“This transaction enabled us to make significant progress on our capital
recycling program,” commented
The estimated combined 2013 revenue per available room (“RevPAR”) for
the Portfolio was approximately
The 11 hotels were some of the Company’s smallest hotel EBITDA contributors and were selected based on operating performance and market location relative to the Company’s long-term strategy, as well as pending capital requirements. In aggregate, the Portfolio’s hotel EBITDA represented less than 3.0% of the Company’s estimated 2013 pro forma hotel EBITDA.
Detailed information regarding the Portfolio is set forth in the table below:
| Property | City | State | Rooms | |||||||||
| Hyatt House Colorado Springs | Colorado Springs | CO | 125 | |||||||||
| Courtyard Denver Southwest Lakewood | Lakewood | CO | 90 | |||||||||
| Residence Inn Denver Southwest Lakewood | Lakewood | CO | 102 | |||||||||
| SpringHill Suites Gainesville | Gainesville | FL | 126 | |||||||||
| Residence Inn Indianapolis Airport | Indianapolis | IN | 95 | |||||||||
| Fairfield Inn & Suites Indianapolis Airport | Indianapolis | IN | 86 | |||||||||
| Courtyard Grand Rapids Airport | Kentwood | MI | 84 | |||||||||
| Hampton Inn & Suites Las Vegas / Summerlin | Las Vegas | NV | 106 | |||||||||
| Courtyard Austin University Area | Austin | TX | 198 | |||||||||
| Fairfield Inn & Suites Austin University Area | Austin | TX | 63 | |||||||||
| Hyatt House Dallas Richardson | Richardson | TX | 130 | |||||||||
| Total | 1,205 | |||||||||||
The Company expects to use the net proceeds to fund future acquisitions or for general corporate purposes.
Following the Portfolio sale, the Company owns 139 properties,
consisting of 137 hotels with approximately 21,200 rooms and two planned
conversions, located in 22 states and the
About Us
Forward Looking Statements
The following information contains certain statements, other than purely
historical information, including estimates, projections, statements
relating to the Company’s business plans, objectives and expected
operating results, and the assumptions upon which those statements are
based, that are “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended and Section 21E of the Securities
Exchange Act of 1934, as amended. These forward-looking statements
generally are identified by the use of the words “believe,” “project,”
“expect,” “anticipate,” “estimate,” “plan,” “may,” “will,” “will
continue,” “intend,” “should,” “may” or similar expressions. Although
the Company believes that the expectations reflected in such
forward-looking statements are based upon reasonable assumptions,
beliefs and expectations, such forward-looking statements are not
predictions of future events or guarantees of future performance and the
Company’s actual results could differ materially from those set forth in
the forward-looking statements. Some factors that might cause such a
difference include the following: the current global economic
uncertainty, increased direct competition, changes in government
regulations or accounting rules, changes in local, national and global
real estate conditions, declines in the lodging industry, seasonality of
the lodging industry, risks related to natural disasters, such as
earthquakes and hurricanes, hostilities, including future terrorist
attacks or fear of hostilities that affect travel, the Company’s ability
to obtain lines of credit or permanent financing on satisfactory terms,
changes in interest rates, access to capital through offerings of the
Company’s common and preferred shares of beneficial interest, or debt,
the Company’s ability to identify suitable acquisitions, the Company’s
ability to close on identified acquisitions and integrate those
businesses and inaccuracies of the Company’s accounting estimates. Given
these uncertainties, undue reliance should not be placed on such
statements. Except as required by law, the Company undertakes no
obligation to update or revise publicly any forward-looking statements,
whether as a result of new information, future events or otherwise. The
Company cautions investors not to place undue reliance on these
forward-looking statements and urge investors to carefully review the
disclosures the Company makes concerning risks and uncertainties in the
sections entitled “Risk Factors,” “Forward-Looking Statements,” and
“Management’s Discussion and Analysis of Financial Condition and Results
of Operations” in the Company’s Annual Report, as well as risks,
uncertainties and other factors discussed in other documents filed by
the Company with the
For additional information or to receive press releases via email, please visit our website:
Source:
RLJ Lodging Trust
Leslie D. Hale, 301-280-7774
Chief
Financial Officer