RLJ Lodging Trust to Deploy Capital in a High Growth Market with the Acquisition of the Hampton Inn & Suites Atlanta Midtown
Summary
“ We are pleased to acquire this high-quality, young asset in one of the fastest growing markets in the country,” commented Leslie D. Hale, President and Chief Executive Officer. Our acquisition pipeline is growing and our strong balance sheet positions us extremely well to continue to execute on external growth opportunities.” The Hotel was constructed as a purpose-built, high-rise Hampton Inn & Suites and opened in February 2020. In addition to 186-rooms and suites, the Hotel features a sky lobby on the top floor and a rooftop bar with outdoor patio seating and views of Atlanta’s skyline. Additionally, as the heart of Atlanta’s arts and cultural scene the submarket benefits from strong leisure demand with 1.5 million overnight hotel stays generated annually and is also seeing significant growth from the film production industry. Some factors that might cause such a difference include the following: the current global economic uncertainty and a worsening of global economic conditions or low levels of economic growth; the duration and scope of the COVID-19 pandemic and its impact on the demand for travel and on levels of consumer confidence; actions governments, businesses and individuals take in response to the pandemic, including limiting or banning travel; the impact of the pandemic on global and regional economies, travel, and economic activity; the speed and effectiveness of vaccine and treatment developments and their deployment, including public adoption rates of COVID-19 vaccines; the pace of recovery when the COVID-19 pandemic subsides; the effects of steps we and our third party management partners take to reduce operating costs; increased direct competition, changes in government regulations or accounting rules; changes in local, national and global real estate conditions; declines in the lodging industry, including as a result of the COVID-19 pandemic; seasonality of the lodging industry; risks related to natural disasters, such as earthquakes and hurricanes; hostilities, including future terrorist attacks or fear of hostilities that affect travel and epidemics and/or pandemics, including COVID-19; the Company’s ability to obtain lines of credit or permanent financing on satisfactory terms; changes in interest rates; access to capital through offerings of the Company’s common and preferred shares of beneficial interest, or debt; the Company’s ability to identify suitable acquisitions; the Company’s ability to close on identified acquisitions and integrate those businesses; and inaccuracies of the Company’s accounting estimates.