RLJ Lodging Trust Acquires Another Gateway Asset - Hilton Garden Inn San Francisco/Oakland Bay Bridge for $36.2 Million
RLJ Lodging Trust (NYSE: RLJ) today announced that it acquired the 278-room Hilton Garden Inn San Francisco Oakland/Bay Bridge for a purchase price of $36.2 million, or approximately $130,000 per key. The purchase price represents a forward capitalization rate of approximately 9.4% on the hotel's projected 2013 net operating income. The Company's purchase price is considerably lower than other recently traded hotels in the area and is at a significant discount to replacement cost.
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