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Two Manhattan hotels sell for $286m

by Andrea Waitrovich

RLJ Lodging Trust has sold a pair of New York Hilton hotels for a combined $286 million to an unnamed international investor. The hotels are the 298-room Hilton Garden Inn New York/West 35th Street and the 280-room Hilton New York Fashion District in Manhattan. The sale of the hotels reduces the share of the RLJ Lodging Trust’s pro forma 2016 hotel EBITDA from the New York City market to less than 5 percent, according to the REIT. Key indicators of the strength of the U.S. hotel industry during third quarter 2016 continue to suggest the sector is stabilizing at normalized performance levels. According to JLL, national occupancy remains stable at a historic high, and average daily rate growth for the first three quarters of the year amounted to 3.2 percent, above national inflation, as measured by the Consumer Price Index, of just 1.1 percent for the past 12 months. U.S. hotel transaction volume in third quarter 2016 experienced robust growth com

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