Bethesda-based RLJ Lodging Trust (NYSE: RLJ) is finding good hotel deals from Washington, D.C. to Washington State. The Lodging trust announced its purchased a property on K street in Washington, D.C. and is about to close on another property in Seattle, Washington.
Thomas J. Baltimore chief executive and president of RLJ Lodging stated that these two acquisitions exhibit their capacity to influence their broad system to source accretive, off-business exchanges in key target markets. He also stated that they are eager to add another top notch hotel to their Washington, D.C. portfolio and extend their West Coast foot shaped impression with their first hotel in the more prominent Seattle area.
The company is said to have acquired the recently opened Hyatt Place DC/Downtown/K Street in an off-market exchange at a buying cost of $68.0 million, the property opened in April 2015 after a broad redesign and change from an office building. Situated in downtown Washington, D.C., the Hyatt Place is just a few blocks from three metro stations and in the backyard of the White House.
The organization is also expected to procure a 170-room Homewood Suites in Seattle/Lynnwood at an approximated for about $37.9 million or $223,000 per room. Opening in May 2014, the Homewood Suites is situated in Seattle's head Lynnwood submarket, a district anchored by a variety of commercial enterprises.
The total cost of both properties will be $105.9 million. With the expansion of these two benefits, the RLJ Lodging will possess 128 properties and nearly 20,800 rooms across the U.S.