BETHESDA, Md., Jan. 26 /PRNewswire/ -- RLJ Lodging Fund II, LP ("RLJ Fund II"), an affiliate of RLJ Development, LLC ("RLJ") controlled by Robert L. Johnson, founder of BET and owner of the NBA Charlotte Bobcats, announced today that it has acquired the New York LaGuardia Airport Marriott from LaSalle Hotel Properties for $69.0 million. The acquisition marks RLJ's entrance into the New York City lodging market. The 438-room New York LaGuardia Airport Marriott offers approximately 15,300 SF of meeting and banquet space, two food and beverage outlets, ample parking, and is located directly across the street from LaGuardia Airport. RLJ Fund II plans to spend $11.5 million in renovating and repositioning the hotel, with emphasis on upgrading the property's guestroom product. Marriott International will retain management of the hotel.
"We are delighted to enter the New York City lodging market by acquiring the LaGuardia Airport Marriott. Our growing portfolio now stands at 120 hotels and nearly 17,000 guestrooms," stated Robert L. Johnson, CEO and Chairman of RLJ.
Thomas J. Baltimore, Jr., President of RLJ added, "We are thrilled to acquire this first-class asset at a significant discount to replacement cost. We look forward to working with Marriott to upgrade and reposition this hotel in the coming months."
About RLJ Development, LLC. RLJ Development LLC is one of The RLJ Companies' portfolio companies controlled by Robert L. Johnson. RLJ Development is a privately-held real estate investment company founded and led by Robert L. Johnson and Thomas J. Baltimore, Jr. and is the largest African- American hotel investment company in the U.S. with 120 hotels and nearly 17,000 guestrooms. The RLJ Lodging Fund II, LP is a private equity real estate fund with commitments from institutional investors including several major public and corporate pension plans, and financial institutions. This hotel represents the RLJ Lodging Fund II, LP's ninety-first hotel. http://www.rljhotels.com/
About The RLJ Companies. The RLJ Companies ("RLJ"), founded by Robert L. Johnson, founder of Black Entertainment Television, provides strategic investment and direction in and for a diverse portfolio of companies in the financial services, real estate, hospitality/restaurant, professional sports, film production, gaming and recording industries. The RLJ Companies' core businesses include: RLJ Development, a privately held hotel real estate investment company, RLJ Urban Lodging Fund and RLJ Lodging Fund II, both of which are private equity real estate funds, the three together have nearly $3.0 billion in combined assets; RLJ Asset Management Group, which includes RLJ Select Investments, LLC, a hedge fund of funds joint venture with Deutsche Bank AG and RLJ Equity Partners, LLC, a private equity fund formed in partnership with The Carlyle Group; NBA Charlotte Bobcats and Charlotte Arena Operations; Urban Trust Bank, a federally chartered savings bank; Caribbean Gaming and Entertainment (C.A.G.E.), a video lottery terminal company; RolloverSystems, Inc., a retirement services company, and Three Keys Music, a jazz recording company. http://www.rljcompanies.com/
