DiamondRock Hospitality Co. of Bethesda has agreed to buy a hotel under construction on West 42nd Street in New York's Times Square.
The company (NYSE: DRH) will pay between $112.5 million to $135 million, or about $450,000 a room, depending on the final number of rooms in the hotel. The numbers of rooms is expected to range from 250 and 300.
If the developers obtain additional permits, the number of rooms could reach 400, and DiamondRock would pay $178 million, or $445,000 per room.
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Showing posts with label Diamond Rock. Show all posts
Showing posts with label Diamond Rock. Show all posts
Wednesday, January 19, 2011
Tuesday, October 19, 2010
DiamondRock Hospitality Company Reports Third Quarter 2010 Results
BETHESDA, Md., Oct 19, 2010 /PRNewswire via COMTEX/ -- DiamondRock Hospitality Company (the "Company") /quotes/comstock/13*!drh/quotes/nls/drh (DRH 10.69, -0.27, -2.46%) today announced results of operations for its third fiscal quarter ended September 10, 2010. The Company is a lodging focused real estate investment trust that owns twenty-three premium hotels in North America and holds a senior loan secured by another premium hotel.
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Monday, September 13, 2010
DiamondRock buys Hilton hotel in NY for $68.4M
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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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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Wednesday, July 14, 2010
DiamondRock 2Q View Misses Street But Lifts FY Targets
DiamondRock Hospitality Co. (DRH) said second-quarter adjusted funds from operations are expected to come in slightly under Wall Street's expectations, but the company lifted its full-year view, as it noted fundamentals have improved.
Chief Executive Mark Brugger said the second-quarter results exceeded the hotel real-estate investment trust's internal expectations, as operating fundamentals have improved with each operating period this year.
"Seven of the company's hotels recorded double-digit revpar improvement during the second quarter and almost half were able to increase average daily rate," said Brugger.
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Chief Executive Mark Brugger said the second-quarter results exceeded the hotel real-estate investment trust's internal expectations, as operating fundamentals have improved with each operating period this year.
"Seven of the company's hotels recorded double-digit revpar improvement during the second quarter and almost half were able to increase average daily rate," said Brugger.
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Tuesday, May 25, 2010
DiamondRock Signs $155M Agreement for Minneapolis Hilton
MINNEAPOLIS-DiamondRock Hospitality Co., based in Bethesda, MD, has signed a purchase agreement to pay $155.5 million for the 821-room Minneapolis Hilton here. The hotel, the largest in the city, is owned by a joint venture of Greenwich, CT-based Starwood Capital Group and locally-based Haberhill LLC. The venture bought the property in March 2006 for $92 million.
The contractual purchase price for the Hilton Minneapolis is $152 million. In addition to the contractual purchase price, DiamondRock has agreed to fund the seller's cost to defease the existing mortgage debt secured by the hotel, since the company will not assume the existing mortgage debt as part of its acquisition. The buyer expects the defeasance cost of about $3.5 million to be paid at closing.
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The contractual purchase price for the Hilton Minneapolis is $152 million. In addition to the contractual purchase price, DiamondRock has agreed to fund the seller's cost to defease the existing mortgage debt secured by the hotel, since the company will not assume the existing mortgage debt as part of its acquisition. The buyer expects the defeasance cost of about $3.5 million to be paid at closing.
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Wednesday, July 29, 2009
DIAMONDROCK HOSPITALITY COMPANY REPORTS SECOND QUARTER 2009 RESULTS
BETHESDA, Maryland, Tuesday July 28, 2009 – DiamondRock Hospitality Company (the "Company") (NYSE: DRH) today announced results of operations for its second quarter ended June 19, 2009. The Company is a lodging-focused real estate investment trust that owns twenty premium hotels in North America.
Second Quarter 2009 Highlights
RevPAR: The Company’s RevPAR was $109.85, a decrease of 22.2 percent compared to the same period in 2008.
Hotel Adjusted EBITDA Margins: The Company’s Hotel Adjusted EBITDA margins were 25.19%, a decrease of 604 basis points compared to the same period in 2008.
Adjusted EBITDA: The Company’s Adjusted EBITDA was $32.6 million, a decline of 39% compared to the same period in 2008.
Adjusted FFO: The Company’s Adjusted FFO was $24.9 million and Adjusted FFO per diluted share was $0.24.
Successful Equity Raise: The Company issued 17,825,000 shares of its common stock at $4.85 per share during the second quarter, which resulted in net proceeds of $82.1 million.
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http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MTEyNzB8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1
Second Quarter 2009 Highlights
RevPAR: The Company’s RevPAR was $109.85, a decrease of 22.2 percent compared to the same period in 2008.
Hotel Adjusted EBITDA Margins: The Company’s Hotel Adjusted EBITDA margins were 25.19%, a decrease of 604 basis points compared to the same period in 2008.
Adjusted EBITDA: The Company’s Adjusted EBITDA was $32.6 million, a decline of 39% compared to the same period in 2008.
Adjusted FFO: The Company’s Adjusted FFO was $24.9 million and Adjusted FFO per diluted share was $0.24.
Successful Equity Raise: The Company issued 17,825,000 shares of its common stock at $4.85 per share during the second quarter, which resulted in net proceeds of $82.1 million.
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http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MTEyNzB8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1
Tuesday, May 5, 2009
DiamondRock Hospitality Company Reports First Quarter 2009 Results
BETHESDA, Maryland, Tuesday May 5, 2009 – DiamondRock Hospitality Company (the "Company") (NYSE: DRH) today announced results of operations for its first fiscal quarter ended March 27, 2009. The Company is a lodging focused real estate investment trust that owns twenty premium hotels in North America.
First Quarter 2009 Highlights
RevPAR: The Company’s same-store RevPAR decreased 16.5 percent compared to the same period in 2008.
Hotel Adjusted EBITDA Margins: The Company’s same-store Hotel Adjusted EBITDA margins decreased 438 basis points compared to the same period in 2008.
Adjusted EBITDA: The Company’s Adjusted EBITDA was $20.3 million.
Adjusted FFO: The Company’s Adjusted FFO was $14.8 million and Adjusted FFO per diluted share was $0.16.
Successful Equity Raise: The Company issued 17,825,000 shares of its common stock at $4.85 per share after the first quarter, which resulted in net proceeds of $82.1 million.
Credit Facility Repayment: The Company repaid the outstanding balance of $52 million on its senior unsecured credit facility after the first quarter and now has $200 million of borrowing capacity.
