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DiamondRock Adds Two Hotels for $238M

BETHESDA, MD-Located in Atlanta and Austin, both of the hotels are in growing submarkets of these cities.

By Erika Morphy | Updated on November 21, 2006

BETHESDA, MD-DiamondRock Hospitality has entered into binding agreements to acquire Renaissance-branded assets in the Atlanta and Austin markets for a total of $237.5 million. The company will add 1,013 keys to its portfolio.

According to an SEC filing, the company paid $130 million for the 14-story, 521-key Renaissance Waverly Atlanta Hotel, which is located at 2450 Galleria Pkwy. It paid $107.5 million for the 492-room Renaissance Austin Hotel, located at 9721 Arboretum Blvd.

“These two acquisitions are right-on-strategy for our company. We were able to acquire very high-quality hotels in strong markets at reasonable prices. We also believe that Renaissance is a brand on the rise,” says William McCarten, chairman and CEO of DiamondRock, in a statement.

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