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RLJ buys Marriott hotel on Hawaii's Waikiki Beach

BETHESDA, Md. (AP) -- RLJ Lodging Trust said Tuesday that it has purchased the long-term leasehold interest in a Courtyard by Marriott hotel on Hawaii's Waikiki Beach for $75.3 million, adding a property in a popular tourist destination.

The real estate investment trust said that the deal improves its geographic reach.

RLJ said that visitor arrivals and spending in the area in 2012 exceeded pre-recession levels hit in 2006 and 2007, and anticipates growth in Asian tourists.

Including the Marriott hotel, RLJ owns 149 properties.

Shares of the Bethesda, Md.-based company rose 20 cents to $23.71 in afternoon trading.