RLJ Lodging Trust (NYSE: RLJ), a real estate company led by Black Entertainment Television (BET) founder Robert L. Johnson, has acquired the long-term leasehold interest in the Courtyard by Marriott Waikiki Beach for $75.3 million.
The hotel is located on Honolulu, Hawaii, and will allow RLJ to expand its footprint into the market. The hotel has 399 rooms.
RLJ is a real estate investment trust (REIT) that focuses on acquiring branded, full-service hotels. In May 2012 the company picked up two New York hotels for $146.5 million. Also in 2012, RLJ Acquisition Inc. bought two media companies – Image Entertainment Inc. and Acorn Media Group – to form RLJ Entertainment.
For more on Johnson, see “Private Equity Perspective: The RLJ Rule.”