A second group of 24 hotels is scheduled to close in mid-July,while the remaining 13 hotels, currently under construction orrecently opened, are scheduled to close over the next six to 18months. WLS will retain management of the hotels under long-termmanagement agreements. The hotels, which consist primarily ofMarriott and Hilton brands, will continue to operate under the sameaffiliations with long-term franchise agreements.
"The WLS acquisition is consistent with our strategy to investin upscale, focused service hotels with premium brands in desirablemarkets," says Thomas Baltimore Jr., president of RLJ. The privatereal estate investment company is one of the RLJ Cos. controlled byRobert L. Johnson, who is the founder of BET and owner of the NBACharlotte Bobcats.
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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.
