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BETHESDA, MD-DiamondRock Hospitality has priced its follow-on offering of 16.8 million shares of common stock at $13 per share for a total of approximately $218.4 million. Further terms of the offering allow underwriters the opportunity to acquire as many as 2.52 million shares.
DiamondRock, which just acquired the 1,192-room Chicago Marriott, owns 16 hotels accounting for 7,311 rooms in 10 states and the US Virgin Islands. The firm filed a registration statement with the SEC on March 8 to sell 14 million shares of its common stock.
Merrill Lynch & Co., Friedman, Billings, Ramsey & Co. and Wachovia Securities served as the joint book-running managers. Citigroup Global Markets Inc., JMP Securities and Robert W. Baird & Co. co-managed the offering, which is scheduled to close on April 4.
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