The development firm controlled by Robert L. Johnson has signed a deal to buy 100 hotels for $1.7 billion, a significant expansion of the Black Entertainment Television founder’s holdings in hotel real estate.
Johnson’s RLJ Development LLC said Monday that it will purchase the properties, most of them operating under Hilton and Marriott brand names, from the hotel company White Lodging Services. The hotels are concentrated in states that include Illinois, Texas, Colorado, Florida and Indiana.
One of the holding companies Johnson formed after he sold BET to Viacom in 2001 for $3 billion; RLJ Development currently holds 30 properties. The company will close on 87 of the White Lodging properties in the second quarter of 2006. The other 13 are under construction, and closing is expected within two years. White Lodging, based in Merrillville, Ind., will continue to manage the hotels.
“We are thrilled to add these hotel properties to the RLJ Development portfolio,” Johnson said.
