RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today announced that it has acquired the fee simple interest in the recently constructed 205-room AC Hotel by Marriott Boston Downtown (the “Hotel”) for a purchase price of $89.0 million, or approximately $434,000 per key. The purpose-built hotel opened in 2018 and is located within the mixed-use Ink Block development in Downtown Boston. Upon stabilization the Hotel is expected to generate 7.5% to 8.0% NOI yield. The Company funded the acquisition with existing cash on its balance sheet.
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