BETHESDA, MD—Hotel acquisitions may be down year-to-date, according to SNL Financial, but apparently RLJ Lodging has not gotten the memo. The REIT has been busy continuing to implement its capital recycling program, selling off non-core assets as it snaps up properties it feels are competitive for its portfolio.

In the case of the latter: RLJ Lodging just closed on the previously announced acquisition of the 231-room Hilton Cabana Miami Beach for $71.6 million, or approximately $310,000 per key. The property was acquired at a forward cap rate of approximately 8.5% on the hotel’s projected 2015 net operating income, and at a significant discount to replacement cost. The hotel is located along the 6200 block of Collins Avenue in Miami Beach–the “Millionaire’s Row” submarket.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.