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RLJ Lodging Trust sells non-strategic portfolio of 11 hotels for approx. $85M

RLJ Lodging Trust has closed on the sale of a portfolio of 11 hotels for approximately $85M. The sale price represents approximately a 7.9% capitalization rate on the Portfolio’s estimated 2013 net operating income, adjusted for approximately $23M of pending capital expenditures. The estimated combined 2013 revenue per available room for the Portfolio was approximately $68.00, which represents a discount of more than 30.0% to the company’s estimated 2013 pro forma RevPAR. The sale of this Portfolio will improve the company’s RevPAR and geographic profile.