{"id":1004161271,"date":"2016-12-08T03:54:39","date_gmt":"2016-12-08T11:54:39","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004161271"},"modified":"2022-12-09T00:27:56","modified_gmt":"2022-12-09T08:27:56","slug":"rlj-lodging-trust-trims-stake-in-nyc-hotels","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rlj-lodging-trust-trims-stake-in-nyc-hotels\/","title":{"rendered":"RLJ Lodging Trust Trims Stake in NYC Hotels"},"content":{"rendered":"<p><em>By Scott Baltic, Contributing Editor<\/em><\/p>\n<div id=\"attachment_1004161273\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Hilton-New-York-Fashion-District-e1481196601380.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004161273\" data-attachment-id=\"1004161273\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/rlj-lodging-trust-trims-stake-in-nyc-hotels\/hilton-new-york-fashion-district\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Hilton-New-York-Fashion-District-e1481196601380.jpg\" data-orig-size=\"479,359\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Hilton New York Fashion District\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Hilton New York Fashion District&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Hilton-New-York-Fashion-District-e1481196601380.jpg?w=479\" class=\"wp-image-1004161273 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Hilton-New-York-Fashion-District-e1481196601380.jpg\" alt=\"Hilton New York Fashion District\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Hilton-New-York-Fashion-District-e1481196601380.jpg 479w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Hilton-New-York-Fashion-District-e1481196601380.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004161273\" class=\"wp-caption-text\">Hilton New York Fashion District<\/p><\/div>\n<p><strong>New York<\/strong>\u2014RLJ Lodging Trust, of Bethesda, Md., has sold two hotels in New York City for $286 million or $494,500 per key, the REIT recently announced. The two properties are the 298-room Hilton Garden Inn New York\/West 35th Street and the 280-room Hilton New York Fashion District in Manhattan.<\/p>\n<p>The price reportedly represents a cap rate of about 4.7 percent on the hotels\u2019 projected 2016 net operating income, including planned capital expenditures. The sale cut the share of RLJ\u2019s pro forma 2016 hotel EBITDA from the New York City market to less than 5 percent.<\/p>\n<p>\u201cWe capitalized on the strong interest from international investors in the New York City market to execute an opportunistic transaction,\u201d RLJ President &amp; CEO Ross Bierkan said in a prepared statement. \u201cWhile we continue to believe in the New York City market over the long term, in the near term these sales reduce our exposure as this market goes through a soft period.\u201d<\/p>\n<p>The buyer was not identified, and RLJ did not respond to <em>Commercial Property Executive<\/em>\u2019s request for additional information.<\/p>\n<p>New York City remains a highly sought-after market among international investors because of its \u201cdiverse demand generators, high barriers to entry and strong operating metrics,\u201d Pete Nichols, national director of Marcus &amp; Millichap\u2019s National Hospitality Group, told <em>CPE<\/em>. \u201cMany investors see NYC as an opportunity to enter a market that produces strong returns in both performance and underlying real estate value.\u201d<\/p>\n<p>As to the NYC hospitality market\u2019s recent performance, Nichols noted that RevPAR has seen a modest decline this year, due largely to a significant increase in the number of available hotel rooms entering the market. \u201cWe believe that as this new supply is absorbed, RevPAR will once again move into positive territory.\u201d<\/p>\n<p>In a transaction about a week earlier, RLJ sold a 119-room, non-core hotel in Bakersfield, Calif., for $13 million or $108,000 per key. The price represents a cap rate of about 7.8 percent on the property\u2019s projected 2016 NOI, including capital expenditures.<\/p>\n<p>The company reportedly intends to use the proceeds from these sales for general corporate purposes, which may include paying down debt and repurchasing shares.<\/p>\n<p>Following these sales, RLJ owns 122 hotels with approximately 20,100 rooms in 21 states and the District of Columbia. The company focuses on premium-branded, focused-service and compact full-service hotels.<\/p>\n<p><em>Image courtesy of Hilton<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The REIT sold two Manhattan properties for a combined $286 million.<\/p>\n","protected":false},"author":882,"featured_media":1004161273,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21751,1600,21742,10],"tags":[33060],"class_list":["post-1004161271","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-hotel","category-new-york","category-latest","category-northeast","tag-rlj-lodging-trust"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>RLJ Lodging Trust Trims Stake in NYC Hotels - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/rlj-lodging-trust-trims-stake-in-nyc-hotels\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RLJ Lodging Trust Trims Stake in NYC Hotels\" \/>\n<meta property=\"og:description\" content=\"The REIT sold two Manhattan properties for a combined $286 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/rlj-lodging-trust-trims-stake-in-nyc-hotels\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-12-08T11:54:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T08:27:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Hilton-New-York-Fashion-District-e1481196601380.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"479\" \/>\n\t<meta property=\"og:image:height\" content=\"359\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rlj-lodging-trust-trims-stake-in-nyc-hotels\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rlj-lodging-trust-trims-stake-in-nyc-hotels\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"RLJ Lodging Trust Trims Stake in NYC Hotels\",\"datePublished\":\"2016-12-08T11:54:39+00:00\",\"dateModified\":\"2022-12-09T08:27:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rlj-lodging-trust-trims-stake-in-nyc-hotels\\\/\"},\"wordCount\":407,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rlj-lodging-trust-trims-stake-in-nyc-hotels\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/12\\\/Hilton-New-York-Fashion-District-e1481196601380.jpg\",\"keywords\":[\"RLJ Lodging Trust\"],\"articleSection\":[\"Deals\",\"Featured\",\"Hotel\",\"New York\",\"News\",\"Northeast\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rlj-lodging-trust-trims-stake-in-nyc-hotels\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rlj-lodging-trust-trims-stake-in-nyc-hotels\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rlj-lodging-trust-trims-stake-in-nyc-hotels\\\/\",\"name\":\"RLJ Lodging Trust Trims Stake in NYC Hotels - 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