RLJ Lodging Trust to buy rival FelCor

Combined companies would make one of the country’s largest hotel REITs

TRD New York /
Apr.April 25, 2017 07:00 AM

The Morgans, Knickerbocker and Royalton hotels

Hotel real estate investment trust RLJ Lodging Trust is buying FelCor Lodging Trust, which would make it one of the biggest hotel REITs in the U.S.

The combined firms would own 160 hotels in 26 states and the District of Columbia including brands such as Marriott, Hilton, Hyatt and Wyndham, Reuters reported.

In New York City, RLJ owns the DoubleTree by Hilton at 599 Lexington Avenue, and the Courtyard by Marriott at 410 East 92nd Street. FelCor owns the Morgans New York at 237 Madison Avenue, the Royalton at 44 West 44th Street and the Knickerbocker at 1466 Broadway.

The new company would have a pro-forma market value of $4.2 billion and an enterprise value of $7 billion.

Late last year, RLJ sold its Hilton Garden Inn at 63 West 35th Street and its Hilton New York in the Fashion District for $286 million.

The announcement comes two months after Ashford Hospitality Trust made an offer to buy FelCor for roughly $1.27 billion in stock and kicked off a proxy battle for control of the company’s board. [Reuters] – Rich Bockmann

 

Related Articles

arrow_forward_ios
30 West 31st Street and 52 West 36th Street (Credit: Google Maps)

South Korean firm snaps up two Midtown hotels for $137M

Brookfield Property Group CEO Brian Kingston and 652 11th Avenue (Credit: Google Maps)

Brookfield drops $83M on Hell’s Kitchen hotel

Mensur Cekic, Hudson Yards’ director of residences

From private tutors to meditation sessions, inside NYC’s new amenities battle

Lightstone Group CEO David Lichtenstein and Moxy Chelsea at 105 W 28th Street (Credit: Lightstone and Facebook)

Lightstone gave its neighbors $7M to build a hotel. Then the neighbors secretly went to war, suit claims.

Here are the numbers behind Michael Dell’s record purchase of the Boca Raton Resort

Long Island’s hotel market could be headed for a downturn

This obscure Caribbean island is a favorite among the super wealthy

Manhattan hotel at center of 1MDB fraud case lands $615M refinancing

arrow_forward_ios