05:37 AM EDT, 08/02/2024 (MT Newswires) -- RLJ Lodging Trust ( RLJ ) said late Thursday that it acquired the fee simple interest in the 110-room Hotel Teatro in Denver for $35.5 million.

The company said the hotel will likely generate over a 10% stabilized yield. It has engaged Sage Hospitality Group to manage the property.

Fee simple interest ownership is often sought in acquisitions to provide the maximum possible rights over the property.

Shares of RLJ rose 2.6% in premarket activity Friday.

Price: 9.49, Change: +0.24, Percent Change: +2.59