that is the largest African-American firm of its type inthe country. The company, co-founded by Robert L. Johnson andThomas J. Baltimore Jr., owns 121 hotels valued at approximately$2.6 billion.

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"This is the first acquisition for RLJ Real Estate Fund III,"Baltimore stated in a release. "The purchase is timely because theproperties are just coming off complete renovations and conversionsto the Hyatt Summerfield Suites brand."

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RLJ Real Estate Fund III hass $1.2 billion in equity commitmentsfrom 16 institutional investors including several major public andcorporate pension funds, financial institutions and a dominanthospitality entity, according to a company news release. Combinedwith leverage, the fund claims total purchasing power of nearly $4billion.

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