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BETHESDA, MD. — RLJ Lodging Trust (NYSE: RLJ) has sold 24 hotels for $240 million. The sale price represents approximately a 7.9 percent capitalization rate on the hotels’ 2014 net operating income, including planned capital expenditures. The hotels, which were sold through a combination of individual and portfolio sales, were selected based on operating performance, market location, and pending capital requirements relative to RLJ’s long-term investment strategy. For the list of the hotels click here. RLJ Lodging Trust estimates that it saved approximately $65 million of pending capital expenditures through the sale of these assets. The 24 hotels were initially acquired as part of a large portfolio transaction in 2006. “We are very pleased with the execution of our capital recycling program. In total, we have now sold 39 hotels for approximately $370 million over the last 16 months and improved our overall portfolio metrics,” says Thomas Baltimore Jr., president and CEO of RLJ Lodging Trust. “We remain committed to creating long-term shareholder value through enhancing our portfolio’s quality and recycling capital into higher-growth markets.” The 2014 revenue per available room (RevPAR) of the 24 hotels sold was approximately $72, which represents more than a 40 percent discount to the …

NEW YORK — Simone Development Cos. plans to develop a $400 million, nearly 2 million-square-foot, mixed-use center in the Bronx that will feature office, academic and medical space. Simone has partnered with Empire State Development (ESD), New York State’s chief economic development agency, to deliver the project, which will be located on 33 acres on the soon-to-be-vacated, state-owned property located at 1500 Waters Place. The property is near the new planned Metro-North transit station in Morris Park. “This new mixed-use space marks a significant and profound investment in the Bronx,” said New York State Sen. Jeffrey Klein in a press release. “It’s projects like this that are bringing good-paying jobs to the community, creating opportunities for business to thrive and paving the way for future growth and economic success.” The economic impact of the project includes thousands of new permanent jobs, as well as 1,900 construction jobs. In addition to the new office space intended for medical services, the project will include a retail plaza, a 150-room hotel and 100,000 square feet of space for higher education, and will provide community meeting space and new recreational fields and amenities for the Morris Park community. “From medical and retail services, to …

BOSTON — HFF has arranged $680 million in construction financing and joint venture equity for the Four Seasons Hotel & Private Residences under development in the Boston submarket of Back Bay. The 61-story high-rise will be located at 1 Dalton St. The development will contain 180 high-end private residences on floors 25 through 61, with a 211-room luxury hotel on the lower 23 floors. Residents will have full access to the hotel’s services and amenities, including two restaurants, two lounges, and a private health club and spa, which features a 70-foot-long swimming pool. The hotel and residential entrances and lobbies will front a new park being developed across the street. The project is also being developed adjacent to the 10-acre Christian Science Plaza, which provides built-in open space for residents.  It is situated in close proximity to Copley Place, the Prudential Center, Boylston Street, Newbury Street, the Boston Public Library, Symphony Hall and the Museum of Fine Arts. Construction began on the Four Seasons Hotel & Private Residences in January and is expected to take two-and-a-half years to complete. When finished, it will be the tallest building to be constructed in New England since the early 1970s. The project’s completion will also …

NEW YORK, ATLANTA — A group of investors led by real estate investment manager Clarion Partners has acquired Atlanta-based Gables Residential. As a result of the transaction, Gables Residential will be converted into a perpetual life vehicle. Gables is a vertically integrated multifamily real estate company with a 32-year history in the management, development, construction, acquisition and disposition of multifamily and mixed-use communities. The Gables brand and its team total more than 1,100 associates. According to multiple media outlets, the deal is valued at $3.2 billion. “Having worked closely with Gables for nearly 10 years, we’ve enjoyed our longstanding relationship with the company and look forward to the continued growth and success of the platform,” says Stephen Furnary, CEO of Clarion Partners. “We are excited about growth prospects for multifamily residential in the markets where Gables operates.” “As a management team, we are thrilled to continue our relationship with Clarion Partners,” says Sue Ansel, CEO of Gables Residential. “The new ownership structure is designed to provide increased stability and growth that will facilitate the success of our company going forward.” King & Spalding and Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal advisors to Clarion Partners. Hodes Weill …

DURHAM, N.C. — Affiliates of Philadelphia-based Rubenstein Partners and its partner Grubb Properties have sold the 485,000-square-foot Lenovo Enterprise Campus in North Carolina’s Research Triangle Park for $127 million. The buyers were a joint venture between United Kingdom-based 90 North Real Estate Partners and Dubai-based Arzan Wealth. The acquisition also included a nearly 40,000-square-foot building under construction that will serve as a research and development center for Lenovo. The site can accommodate an additional 100,000 square feet of development. The transaction, brokered by Cushman & Wakefield, closed approximately 15 months after Rubenstein and Grubb’s acquisition of the then-vacant property, and less than a year after the partnership signed global PC manufacturer Lenovo to a long-term lease of the entire campus. The corporate office campus sat vacant for several years before Rubenstein and Grubb bought it in December 2013 for approximately $26 million. Less than four months following the acquisition, Rubenstein and Grubb secured a long-term, triple-net lease with Lenovo, which Lenovo intended to use for its new Enterprise Division created as part of a $2.3 billion acquisition of IBM’s x86 server division. “We’re extremely pleased to announce this sale as the conclusion to a very successful value-added office investment,” says …

SAN FRANCISCO — Loews Hotels & Resorts, a wholly owned subsidiary of Loews Corp. (NYSE: L), has entered into an agreement to purchase the 158-room Mandarin Oriental, San Francisco hotel. The purchase price was undisclosed. “We are excited to find a property that is consistent with the Loews brand,” Paul Whetsell, president and CEO of Loews Hotels & Resorts, told REBusinessOnline.com. “This will be our first entree into San Francisco, a major gateway market and a very important location for Loews’ core customer base,” he added. The acquisition is expected to close in late March, at which time Loews will rebrand the hotel. Whetsell declined to comment on plans for the rebranding. Located in San Francisco’s Financial District, the hotel, which is currently managed by Mandarin Oriental Hotel Group, is situated on the top 11 floors of San Francisco’s third-tallest office building, 345 California Center, located at 222 Sansome St. The hotel, located one-half mile from iconic Union Square, features unspoiled views of San Francisco and its bay, 158 guest rooms, the Brasserie S&P restaurant, more than 5,000 square feet of meeting space and a new 8,000-square-foot spa and fitness center. The Mandarin Oriental, San Francisco hotel is the seventh …