Friday, 22 August 2014
Last updated 1 hour ago
Jan 14 2008 | 12:21pm ET
RLJ Development, the largest African-American hotel investment firm in the U.S., has closed its third private equity real estate fund with $1.2 billion in commitments.
The RLJ Real Estate Fund III will seek to buy and develop upscale service hotels in major metropolitan areas. The Bethesda, Md.-based firm plans to use upwards of three-times leverage, and will focus on using “premium brands.” RLJ Development, which is led by BET founder and Charlotte Bobcats owner Robert Johnson, is already one of the largest Marriott franchisees in the U.S.
“We are proud to close our third fund and delighted with the overwhelming response from the institutional investment community,” Johnson said. The fund boasts 16 institutional investors as clients, including the General Electric Pension Trust and General Electric Real Estate Equities.
“Our mission is to deliver superior risk-adjusted returns for our investors with a highly-focused investment strategy,” Thomas Baltimore, president of RLJ Development, said. “The backdrop of a slowing economy and tighter credit should create attractive buying opportunities for our well-capitalized firm.”
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note