BET Founder Sells 22 Hotels
RLJ Development, owned by BET founder Robert L. Johnson, along with the Inland Real Estate Group of Companies Inc., recently sold 22 full- and select-service hotels for $900 million.
The hotels were primarily located in major urban markets, including Boston, Baltimore, Chicago, and Washington, D.C. Most of them are operated by leading brands including Marriott, Hilton, and Hyatt.
RLJ Development is a privately held real estate investment company and the largest African-American hotel investment company in the United States, with 114 hotels valued at over $2 billion.
Source: Jet (03/17/08)