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RLJ Lodging Trust sells Philadelphia hotel for $96M

RLJ Lodging Trust sold the 364-room Sheraton Philadelphia Society Hill Hotel in Philadelphia to an undisclosed buyer for $95.5 million.

The full-service-hotel-focused real estate investment trust said the sale price represents a roughly 5.6% cap rate on the hotel's 2017 net operating income, excluding planned CapEx.

RLJ plans to use the net proceeds to pay down its credit facility and for general corporate purposes.