RLJ Lodging Fund II, LP Acquires the New York LaGuardia Airport Marriott

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."

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