RLJ Lodging Trust sells Austin hotel

Paul Samuel//June 20, 2014//

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RLJ Lodging Trust, of Bethesda, a real estate investment trust focused on premium-branded and compact full-service hotels, said it sold the 194-room Holiday Inn-branded hotel in Austin, Texas, for approximately $13.5 million, or $70,000 per key.

The buyer’s identity was not disclosed.

RLJ has been selling properties that it deems do not meet its long-term investment objectives.

As of mid-June, the company had sold 15 of its hotels for gross proceeds of more than $130 million.

The Arboretum Area hotel was built in 1984 and is located in the outlying suburbs of Austin.

RLJ acquired it in 2006 as part of a 100-hotel portfolio.

With the sale, the company currently owns 147 properties in 21 states and Washington, D.C.

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