February 22, 2008 — BET founder Robert L. Johnson’s real estate investment company, RLJ Development L.L.C. (No. 8 on the BE
RLJ Development Checks Out, Cashes In
Company sells hotel real estate for nearly $900 million in deal with Inland Real Estate Group
By Marcia A. Wade
blackenterprise.com
INDUSTRIAL/SERVICE 100 list with $460 million in sales), recently sold 22 full- and select-service hotels to the Inland American Lodging Corp. for approximately $900 million.
The 4,061-room portfolio consists of high-end full- and select-service hotels primarily located in major urban markets including Boston, Baltimore, Chicago, and Washington, D.C. These assets, which are expected to net RLJ a profit of more than $100 million, are currently operated by industry leading brands, including Marriott, Hilton, and Hyatt.
“[RLJ] demonstrated very good skill in identifying properties that would appreciate rapidly,” says Paul Adornato, senior REIT (real estate investment trust) analyst for BMO Capital Markets. “There is more of an interest in urban real estate these days. If you are able to buy in a built-up city then you are protected from new competition to some extent.” (more…)
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