Current News

by tim

DiamondRock Hospitality Company(NYSE: DRH) announced Monday that it has entered into a purchase and sale agreement to acquire a portfolio of four hotels from affiliates of Blackstone Real Estate Partners VI for a contractual purchase price of approximately$495 million. The hotels under contract to be acquired are the Hilton Boston, the Westin Washington DC, the Westin San Diego and the Hilton Burlington (collectively, the "Acquisition Portfolio"). The contractual purchase price represents an approximately 14.4 times multiple of 2012 forecasted EBITDA and approximately$339,000per key.