from LaSalle Hotel Properties for $69.0 million
|BETHESDA, Md., Jan. 26, 2007 - RLJ Lodging Fund II, LP ("RLJ Fund II"),
an affiliate of RLJ Development, LLC ("RLJ") controlled by Robert L. Johnson,
founder of BET and owner of the NBA Charlotte Bobcats, announced today
that it has acquired the New York LaGuardia Airport Marriott from LaSalle
Hotel Properties (NYSE: LHO) for $69.0 million. The acquisition marks RLJ's
entrance into the New York City lodging market.
The 438-room New York LaGuardia Airport Marriott offers approximately
15,300 SF of meeting and banquet space, two food and beverage outlets,
ample parking, and is located directly across the street from LaGuardia
Airport. RLJ Fund II plans to spend $11.5 million in renovating and repositioning
the hotel, with emphasis on upgrading the property's guestroom product.
Marriott International will retain management of the hotel.
About RLJ Development, LLC. RLJ Development LLC is one of The RLJ Companies' portfolio companies controlled by Robert L. Johnson. RLJ Development is a privately-held real estate investment company founded and led by Robert L. Johnson and Thomas J. Baltimore, Jr. and is the largest African- American hotel investment company in the U.S. with 120 hotels and nearly 17,000 guestrooms. The RLJ Lodging Fund II, LP is a private equity real estate fund with commitments from institutional investors including several major public and corporate pension plans, and financial institutions. This hotel represents the RLJ Lodging Fund II, LP's ninety-first hotel. http://www.rljhotels.com
About The RLJ Companies. The RLJ Companies ("RLJ"), founded by Robert L. Johnson, founder of Black Entertainment Television, provides strategic investment and direction in and for a diverse portfolio of companies in the financial services, real estate, hospitality/restaurant, professional sports, film production, gaming and recording industries. The RLJ Companies' core businesses include: RLJ Development, a privately held hotel real estate investment company, RLJ Urban Lodging Fund and RLJ Lodging Fund II, both of which are private equity real estate funds, the three together have nearly $3.0 billion in combined assets; RLJ Asset Management Group, which includes RLJ Select Investments, LLC, a hedge fund of funds joint venture with Deutsche Bank AG and RLJ Equity Partners, LLC, a private equity fund formed in partnership with The Carlyle Group; NBA Charlotte Bobcats and Charlotte Arena Operations; Urban Trust Bank, a federally chartered savings bank; Caribbean Gaming and Entertainment (C.A.G.E.), a video lottery terminal company; RolloverSystems, Inc., a retirement services company, and Three Keys Music, a jazz recording company. http://www.rljcompanies.com
|Also See:||Privately held RLJ Development, LLC Acquiring 100 Hotels from White Lodging Services Corporation for Approximately $1.7 billion / February 2006|