RLJ Lodging Trust (NYSE: RLJ), the real estate investment trust created by Black Entertainment Television founder Robert L. Johnson, has closed a deal for the Hilton Cabana Miami Beach for $71.6 million.
The Miami Beach, Florida hotel has 231 rooms.
The REIT has picked up several hotels recently, including the Courtyard Portland City Center in Portland, Oregon, and the Embassy Suites Irvine Orange Countyin Irvine, California. In June 2013, the group announced a deal for the Courtyard by Marriott Waikiki Beach for $75 million.
The company now owns 148 properties, including 146 hotels.
Johnson has formed several companies, including RLJ Entertainment, an entertainment company created in 2012 from the merger of Image Entertainment Inc. and Acorn Media Group.
For more on Johnson's businesses, see "Private Equity Perspective: The RLJ Rule."