SAN DIEGO-DiamondRock Hospitality Co. has reached a contract to purchase a portfolio of four hotels, including Westin San Diego, for roughly $495 million. The 436-room Westin at 400 W. Broadway is part of the portfolio that is being sold by subsidiaries of New York-based Blackstone Real Estate Partners VI, division of The Blackstone Group.
As part of the deal, Blackstone will take a $75-million ownership stake in Bethesda, Maryland-based DiamondRock. The acquisition deal is expected to be closed by the end of this month. For the full story, go to San Diego Business Journal .
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