RLJ Lodging Trust Completes Acquisition of the 156-room Residence Inn Palo Alto Los Altos for $70M

RLJ Lodging Trust | September 28, 2015

September 28, 2015 - BETHESDA, Md. - RLJ Lodging Trust (the "Company") (NYSE:RLJ) today announced that it has closed on the previously announced acquisition of the 156-room Residence Inn Palo Alto Los Altos (the "Hotel"), for a purchase price of $70.0 million, or approximately $449,000 per key. The purchase price represents a forward capitalization rate of approximately 8.1% on the Hotel's projected 2016 net operating income. The Company assumed $33.4 million of existing debt and funded the remaining portion with cash available on the balance sheet. The Hotel, which is located in the heart of Silicon Valley, recently underwent a compreh...