RLJ Lodging Trust (NYSE: RLJ), founded by Black Entertainment Television founder Robert L. Johnson, has spent $120 million to acquire two hotels.
The buyer picked up the 265-room Courtyard Portland City Center in Portland, Oregon, and the 293-room Embassy Suites Irvine Orange County in Irvine, California.
The deal allows real estate investment trust (REIT) RLJ to expand its west coast presence. The company funded the deal with cash on hand and from its revolving credit facility. With the acquisition, RLJ now owns 148 properties 146 hotels and two planned hotel conversion projects. In June, the REIT bought the long-term leasehold interest in the Courtyard by Marriott Waikiki Beach for about $75 million.
RLJ Lodging is just one of Johnson's endeavors. He also started RLJ Credit Opportunity Fund, a small business investment company that closed in February with $135 million in assets under management. In 2012, Johnson bought Image Entertainment Inc. and Acorn Media Group and combined them to form RLJ Entertainment.