The Real Deal Miami

Six Hyatts trade

August 14, 2008 11:42AM

Miami holding company Gencom Group sold six Hyatt Summerfield Suites hotels to RLJ Real Estate Fund III LP, a Bethesda, Md.-based investment firm. Gencom did not disclose the price paid or the locations of the hotels, which it owned in partnership with Lehman Bros. Real Estate Partners. RLJ Real Estate is an affiliate of RLJ Development LLC, a privately held hotel investment company that is the largest African-American firm of its type in the country. The company, which was co-founded by Robert L. Johnson and Thomas J. Baltimore Jr., owns 121 hotels valued at approximately $2.6 billion.