Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

RLJ Closes Acquisition of Moxy Denver Cherry Creek, Sale of DoubleTree Metropolitan.

Document Cited in Related
Vincent

MANews-(C)2009-2022

US-based real estate investment trust RLJ Lodging Trust (NYSE: RLJ) has acquired the 170-room Moxy Denver Cherry Creek for a purchase price of USD 51.3m, or approximately USD 301,000 per key and completed the disposition of the 764-room DoubleTree Hotel Metropolitan New York City for gross proceeds of USD 169m, the firm said.

The 170-room Moxy Cherry Creek opened in late 2017 and is expected to generate an estimated 8.0% to 8.5% stabilized NOI yield.

The Moxy Cherry Creek is expected to generate a stabilized RevPAR premium of 15% to 20% relative to the company's existing portfolio in 2019, with Hotel EBITDA margins that are 600 to 800 basis points higher.

The company has engaged the highly respected, Denver-based Sage Hospitality Group to manage the Moxy Cherry Creek. The company funded the acquisition with the combination of corporate cash and the assumption of USD 25m of non-recourse secured debt.

The seller is BMC Investments, a leading Denver-based fully integrated and experienced developer of high-quality commercial real estate throughout the United States.

The Hotel is one of five...

To continue reading

Request your trial
COPYRIGHT Normans Media Ltd.

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT