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$210M Stock Offering Brings DiamondRock to the Table

BETHESDA, MD-There's a new kid on the hotel property block. DiamondRock Hospitality readies to make its first hotel acquisitions with the proceeds of a recent $210-million private stock offering. Marriott International Inc. owns $30 million shares in the company.

By Barbra Murray | Updated on July 12, 2004

BETHESDA, MD-DiamondRock Hospitality dipped its toe into what is becoming, once again, the very lucrative lodging market, with an initial $210-million capital raise through a recent private stock offering. The lodging investment company will use much of the proceeds to go on a shopping spree for properties across the US.

DiamondRock’s backing is not too shabby either. The new concern boasts a strategic relationship with Marriott International Inc., which now owns $30 million in shares of the company. About 40 investors participated in the initial equity raise.

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