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)

Author: niaknowles

From Native New Yorker (Brooklyn) to Atlanta Realtor, with a love for architecture and design. Atlanta based Real Estate Consultant working to restore and sell Intown Homes; REO,South West (Westside,West End, Westview Communities 30310,30311,30314,30318 zip codes)

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