BETHESDA, Md.--(BUSINESS WIRE)--RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today announced that InterContinental Hotels Group (“IHG”) selected the Company’s Hotel Indigo New Orleans Garden District (“the Hotel”) as a winner of its 2013 Renovation Award. This special award is only bestowed to hotels which merit special recognition of successful completion of major modernization and renovation programs.
“Management’s Discussion and Analysis of Financial Condition and Results of Operations”
“We are honored to be the recipient of IHG’s prestigious 2013 Renovation Award,” said Thomas J. Baltimore, Jr., President and Chief Executive Officer. “This is the sixth award that we have received in the last two years recognizing RLJ’s strength in completing complex renovations. The Hotel’s unique character combined with IHG’s growing brand recognition will continue to drive strong growth for the hotel.”
The Hotel operated as an independent hotel until it was closed in 2008. The Company purchased the distressed hotel in 2010 for $6.4 million. The Company’s Senior Vice President of Design and Construction, Carl Mayfield, and his team developed creative and innovative solutions to address various complex historic, city, and brand requirements. After an extensive $16.9 million renovation, the property reopened in December 2012 as a 132-room Hotel Indigo. The Company expects that the Hotel’s conversion and positive market trends will enable the Hotel to produce strong results as it continues to ramp up.
The reinvention of the Hotel includes a uniquely modern design that captures New Orleans’ character. The Hotel’s oversized guestrooms and spacious bathrooms are coupled with stylish public spaces designed to highlight New Orleans’ Historic Garden District. The Hotel’s unique design includes locally inspired murals, decorative ironwork, and reclaimed wood ceiling that resonate with New Orleans and its local culture and flavor.
The Hotel’s brand conversion was part of the Company’s 2011 and 2012 comprehensive $210.0 million capital improvement program.
RLJ Lodging Trust is a self-advised, publicly traded real estate investment trust focused on acquiring premium-branded, focused-service and compact full-service hotels. The Company owns 150 properties, comprised of 148 hotels with more than 22,300 rooms and two planned hotel conversions, located in 22 states and the District of Columbia.
Forward Looking Statements
The following information contains certain statements, other than purely historical information, including estimates, projections, statements relating to the Company’s business plans, objectives and expected operating results, and the assumptions upon which those statements are based, that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally are identified by the use of the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “will,” “will continue,” “intend,” “should,” “may” or similar expressions. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance and the Company’s actual results could differ materially from those set forth in the forward-looking statements. Some factors that might cause such a difference include the following: the current global economic uncertainty, increased direct competition, changes in government regulations or accounting rules, changes in local, national and global real estate conditions, declines in the lodging industry, 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, 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. Given these uncertainties, undue reliance should not be placed on such statements. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The Company cautions investors not to place undue reliance on these forward-looking statements and urge investors to carefully review the disclosures the Company makes concerning risks and uncertainties in the sections entitled “Risk Factors,” “Forward-Looking Statements,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report, as well as risks, uncertainties and other factors discussed in other documents filed by the Company with the SEC.
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