BETHESDA, MD (March 13, 2014) – RLJ Lodging Trust (NYSE: RLJ) (“RLJ”) and Hyatt Hotels Corporation (NYSE: H) (“Hyatt”) today announced that their affiliates have closed on the previously announced purchase and sale of 10 Hyatt, Hyatt Place and Hyatt House hotels, totaling 1,560 rooms. Hyatt affiliates will manage the hotels under new management agreements.
The portfolio, which is comprised of the hotels listed below and located primarily on the West Coast, was acquired for a total purchase price of approximately $313 million. RLJ intends to spend approximately $25 million in capital expenditures across the portfolio, the majority of which will be invested over the next 24 months.
Details of the hotels are listed below:
|
Property |
City |
State |
Rooms |
|
Hyatt House Cypress / Anaheim |
Cypress |
CA |
142 |
|
Hyatt House Emeryville / SF Bay Area |
Emeryville |
CA |
234 |
|
Hyatt Place Fremont / Silicon Valley |
Fremont |
CA |
151 |
|
Hyatt House San Diego / Sorrento Mesa |
San Diego |
CA |
193 |
|
Hyatt House San Jose / Silicon Valley |
San Jose |
CA |
164 |
|
Hyatt House San Ramon |
San Ramon |
CA |
142 |
|
Hyatt House Santa Clara |
Santa Clara |
CA |
150 |
|
Hyatt Market Street, The Woodlands |
Woodlands |
TX |
70 |
|
Hyatt House Charlotte / Center City |
Charlotte |
NC |
163 |
|
Hyatt Place Madison / Downtown |
Madison |
WI |
151 |
|
Total |
|
|
1,560 |
With the addition of these hotels, RLJ owns 147 properties, consisting of 145 hotels with approximately 22,500 rooms and two planned hotel conversions, located in 22 states and the District of Columbia.
About RLJ Lodging Trust
RLJ Lodging Trust is a self-advised, publicly traded real estate investment trust focused on acquiring premium-branded, focused-service and compact full-service hotels. For more information, please visit www.rljlodgingtrust.com.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a proud heritage of making guests feel more than welcome. Thousands of members of the Hyatt family strive to make a difference in the lives of the guests they encounter every day by providing authentic hospitality. The Company's subsidiaries manage, franchise, own and develop hotels and resorts under the Hyatt®, Park Hyatt®, Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place®, Hyatt House®, Hyatt Zilara™ and Hyatt Ziva™ brand names and have locations on six continents. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt Residences® and Hyatt Residence Club®. As of December 31, 2013, the Company's worldwide portfolio consisted of 548 properties in 48 countries. For more information, please visit www.hyatt.com.
# # #
RLJ Lodging Trust Contact:
Leslie D. Hale, Chief Financial Officer – (301) 280-7774
Hyatt Media Contact:
Farley Kern, Vice President, Corporate Communications – (312) 780-5506
farley.kern@hyatt.com
Hyatt Investor Contact:
Atish Shah, Senior Vice President, Investor Relations – (312) 780-5427
atish.shah@hyatt.com