RLJ Lodging Fund II Acquires LaGuardia Airport Marriott
BETHESDA, MD, January 26, 2007. RLJ Lodging Fund II, LP ("RLJ Fund II"), an affiliate of RLJ Development, LLC ("RLJ") controlled by Robert L. Johnson, founder of BET and owner of the NBA Charlotte Bobcats, announced today that it has acquired the New York LaGuardia Airport Marriott from LaSalle Hotel Properties (NYSE: LHO) for $69.0 million. The acquisition marks RLJ's entrance into the New York City lodging market.
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. RLJ Fund II plans to spend $11.5 million in renovating and repositioning the hotel, with emphasis on upgrading the property's guestroom product. Marriott International will retain management of the hotel.
"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.
Thomas J. Baltimore, Jr., President of RLJ added, "We are thrilled to acquire this first-class asset at a significant discount to replacement cost. We look forward to working with Marriott to upgrade and reposition this hotel in the coming months."
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
