Robert Johnson's RLJ Lodging Fund Finalize the Purchase of 63 Hotels

RLJ Lodging Fund II L.P., controlled by Black Entertainment Television founder Robert Johnson has finalized the purchase of 63 hotels from White Lodging Services Corp. The fund paid $1 billion for the properties, part of a $1.7 billion transaction that involves the purchase of 100 hotels from White Lodging.

The privately held RLJ Development, a real estate investment company that is part of Johnson's RLJ Cos. of Bethesda, announced the 100-hotel acquisition in February.

White will retain management of the hotels, 90 of which are Marriott-branded, making RLJ one of the largest Marriott franchisees in the U.S.

The purchase is the first acquisition for RLJ Lodging Fund II. Thomas Baltimore, president of RLJ Development, says in a statement that the deal is on par with the company's strategy to invest in "upscale, focused service hotels with premium brands in desirable markets."