BETHESDA, MD—RLJ Development, LLC has closed its second private equity lodging fund with $743 million in commitments. According to reports, the RLJ Lodging Fund II LP has a total purchasing power of approximately $2.5 billion. Earlier this year, the fund acquired a $1.7 billion, 100-hotel portfolio from White Lodging Services Corp. in a three-prong deal. In phased transactions, RLJ closed on $1 billion in June and $390 million in August. The remaining 13 hotels—at $300 million—are slated to close within 18 months. According to the company, there are 15 institutional investors included in the fund.
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