• DiamondRock makes third NY buy

DiamondRock Hospitality has acquired the 169-room Hilton Garden Inn Chelsea hotel in New York for $68.4m, its third hotel purchase in the city.

The purchase price represented a 12.9 multiple of the hotel’s 2010 full-year forecasted Ebitda of $5.3m and was funded by the group’s existing cash. Mark W. Brugger, the company’s CEO, said: "The hotel was particularly desirable to DiamondRock because of its ability to charge essentially full-service room rates with a more profitable limited service cost structure."

See the full release here:
http://investor.drhc.com/phoenix.zhtml?c=181049&p=irol-newsArticle&ID=1470082&highlight=

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