NEW YORK May 10 RLJ Lodging Trust, a real estate investment trust that invests in hotels, raised less than expected in its initial public offering on Tuesday, as it priced shares below the expected range, an underwriter said.
RLJ sold 27.5 million shares for $18 each, raising $495 million, the underwriter said. The trust had planned to sell them at $19 to $21 each, expecting to become one of the largest publicly traded U.S. lodging REITs.
Shares of RLJ are expected to begin trading on the New York Stock Exchange on Wednesday under the symbol "RLJ." (RLJ.N)
Bank of America Merrill Lynch, Barclays Capital and Wells Fargo led underwriters on the offering.