Feb14

Bob Johnson getting into the hotel business

by Duane on February 14th, 2006 at 12:12 pm
Posted In: Uncategorized
Bob Johnson to Buy 100 Hotels for $1.7 Billion (AP-Excerpted)

BETHESDA, Md. (AP) – The development firm controlled by Robert L. Johnson has signed a deal to buy 100 hotels for $1.7 billion, a significant expansion of the Black Entertainment Television founder’s holdings in hotel real estate.

Johnson’s RLJ Development LLC said Monday that it will purchase the properties, most of them operating under Hilton and Marriott brand names, from the hotel company White Lodging Services. The hotels are concentrated in states that include Illinois, Texas, Colorado, Florida and Indiana. (more…)