DiamondRock Acquires Sheraton Suites Key West Hotel For $94 Million

DiamondRock Hospitality Company | July 15, 2015

BETHESDA, Md., July 15, 2015 -- DiamondRock Hospitality Company (the "Company") (NYSE:DRH) today announced that it recently acquired the fee simple interest in the 184-suite Sheraton Suites Key West ("Hotel") in Key West, Florida, for $94.0 million (or $511,000 per guest room). The purchase price represents a 12.8 multiple on forecasted 2015 Hotel earnings before interest, taxes, depreciation and amortization ("EBITDA") of $7.3 million and a 7.1% capitalization rate on the Hotel's 2015 forecasted net operating income. "We are very excited about our acquisition of this all-suites hotel, which represents our second acquisition in the high...