RLJ Lodging Trust has sold two Myrtle Beach hotels located in Myrtle Beach for a combined $156 million. Known as Kingston Plantation, the properties include the 385-room Hilton Myrtle Beach Resort and the 255 room Embassy Suites by Hilton Myrtle Beach Oceanfront Resort. Based on the trailing twelve months ended May 2019, the sales price represents a 12.9x Hotel EBITDA multiple and 6.7 percent capitalization rate, inclusive of $44.5 million in planned capital expenditures.
“We are pleased with the solid execution and attractive multiple generated by the sale of these two beachfront hotels,” commented Leslie D. Hale, President and Chief Executive Officer. “This transaction is a continuation of our strategic efforts to sell non-core hotels and recycle capital into more accretive opportunities that will ultimately drive long-term shareholder value.”
