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RLJ Lodging Trust Acquires Residence Inn Atlanta Midtown Historic

Tuesday, 20 Aug 2013 09:25am EDT 

RLJ Lodging Trust announced that it has acquired the 78-room Residence Inn Atlanta Midtown Historic (the Hotel) located in Atlanta, GA. In November 2009, the Company purchased a mortgage loan collateralized by the Hotel for approximately $5.0 million, or approximately $64,000 per key. The Company initiated and successfully acquired the asset through a foreclosure sale after the borrower defaulted on the loan in early 2013. The bid, which was equal to the Company's basis in the mortgage loan, represents a discount to the Hotel's value. 

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