DiamondRock Hospitality (DRH) Completes Acquisition of Hotel Portfolio for $495 Million

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DiamondRock Hospitality Company (NYSE: DRH) completed the acquisition of a portfolio of four hotels from affiliates of Blackstone Real Estate Partners VI ("Blackstone") for a contractual purchase price of approximately $495 million. The hotels acquired are the Hilton Boston Downtown, the Westin Washington D.C. City Center, the Hilton Burlington, and the Westin San Diego (collectively, the "Acquisition Portfolio").

The acquisition was funded with a combination of borrowings under the Company's senior unsecured credit facility, cash on hand, net proceeds from the Company's recent public offering of common stock and the issuance of shares of the Company's common stock to Blackstone in a private placement.

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