RLJ Lodging Trust sold the Fairmont-Boston-Copley Plaza in Boston for $170.0 million to an undisclosed buyer.
The price translates to roughly $444,000 per room for the 383-room hotel and represents a roughly 4.6% capitalization rate on the asset's projected net operating income for 2017. The sale is immediately accretive to RLJ's hotel EBITDA margin, according to a release.
The divestment is part of the company's move to sell noncore assets, President and CEO Ross Bierkan said in the release.
RLJ plans to use the net proceeds from the sale for general corporate purposes, including reducing its debt.
