lexington hotel
DiamondRock Hospitality Company Completes Disposition of 725-Room Lexington Hotel in New York City
DiamondRock Hospitality Company | July 6, 2021
BETHESDA, Md., July 6, 2021 -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH) announced today that it completed the disposition of the 725-room Lexington Hotel in New York City on June 30, 2021 for $185.3 million. Including the Company's projected capital expenditures, the sale price represents a 14.2x multiple on 2019 Hotel EBITDA and a 5.4% capitalization rate on 2019 Hotel net operating income. The Company intends to redeploy the net proceeds from the sale to acquire high-growth experiential resort and urban lifestyle hotels aligned with its investment strategy. "We are pleased to announce the closing of this trans...
Former Lexington Hotel in Phoenix, AZ Undergoing Transformation and Will Reopen as FOUND:RE Hotel
November 3, 2015
104-Room Boutique Hotel Inspired by Contemporary Art, Culture, Fashion and Music To Open Spring 2016 November 3, 2015 (Phoenix, Ariz.) – The concept's identity is no longer a secret. The former Lexington Hotel located on the northwest corner of West Portland Street and North Central Avenue, is being transformed into the FOUND:RE Phoenix, a one-of-a-kind lifestyle hotel experience with details, designs, public spaces and amenities inspired by contemporary art, culture, fashion and music. The 104-room hotel, managed by Urban Quarters Hospitality, will enhance the city's arts offerings with an impressive collection of contemporary ar...
