DiamondRock Hospitality Co. said Monday that it purchased a Hilton hotel in New York for $68.4 million.
The real estate investment trust said it paid for the transaction with corporate cash.
The Hilton Garden Inn Chelsea New York City, which contains 169 rooms, opened in 2007.
DiamondRock CEO Mark Brugger said in a statement that the company wanted the hotel because the property has the "ability to charge essentially full-service room rates with a more profitable limited service cost structure as a result of its strong Hilton Garden Inn branding, access to Hilton Worldwide's powerful reservations system and traveler loyalty generated from the Hilton guest rewards program."
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