RLJ Lodging Have faith in Acquires a Boutique Life-style Hotel in Downtown Nashville and Repurchases Shares

BETHESDA, Md., August 01, 2022–(Organization WIRE)–RLJ Lodging Believe in (the “Business”) (NYSE: RLJ) these days declared that it obtained the charge easy desire in the 124-space, 21c Museum Hotel Nashville (the “Resort”) for a order price of $59. million, or approximately $476,000 for every important. The house was converted to a boutique way of life hotel in 2017, following the transformational conversion of the historic Gray & Dudley Developing in Downtown Nashville, Tennessee.

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Exterior 21c Museum Resort Nashville (Image: Business Wire)

“We are thrilled to get this special, substantial-high quality hotel positioned in 1 of the most dynamic, prolonged-expression progress markets in the country,” commented Leslie D. Hale, President and Main Govt Officer. “Nashville is a burgeoning location that is poised to outperform all over this cycle and this assets is nicely-positioned to advantage from these growth tendencies, presented that it is located within just the heart of need, in downtown Nashville’s Arts District. This acquisition underscores our disciplined and targeted solution to executing off-marketplace transactions.” Ms. Hale ongoing, “In addition, we took advantage of the current market dislocation in the course of the 2nd quarter and repurchased shares at a meaningful discount to our NAV with proceeds from asset product sales, accretively. Our important liquidity and strong harmony sheet carries on to give us optionality with respect to executing many money allocation options at the same time.”

The resort is anticipated to crank out an believed 8.% to 8.5% stabilized NOI yield and an accretive stabilized RevPAR practically double that of the Company’s portfolio. The Business funded the acquisition with current income on its equilibrium sheet.

The historic Gray & Dudley Hardware Company Constructing was built circa 1910 and was transformed to a hotel in 2017. The Business options to carry on to have 21c operate the Resort in affiliation with Accor, featuring guests a boutique way of life lodge encounter, mixed with a multi-venue modern day artwork museum. The 8-story construction delivers…