RLJ Development, LLC Founded by BET CEO Robert L. Johnson, has raised $315 Million in Equity: UrbanHustler.com ::: Motivate, inspire, educate and inform.

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RLJ Development, LLC Founded by BET CEO Robert L. Johnson, has raised $315 Million in Equity

By: Urban Hustler Staff

Press Release

Source: BET/RLJ Development, LLC

Privately held RLJ Development, LLC (RLJ) controlled by Robert L. Johnson, founder and CEO of BET and owner of the NBA Charlotte Bobcats and the WNBA Charlotte Sting, is pleased to announce that it has completed the final closing of its first private equity fund, the RLJ Urban Lodging Fund, L.P. (RLJ Fund) with $315 million in equity commitments. The RLJ Fund has ten institutional investors including several major public and corporate pension funds, financial institutions and two dominant hospitality entities. The RLJ Fund was oversubscribed and combined with leverage will have total purchasing power in excess of $900 million. RLJ was exclusively represented by Presidio Partners, a real estate investment bank with offices in San Francisco and Chicago.The RLJ Fund's strategy is to acquire and develop upscale, focused service hotels and compact full-service hotels in urban markets primarily under Hilton and Marriott brands. To date, the RLJ Fund has already closed on three investments with a total acquisition value of $122 million:

The RLJ Fund has an additional $48 million in assets under contract and expected to close in the next 90 days.

Robert L. Johnson, Chairman and CEO of RLJ, stated, "We are thrilled with the launch of our first fund and delighted with the overwhelming response from the institutional investment community. We will diligently work hard to earn their continued trust in the months ahead."

Thomas J. Baltimore Jr., President of RLJ added, "Our goal is to achieve superior risk adjusted returns for our investors with a highly focused investment strategy. There is a unique window in the lodging sector with accelerating demand and limited supply growth expected in the next few years, particularly in dense urban markets."

RLJ Development, LLC is a privately held real estate investment company founded and led by Chairman and CEO Robert L. Johnson and President, Thomas J. Baltimore, Jr. The company currently owns 9 Hilton-branded hotels and two Marriott-branded properties in major markets around North America. RLJ is the largest African-American wholly-owned real estate investment company in the U.S. with approximately $400 million in assets, and is actively seeking additional investment opportunities across North America in hospitality and related segments.

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