RLJ Lodging Trust Buys DoubleTree Grand Key Resort For $77 Mln

(RTTNews) - RLJ Lodging Trust (RLJ) said MOnday that it has bought the 215-room DoubleTree Grand Key Resort located in Key West, Florida for $77.0 million.

RLJ Lodging said it plans to implement several enhancements including upgrading the property and replacing the hotel's management company.

Upon completing an estimated $7.0 million renovation in 2015, the company expects that the purchase price plus capital expenditures will represent a forward capitalization rate of about 8% based on the hotel's projected 2016 net operating income.

With the addition of DoubleTree Grand Key Resort, RLJ Lodging now owns 150 properties, comprised of 148 hotels with more than 23,300 rooms and two planned hotel conversions, located in 21 states and the District of Columbia.