RLJ Development has sold six hotels for $73.5 million to US REIT Chatham Lodging Trust in all-equity deal. The Hilton Homewood Suites hotels sold by RLJ will continue to be managed by Hilton Worldwide. RLJ originally bought the hotels from Hilton in December 2000.
The six hotels, located in Massachusetts, Connecticut, Minnesota, Texas, Florida and Tennessee, sold for approximately $90,406 per unit.
Since 2001, RLJ Development has acquired more than $2.5 billion of properties and sold roughly $1.5 billion, according to real estate data provider Real Capital Analytics. RLJ was a net buyer at the height of the market in 2006, acquiring more than $1.5 billion of property, and became a net seller at the downturn in 2008, disposing of less than $1 billion of properties.
Other than the the Homewood Suites deal, the only other transaction made by RLJ in 2010 was the sale of Hyatt's Summerfield Suites to Concord Hospitality and Oxford Development in February, for an undisclosed sum.
RLJ was not available for comment at press time.
In 2006, RLJ’s Lodging Fund II held a final close with equity commitments of more than $743 million, including commitments from California Public Employees’ Retirement System.