Aug. 18, 2019
Supplier Spots Left
Sep. 15, 2019
Supplier Spots Left
Building Your Hospitality Business
Are you a member?
Member Log In
Sign Up - Free
Follow us on Twitter
Send a summary and link to this article
To pass the
, please type the white text that you see in the gray box. This helps us prevent spammers from abusing the system.
RLJ Lodging Trust Announces Sale Of Kingston Plantation For $156 Million
Tuesday, July 02, 2019
We are on Twitter
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
Follow us on Twitter @hotelinteractiv
Messaging & Feedback
We welcome your opinion! Log In to send feedback.
Already a member?
Not yet registered?
Need More Information?
Flat World Hospitality
Shaner Hotel Group
Knickerbocker Bed Frame Company
Garnier Thiebaut, Inc.
Entegra Procurement Services