New York & Tri-State + Hospitality | December 7, 2016

RLJ Lodging Sells Two NYC Hotels, Pockets $286M

RLJ Lodging Trust sold two hotels in New York City for a total of $286 million to an undisclosed seller. The hotels were the 298-room Hilton Garden Inn New York/West 35th Street, 63 W. 35th St.; and the 280-room Hilton New York Fashion District, 152 W. 26th St.

The sales price represented a 4.7% cap rate on the projected 2016 net operating income. The company will use the proceeds from the hotel sales for general corporate purposes.

“We capitalized on the strong interest from international investors in the New York City market to execute an opportunistic transaction,” said RLJ’s president and CEO Ross H. Bierkan. “While we continue to believe in the New York City market over the long-term, in the near-term these sales reduce our exposure as this market goes through a soft period.”

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About Mark El-Rayes

Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.

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