DiamondRock Acquires Two Hotels Combined Price of $108.6 Million

DiamondRock Hospitality | August 5, 2021

BETHESDA, Md. - August 5, 2021 - DiamondRock Hospitality Company today announced that it has acquired the Bourbon Orleans Hotel ("Bourbon Orleans" or the "Hotel"), a lifestyle boutique hotel on the famed Bourbon Street in the French Quarter of New Orleans, Louisiana, and Henderson Park Inn (the "Resort"), a beachfront resort situated on the Emerald Coast in Destin, Florida.  The combined purchase price for the two hotels is $108.6 million.  Inclusive of transaction costs, the total investment is $117.4 million. The total investment in the 220-room Bourbon Orleans Hotel represents a 7% capitalization rate on 2019 net operating income ...