Blackstone acquires 3 Florida hotels from RLJ for $43.2M
Create: Jul 8, 2019 Edit: Jul 8, 2019
Hospitality industry power-player Blackstone Group has acquired three Florida hotels from an affiliate of RLJ Lodging Trust for $43.2 million, according to The Real Deal. The purchased properties, all Marriott brands, are located in Broward County near Fort Lauderdale.
Blackstone purchased the adjacent 125-room Courtyard by Marriott Fort Lauderdale SW/Miramar and 130-room Residence Inn by Marriott Fort Lauderdale SW/Miramar, as well as the 138-room Residence Inn by Marriott Fort Lauderdale Plantation. All three hotels include an outdoor pool, fitness center and meeting space.
The transaction comes on the heels of another Florida sale by RLJ, that of the 385-room Hilton Myrtle Beach Resort and the 255-room Embassy Suites by Hilton Myrtle Beach Oceanfront Resort. The REIT sold the two hotels for $156 million to an undisclosed buyer. Based on the trailing 12 months ending in May, the sales price represented a 12.9x earnings before interest, taxes, depreciation and amortization multiple and 6.7 percent capitalization rate, inclusive of $44.5 million in planned capital expenditures, according to the report.
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