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Posts Tagged ‘DiamondRock Hospitality’

DiamondRock Agrees to Acquire 712-Room Hotel Lexington in Midtown New York

Friday, May 20th, 2011
The Lexington

DiamondRock Hospitality Company (the "Company") (NYSE: DRH) today announced that it has entered into a purchase and sale agreement to acquire the 712-room Radisson Lexington Hotel New York (the "Hotel") for a contractual purchase price of $335 million. The contractual purchase price represents a 13.5 times multiple of 2012 forecasted EBITDA of $24.8 million and a 6.7% capitalization rate on forecasted 2012 net operating income. During the Company's anticipated 2011 period of ownership, the Hotel is expected to earn approximately $15.8 million in EBITDA.

"We are excited to acquire this significant full service hotel located in Midtown New York at a material discount to replacement cost. The Hotel's forecasted 2011 RevPAR is $198, which is 70% above our portfolio average and it is expected to generate Hotel Adjusted EBITDA margins that are 14 percentage points higher than our portfolio average. The Hotel will increase our exposure to the dynamic Manhattan … Read the rest

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