RLJ Urban Lodging Fund Hits 17 Hotels Mark
BETHESDA, MD, December 1, 2005. The RLJ Urban Lodging Fund, LP, an affiliate of privately held RLJ Development, LLC has acquired eight hotels since late August, pushing it to the 17-hotel mark. Since the RLJ Fund was launched in October 2004, it has closed on seventeen assets with a total acquisition value of approximately $577 million, including planned capital expenditures.
The RLJ Fund has 10 institutional investors, including several major public and corporate pension funds, financial institutions and two dominant hospitality entities. The RLJ Fund has $315 million in equity commitments and with leverage has total purchasing power in excess of $900 million.
Robert L. Johnson, CEO/chairman of the RLJ Companies, noted the fund has deployed approximately 70% of committed capital in 13 months from its initial closing.
Thomas Baltimore, Jr., President of RLJ Development, LLC said, "Our acquisitions to date have been compliant with our investment strategy, and we remain focused on achieving superior risk adjusted returns for our investors."
The eight most recent acquisitions include: the 300-room Hilton Garden Inn Washington, D.C. Downtown, Washington, D.C. Urgo Hotels manages the property; the 221-room Residence Inn Boston Cambridge,Cambridge, MA. Marriott International, Inc. manages the hotel; the 188-room Residence Inn Inner Harbor, Baltimore, MD. Managed by Urgo Hotels; the 122-room Courtyard Birmingham UAB(University of Alabama at Birmingham), Birmingham, AL. Noble Investment Group manages the hotel; the 309-room Hilton Ontario Airport, Ontario, CA. Tarsadia Hotels has been hired as manager; the 128-room Residence Inn Poughkeepsie, Poughkeepsie, NY. Marriott International, Inc. is managing; the 223-room Embassy Suites Baltimore North, Hunt Valley, MD. Hilton Hotels Corp. is managing the property; and the 99-unit Lincoln Suites, Washington, D.C. Hospitality Partners is managing the hotel.
The RLJ Fund currently owns nine Marriott branded hotels, seven Hilton branded and one independent, with a total room count of 3,414 keys.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
