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DiamondRock Closes on $330M Westin Acquisition

BOSTON-In addition to the Westin Boston Waterfront Hotel, DiamondRock now has an option to purchase a leasehold interest on an adjacent site.

By Beverly Ford | Updated on February 01, 2007

BOSTON-DiamondRock Hospitality Co. has closed on its $330-million acquisition of the leasehold interest of the Westin Boston Waterfront Hotel. The deal was first reported by GlobeSt.com in early January.

The 793-room hotel with 32,000 sf of meeting space and a 400-car underground parking garage, is attached to the city’s new Boston Convention and Exhibition Center.

The deal also includes an option to purchase a leasehold interest of an adjacent site that would allow the new owners to build a 325-room hotel based on its size and zoning regulations. Additionally, the transaction includes a leasehold interest of 100,000 sf of retail space at the site, which is slated to close by the end of Q1.

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