21 Nov 2006
DiamondRock acquires two Marriott hotels for US$137.5m
The DiamondRock Hospitality Company, a Maryland, USA-based real estate firm, has bought two Renaissance-branded hotels from Marriott International for US$237.5m (£125m, 185m euro).
The sale of the 521-room Renaissance Waverly Atlanta and the 492-room Renaissance Austin – which will continue to be managed by Marriott – will bring DiamondRock’s portfolio up to 20 hotels.
William McCarten, chair and CEO of DiamondRock, said: “These two acquisitions are right on strategy for our company. We were able to acquire very high quality hotels in strong markets at reasonable prices.”
The two hotels have had US$12m (£6m, 9m euro) spent on them in renovations in 2006, including the addition of 14 new rooms at the Austin property and the repositioning of the restaurant at the Waverly Atlanta.
The deal is expected to close before the end of the year. Details: www.drhc.com
Photograph: The Renaissance Waverly Atlanta Hotel
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