RLJ Lodging Trust (RLJ) announced that it acquired the long-term leasehold interest in the 399-room Courtyard by Marriott (MAR) Waikiki Beach for a purchase price of $75.3M, or approximately $189,000 per key. The purchase price represents a forward capitalization rate of approximately 7.8% based on the Hotel’s projected 2014 net operating income. The Company purchased this asset with cash available on its balance sheet.
- Investment & Company Information
- Courtyard by Marriott