DiamondRock (DRH) Announces 20M Follow-On Common Offering

July 9, 2012 4:13 PM EDT
DiamondRock Hospitality Company (NYSE: DRH) today announced that it plans to sell 20,000,000 shares of its common stock in an underwritten public offering pursuant to its effective shelf registration statement previously filed with the Securities and Exchange Commission. The underwriter will be granted a 30-day option to purchase up to an additional 3,000,000 shares of common stock.

The Company intends to use the net proceeds from the offering to fund a portion of the consideration for the acquisition of four hotel properties (the "Hotel Portfolio Acquisition"), which was also announced today.

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