DiamondRock Completes Sale of Hilton Garden Inn Chelsea / New York City for $65 million and the Hilton Minneapolis for $143 million

DiamondRock Hospitality Company | July 14, 2016

BETHESDA, Md., July 14, 2016 -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH) announced today that it completed the sale of the 169-room Hilton Garden Inn Chelsea / New York City for $65 million to an affiliate of a China-based entity. The sale price represents a 13.5x multiple on the Hotel's adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") for the trailing 12-month period ended March 31, 2016 and a 6.6% capitalization rate on the Hotel's net operating income ("NOI") for the trailing 12-month period ended March 31, 2016. Additionally, the hote...