RLJ Lodging Trust Completes Sale of 205-Room Embassy Suites Napa Valley for $102 Million ($498K Per Key)
RLJ Lodging Trust (the “Company”) (NYSE: RLJ) announced that
the Company has closed on the sale of the 205-room Embassy Suites Napa
Valley (“Embassy Suites Napa”) for $102.0 million or approximately
$498,000 per key.
“The sale of the Embassy Suites Napa is another example of how we
seek to unlock shareholder value through both non-core and opportunistic
sales,” commented Ross H. Bierkan, President and Chief Executive
Officer. “The premium multiple on this sale is indicative of the strong
investor appetite for properties in resort-like locations, which allowed
us to capture the embedded redevelopment value in this asset and
execute a highly accretive transaction.”
Based on the hotel's trailing twelve month results as of May 2018,
the sale price equates to a 14.6x EBITDA multiple and a 6.1%
capitalization rate, excluding planned capital expenditures.
The Company intends to apply the net proceeds from the sale to pay down its credit facility and for general corporate purposes.
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 
