DiamondRock Hospitality Company Acquires Chico Hot Springs Resort in Paradise Valley, Montana

DiamondRock Hospitality Company | August 3, 2023

BETHESDA, Md., Aug. 3, 2023 -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH) today announced that it has acquired the fee-simple interest in the Chico Hot Springs Resort (the "Resort"), a lifestyle resort in Paradise Valley, Montana and near Yellowstone National Park. The purchase price for the Resort and adjacent ranch (collectively, "Chico") is $33 million. Chico was acquired from an individual owner-operator and is an independent resort, completely unencumbered by brand and management agreements. The $27 million purchase price for the 117-room, 153-acre Resort represents an 8.1% capitalization rate on 2022 net opera...