DiamondRock Hospitality Company Sells Torrance Marriott
Friday November 22nd, 2013 - 9:25AM EB
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TORRANCE, CA—DiamondRock Hospitality Company, a lodging-focused real estate investment trust, sold the 487-room Torrance Marriott South Bay, located here, to an unaffiliated third party for $76 million.
The Torrance Marriott South Bay generated $5.4 million of Hotel Adjusted EBITDA during the trailing four quarters ending Sept. 30, 2013.
“The sale of the Torrance Marriott marks the continued successful execution of our strategic capital recycling program. We completed the sale of the non-core Torrance Marriott and will redeploy those proceeds into a core hotel, the state-of-the-art Hilton Garden Inn being completed in Times Square. We believe this is a winning formula," stated Mark W. Brugger, president and CEO of DiamondRock Hospitality Company.
Tags: DiamondRock Hospitality Company • Hospitality • Brands • Acquisitions •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.