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DiamondRock Closes $238M Acquisition

BETHESDA, MD—The hotels are located in the growing Austin, TX and Atlanta submarkets and will recieve $12 million in renovations.

By Erika Morphy | Updated on December 11, 2006

BETHESDA, MD—DiamondRock Hospitality Company has closed on two hotels: the 521-key Renaissance Waverly Atlanta Hotel and the 492-key Renaissance Austin Hotel in Texas. The combined purchase price was $237.5 million; $130 million for the 14-story, Renaissance Waverly, located at 2450 Galleria Pkwy. in Atlanta, and $107.5 million for the Renaissance Austin, located at 9721 Arboretum Blvd. in Austin, TX.

Last month GlobeSt.com reported that DiamondRock had entered into an agreement to purchase both properties.

DiamondRock procured $97 million of mortgage financing from Goldman Sachs & Co. on the Renaissance Waverly Atlanta Hotel. This loan is fixed at 5.5% for a 10-year term. It is interest only for the entire term.

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