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RLJ Lodging Trust buys 99-year lease on Courtyard by Marriott Waikiki Beach

June 25, 2013 Destination Hawaii No Comments Email Email

egtmedia59RLJ Lodging Trust is buying the leasehold interest in the Courtyard by Marriott Waikiki Beach for $73.5 million rom Highgate Holdings Inc., which bought the 399-room hotel in April for $127 million.

The Honolulu Star-Advertiser reports Bethesda, Md.-based RLJ Lodging Trust (NYSE: RLJ) is buying a 99-year lease note property from Highgate, which will continue to manage the property.

The cash purchase marks RLJ’s entry into the Hawaii market.

We are excited to increase our presence in the west and expand our geographic footprint into another gateway market,” President and CEO Thomas J. Baltimore, Jr. said in a statement. “The Hotel’s strong brand affiliation and prime location in Waikiki will allow us to capitalize on the strong lodging fundamentals in Oahu.”

Edited by : Bill Hurley

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