DiamondRock's new properties include Marriott Los Angeles Airport, Renaissance Worthington in Fort Worth, Alpharetta, GA's Marriott Atlanta Alpharetta, and Frenchman's Reef & Morning Star Resort in the US Virgin Islands. DiamondRock turned to Wachovia bank for two fixed-rate loans totaling $140 million and secured by the Los Angeles and Fort Worth properties. Additionally, the acquisition price allows for a cash reserve of $10 million for capital improvements. DiamondRock has also committed to investing $5 million in upgrades over the next two years.

The Marriott Los Angeles Airport sits just a block away from the airport. The 18-story tower holds 1,004 guestrooms and suites, as well as 55,000 sf of meeting space, three restaurants, a business center, fitness center and swimming pool. In Fort Worth, the 504-room Renaissance Worthington is in the city's historic Sundance Square. About 57,000 sf of meeting space is contained within the 11-story building, in addition to a restaurant, martini lounge, fitness center and swimming pool. Marriott Atlanta Alpharetta holds 318 guestrooms among its eight stories, as well as 9,000 sf of meeting space, a steakhouse, two swimming pools and a fitness facility. Located on the Island of St. Thomas at 5 Estate Bakkeroe, the 481-room Marriott-brand Frenchman's Reef & Morning Star Resort features seven restaurants and take-out locales. There is also a poolside bar, two outdoor swimming pools, a tennis court and the Reef Health Club & Spa.

All four properties will continue to operate under Marriott management and carry their respective Marriott-owned flags. "The acquisition opportunity was made possible because of our management team's longstanding relationship with the sellers and prior knowledge of the hotels," DiamondRock chairman and CEO Bill McCarten notes. "We believe that the hotels are located in markets that will have solid growth as the lodging recovery continues." The transaction has increased DiamondRock's portfolio to 11.