Home
Hotel News
BITAC® Events!
HEALTHTAC® West Aug. 18, 2019 More Info 3 Supplier Spots Left
Independent Sep. 15, 2019 More Info 4 Supplier Spots Left
Building Your Hospitality Business
  Are you a member? Log In  or  Sign Up
Hotel Interactive®, Inc.
 
Share
Send a summary and link to this article
To Email
Your Name
Your Email
Bot Test
To pass the Bot Test, please type the white text that you see in the gray box. This helps us prevent spammers from abusing the system.
Print Printable Version

RLJ Lodging Trust Announces Sale Of Kingston Plantation For $156 Million

Tuesday, July 02, 2019
bookmark this
Bookmark to: Digg Bookmark to: Del.icio.us Bookmark to: Facebook
Bookmark to: Yahoo Bookmark to: Google Bookmark to: Twitter
We are on Twitter
RLJ Lodging Trust
RLJ Lodging Trust
Hotel Ownership REIT

BETHESDA, MD--RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today announced that the Company sold two hotels located in Myrtle Beach consisting of the 385-room Hilton Myrtle Beach Resort and 255-room Embassy Suites by Hilton Myrtle Beach Oceanfront Resort (“Kingston Plantation”) for $156.0 million or approximately $244,000 per key.

“We are pleased with the solid execution and attractive multiple generated by the sale of these two beachfront hotels,” commented Leslie D. Hale, President and Chief Executive Officer. “This transaction is a continuation of our strategic efforts to sell non-core hotels and recycle capital into more accretive opportunities that will ultimately drive long-term shareholder value.”

Based on the trailing twelve months ended May 2019, the sales price represents a 12.9x Hotel EBITDA multiple and 6.7% capitalization rate, inclusive of $44.5 million in planned capital expenditures. The Company estimates the disposition of Kingston Plantation will have the following effect on its full year 2019 outlook:

Pro forma Consolidated Hotel EBITDA will be reduced by approximately $15.5 million
Adjusted EBITDA will be reduced by approximately $8.8 million
Feedback Messaging & Feedback
We welcome your opinion! Log In to send feedback.
Already a member?
Login
Log In
Not yet registered?
Login
Sign Up
Need More Information?
Information
Benefits
 
  RSS Feed
RSS Feed
Policies
Contact Us
Mobile Version