DiamondRock Acquires L’Auberge de Sedona and Orchards Inn Sedona for $97 Million

DiamondRock Hospitality Company | March 1, 2017

BETHESDA, Md., Mar. 1, 2017 -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH) today announced that it has acquired L'Auberge de Sedona ("L'Auberge"), an award-winning luxury resort, and the Orchards Inn Sedona ("Orchards Inn"), an adjacent hotel, each located in the heart of Sedona, Arizona (collectively, the "Resorts") in an off-market transaction. The contractual purchase price of $97 million represents an approximately 8% yield and 12.6 multiple on the Resorts' forecasted 2017 Hotel earnings before interest, taxes, depreciation and amortization ("EBITDA"). &qu...