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Robert L. Johnson's RLJ Lodging Trust Files for IPO

By: UrbanHustler.com

RLJ Lodging Trust, a company newly formed by Robert L. Johnson's RLJ Development LLC, filed for an IPO as a publicly traded REIT. RLJ will consist of the hotel investments of RLJ Development and two of its private equity real estate funds, RLJ Lodging Fund II and III. According to the registration, the company will own 140 hotels in 19 states and DC totaling more than 20,400 rooms and operated under agreements with companies such as Marriott, Hilton, and Hyatt.

The size of the IPO is estimated at $550 million, and the equity raised will be used to retire debt totaling about $490 million; any excess will provide working capital and be available to finance acquisitions.

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Tags: RLJ Development LLC, Robert L. Johnson

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