Robert Johnson's RLJ Enters New York City Lodging Market

Robert Johnson controlled RLJ Development, LLC affiliate RLJ Lodging Fund II, has acquired the New York LaGuardia Airport Marriott from LaSalle Hotel Properties (NYSE: LHO) for $69.0 million.

Robert Johnson

The acquisition marks RLJ’s entrance into the New York City lodging market. RLJ Fund II plans to spend $11.5 million in renovating and repositioning the hotel, with emphasis on upgrading the property’s guestroom product.

“We are delighted to enter the New York City lodging market by acquiring the LaGuardia Airport Marriott. Our growing portfolio now stands at 120 hotels and nearly 17,000 guestrooms,” stated Robert L. Johnson, CEO and Chairman of RLJ.

The 438-room New York LaGuardia Airport Marriott offers approximately 15,300 SF of meeting and banquet space, two food and beverage outlets, ample parking, and is located directly across the street from LaGuardia Airport.

This hotel represents the RLJ Lodging Fund II, LP’s ninety-first hotel.  Marriott International will retain management of the hotel.

RLJ Development is a privately-held real estate investment company founded and led by Robert L. Johnson and Thomas J. Baltimore, Jr. and is the largest African-American hotel investment company in the U.S.