Media mogul Robert L. Johnson’s RLJ Lodging Trust is trading a smidge below its initial-public offering price of $18, bouncing between a low and high $17 range on its first day on the New York Stock Exchange.

Shares of the hotel real estate investment trust priced below the expected range of $19 to $21 per share. The Bethesda company sold 27.5 million shares, raising $495 million, according to underwriters.

RLJ Lodging Trust was formed in February by Johnson, the founder of Black Entertainment Television, and hospitality veteran Thomas J. Baltimore, who teamed 11 years ago to create RLJ Development.

The REIT comprises the hotel investments of RLJ Development and its two private equity funds, valued at approximately $743 million and $1.2 billion, respectively. The combined portfolio includes 140 hotels, with more than 20,400 rooms, in 19 states and the District that fly Marriott, Hilton or Hyatt brand flags.

Proceeds from the offering will be used to repay $492 million of secured debt and $10.3 million in related prepayment penalties. Any remaining proceeds will be used as working capital.

Shares of the hotel real estate investment trust priced below the expected range of $19 to $21 per share. The Bethesda company sold 27.5 million shares, raising $495 million, according to underwriters.

RLJ Lodging Trust was formed in February by Johnson, the founder of Black Entertainment Television, and hospitality veteran Thomas J. Baltimore, who teamed 11 years ago to create RLJ Development.

The REIT comprises the hotel investments of RLJ Development and its two private equity funds, valued at approximately $743 million and $1.2 billion, respectively. The combined portfolio includes 140 hotels, with more than 20,400 rooms, in 19 states and the District that fly Marriott, Hilton or Hyatt brand flags.

Proceeds from the offering will be used to repay $492 million of secured debt and $10.3 million in related prepayment penalties. Any remaining proceeds will be used as working capital.