RLJ Lodging sells another hotel

Continuing to unload non-strategic assets, RLJ Lodging (RLJ) sells the 194-room Holiday Inn Austin NW  Arboretum Area for about $13.5M, or $700K per key. The price represents a cap rate of 7.9%.

YTD, the company has sold 15 properties for gross proceeds of over $130M. "We remain committed to further recycling capital into assets that improve our portfolio quality," says CEO Thomas Baltimore.

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