BETHESDA, MD—Following news that Bethesda, MD-basedRLJ Lodging Trust netted $202.3 million from a publicoffering—and that it would use the proceeds foracquisition purposes—the REIT announced two acquisitions on theWest Coast for $120 million.
The off-market trades are the 256-room CourtyardPortland City Center in Portland, OR, and the 293-roomEmbassy 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% onthe hotels' combined projected 2015 net operating income.
In a prepared statement, RLJ president and CEO ThomasBaltimore Jr. highlighted the REIT's ability to source"attractive, off-market opportunities."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
