DiamondRock Hospitality has announced that it completed the disposition of the 725 room Lexington Hotel in New York City on June 20, 2021 for $183.5 million. The company intends to use the net proceeds from the sale to acquire other high-growth resort and lifestyle hotels that are in line with its current investment strategy.
Mark W. Brugger, President and Chief Executive Officer of DiamondRock Hospitality Company, has said that they are pleased with this transaction and provides the company with significant investment capacity to get acquisitions as per its ongoing strategy.
DiamondRock Hospitality Company is a self-advised real estate investment trust which owns a diverse portfolio of 31 geographically distributed premium hotels properties and resorts containing over 10,000 combined rooms. These properties are located in key cities and destinations throughout the United States and US Virgin Islands.
The company maintains a strong portfolio of high quality assets with great growth potential in markets that are competitive and have high barriers to entry. A majority of the hotels are operated by leading hotel brands including Hilton and Marriott.