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DIAMONDROCK HOSPITALITY COMPANY COMPLETES SALE OF THE WESTIN WASHINGTON, D.C. CITY CENTER - Diamondrock Hospitality (NYSE:DRH)

Summary by Benzinga
BETHESDA, Md., Feb. 19, 2025 /PRNewswire/ -- DiamondRock Hospitality Company (the "Company") (NYSE:DRH) announced today that on February 19, 2025, it completed the sale of the 410-room Westin Washington, D.C. City Center (the "Hotel") for a contract price of $92.0 million. The sales price represents an 11.2x multiple on 2024 Hotel EBITDA and a 7.5% capitalization rate on 2024 Hotel net operating income, or a capitalization rate of 5.6% inclusive…

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BenzingaBenzinga

DIAMONDROCK HOSPITALITY COMPANY COMPLETES SALE OF THE WESTIN WASHINGTON, D.C. CITY CENTER - Diamondrock Hospitality (NYSE:DRH)

BETHESDA, Md., Feb. 19, 2025 /PRNewswire/ -- DiamondRock Hospitality Company (the "Company") (NYSE:DRH) announced today that on February 19, 2025, it completed the sale of the 410-room Westin Washington, D.C. City Center (the "Hotel") for a contract price of $92.0 million. The sales price represents an 11.2x multiple on 2024 Hotel EBITDA and a 7.5% capitalization rate on 2024 Hotel net operating income, or a capitalization rate of 5.6% inclusive…

·New York, United States
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BisnowBisnow

DiamondRock Sells D.C. Hotel For $92M

The Bethesda-based REIT had purchased the Westin Washington, D.C. City Center hotel in 2012 from Blackstone as part of a four-property portfolio.

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Travel And Tour WorldTravel And Tour World

Why Is DiamondRock Hospitality Shifting Focus from Washington, D.C., and What Does It Mean for the U.S. Hotel Market? - Travel And Tour World

The hospitality industry continues to see significant real estate transactions, reflecting the evolving priorities of hotel investment firms. One such shift has been confirmed by DiamondRock Hospitality Company, which recently finalized the sale of the Westin Washington, D.C. City Center for $92 million. This transaction is being positioned as a strategic move aimed at strengthening the company’s financial position and enhancing long-term growth…

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citybizcitybiz

DiamondRock Hospitality Company Completes Sale of The Westin Washington, D.C. City Center

DiamondRock Hospitality Company (NYSE: DRH) announced today that on February 19, 2025, it completed the sale of the 410-room Westin Washington, D.C. City Center for a contract price of $92.0 million. The sales price represents an 11.2x multiple on 2024 Hotel EBITDA and a 7.5% capitalization rate on 2024 Hotel net operating income, or a capitalization rate of 5.6% inclusive of the Company’s projected capital expenditures. Excluding a one-time pro…

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Benzinga broke the news in New York, United States on Wednesday, February 19, 2025.
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