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RLJ Lodging Trust acquires leasehold interest in Courtyard for $75M

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.