RLJ Lodging Trust is seeking to raise a total of about $550 million in an initial public offering (IPO), The Wall Street Journal reports. The real estate investment trust (REIT) has not disclosed the number of shares to be sold and their expected price range.
After the completion of IPO, RLJ will own 140 hotels in 19 states and the District of Columbia. Almost all of the hotels will operate under the firm’s current relationships with Marriott International, Hilton Worldwide and Hyatt Hotels. RLJ will use the proceeds from the offering to repay its debt.
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