RLJ Lodging Trust (NYSE: RLJ), the real estate investment trust formed by Black Entertainment Television founder Robert L. Johnson, is buying a hotel in Key West, Florida, for $77 million.
The hotel, the DoubleTree Grand Key Resort, has 215 rooms. The acquisition gives RLJ an additional property in Florida, where it recently bought the Hilton Cabana Miami Beach for $71.6 million, in June.
RLJ Lodging, headquartered in Bethesda, Maryland, focuses on acquiring and running hotels. In July, the company bought the Hyatt Atlanta Midtown for $49.5 million. In May, the company bought two west coast hotels, the Courtyard Portland City Center, and Embassy Suites Irvine Orange County, for $120 million.