BETHESDA, Md.–(Organization WIRE)–RLJ Lodging Rely on (the “Company”) (NYSE: RLJ) currently declared that it acquired the fee very simple curiosity in the 124-place, 21c Museum Lodge Nashville (the “Hotel”) for a invest in price tag of $59. million, or about $476,000 for every crucial. The home was converted to a boutique lifestyle hotel in 2017, subsequent the transformational conversion of the historic Gray & Dudley Building in Downtown Nashville, Tennessee.

“We are thrilled to obtain this distinctive, substantial-good quality hotel positioned in a person of the most dynamic, long-time period progress markets in the region,” commented Leslie D. Hale, President and Chief Govt Officer. “Nashville is a burgeoning desired destination that is poised to outperform during this cycle and this home is effectively-positioned to reward from these progress traits, specified that it is positioned within just the coronary heart of demand, in downtown Nashville’s Arts District. This acquisition underscores our disciplined and targeted strategy to executing off-sector transactions.” Ms. Hale ongoing, “In addition, we took advantage of the marketplace dislocation through the next quarter and repurchased shares at a significant price cut to our NAV with proceeds from asset income, accretively. Our important liquidity and solid balance sheet proceeds to give us optionality with respect to executing multiple capital allocation possibilities concurrently.”

The hotel is expected to deliver an estimated 8.% to 8.5% stabilized NOI generate and an accretive stabilized RevPAR approximately double that of the Company’s portfolio. The Corporation funded the acquisition with existing money on its harmony sheet.

The historic Grey & Dudley Components Company Building was created circa 1910 and was transformed to a lodge in 2017. The Firm options to go on to have 21c operate the Lodge in affiliation with Accor, giving company a boutique life style resort working experience, combined with a multi-location up to date art museum. The eight-story construction presents over 8,000 sq. ft (“SF”) of conference and exhibition space, functions the Grey & Dudley cafe and lounge, outdoor celebration house, a fitness center, spa, and…