RLJ Lodging Trust bought the two focused-service hotels in New York City and suburban Washington, D.C., for a combined US$146.5 million.
The hotels are the 226-room Courtyard New York Manhattan/Upper East Side and the 187-room Residence Inn by Marriott Bethesda Hotel Downtown, located in Bethesda, Maryland.
“We expect these two new additions to yield strong results and strengthen our overall portfolio,” said Thomas Baltimore Jr., RLJ Lodging president and CEO.
The Courtyard New York Manhattan/Upper East Side was purchased through a bankruptcy court-ordered sale for US$82 million. The Residence Inn by Marriott Bethesda Hotel Downtown was bought in an off-market transaction for US$64.5 million.
The acquisitions were funded through a combination of cash available on RLJ Lodging’s balance sheet and proceeds from its credit facility. With the addition of these two hotels, RLJ Lodging now owns 143 hotels and more than 21,000 rooms in the U.S.