Among
the noteworthy deals of the past week was DiamondRock Hospitality Co.’s sale of
the Westin Washington, D.C. City Center to LaSalle for $92 million.
WASHINGTON,
D.C. — Bethesda, Maryland-based REIT DiamondRock Hospitality Co. has completed
the sale of the 410-key Westin Washington, D.C. City Center to Washington,
D.C.-based LaSalle for $92 million.
The sales
price represents an 11.2x multiple on 2024 hotel EBITDA and a 7.5%
capitalization rate on 2024 hotel net operating income, or a capitalization
rate of 5.6% inclusive of DiamondRock’s projected capital expenditures.
“The sale of
the Westin D.C. City Center marks an important step in our strategy to drive
long-term earnings and cash flow per share growth and we plan to prudently
redeploy the proceeds to create exceptional value for our shareholders,” said
DiamondRock CEO Jeffrey Donnelly.
To download
our list of deals from the past week in Excel format, click here.