RLJ Lodging Trust, a self-advised REIT that will own 140 branded hotels comprising over 20,400 rooms in 19 states, announced terms for its IPO on Friday. The Bethesda, MD-based company plans to raise $550 million by offering 27.5 million shares at a price range of $19 to $21. At the mid-point of the proposed range, RLJ Lodging Trust will command a market value of $2.1 billion. RLJ Lodging Trust, which was founded in 2000 and booked $709 million in sales for the 12 months ended December 31, 2010, plans to list on the NYSE under the symbol RLJ. BofA Merrill Lynch, Barclays Capital, and Wells Fargo Securities are the lead underwriters on the deal, which is expected to price during the week of May 9.
