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SEC Filings

10-K
RLJ LODGING TRUST filed this Form 10-K on 03/01/2019
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The following table discloses the hotel properties that were sold during the year ended December 31, 2018:
Hotel Property Name
 
Location
 
Sale Date
 
Rooms
Embassy Suites Boston Marlborough
 
Marlborough, MA
 
February 21, 2018
 
229

Sheraton Philadelphia Society Hill Hotel
 
Philadelphia, PA
 
March 27, 2018
 
364

Embassy Suites Napa Valley
 
Napa, CA
 
July 13, 2018
 
205

DoubleTree Hotel Columbia
 
Columbia, MD
 
August 7, 2018
 
152

The Vinoy Renaissance St. Petersburg Resort & Golf Club
 
St. Petersburg, FL
 
August 28, 2018
 
362

DoubleTree by Hilton Burlington Vermont
 
Burlington, VT
 
September 27, 2018
 
309

Holiday Inn San Francisco - Fisherman's Wharf (1)
 
San Francisco, CA
 
October 15, 2018
 
585

 
 
 
 
Total
 
2,206


(1)
The Holiday Inn San Francisco - Fisherman's Wharf consists of two separate buildings, the 342-room Columbus Street building and the 243-room Annex building. On October 31, 2018, the ground lease under the Columbus Street building expired and the building was transferred to the lessor in accordance with the ground lease. On October 15, 2018, the Company separately sold the remaining 243-room Annex building for $75.3 million. In connection with the sale, the Company transferred its purchase option on the land underlying the Annex building ground lease to the buyer. The proceeds to the Company as a result of the sale were approximately $30.4 million.

During the year ended December 31, 2017, the Company sold one hotel property for a sale price of approximately $170.0 million. In conjunction with this transaction, the Company recorded a $0.6 million loss on sale which is included in gain on sale of hotel properties, net, in the accompanying consolidated statement of operations and comprehensive income.

The following table discloses the hotel property that was sold during the year ended December 31, 2017:
Hotel Property Name
 
Location
 
Sale Date
 
Rooms
The Fairmont Copley Plaza
 
Boston, MA
 
December 14, 2017
 
383

 
 
 
 
Total
 
383


During the year ended December 31, 2016, the Company sold four hotel properties in three separate transactions for a total sale price of approximately $301.5 million. In conjunction with these transactions, the Company recorded a $45.9 million gain on sale, which is included in the accompanying consolidated statement of operations and comprehensive income, and a deferred gain of $15.0 million related to certain post-closing obligations from the sale of two hotel properties, which is included in accounts payable and other liabilities in the accompanying consolidated balance sheet. During the years ended December 31, 2018 and 2017, the Company satisfied the remaining post-closing obligations from the sale of the two hotel properties and recognized an additional gain on sale of $0.7 million and $9.6 million, respectively.

The following table provides a list of the hotel properties that were sold during the year ended December 31, 2016:
Hotel Property Name
 
Location
 
Sale Date
 
Rooms
Holiday Inn Express Merrillville
 
Merrillville, IN
 
February 22, 2016
 
62

SpringHill Suites Bakersfield
 
Bakersfield, CA
 
November 30, 2016
 
119

Hilton Garden Inn New York 35th Street
 
New York, NY
 
December 5, 2016
 
298

Hilton New York Fashion District
 
New York, NY
 
December 5, 2016
 
280

 
 
 
 
Total
 
759


Investment in Loan

In November 2009, the Company purchased a mortgage loan that was collateralized by one hotel property. The loan matured on September 6, 2017. At the date of maturity, the Company's investment in loan receivable balance was $10.1 million and the Company received $12.8 million in net proceeds from the debtor. Accordingly, the Company recognized a gain on settlement of an investment in loan of approximately $2.7 million.


F-23

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