TORRANCE, CA-DiamondRock Hospitality Co. has completed the sale of the Torrance Marriott South Bay. A third party unaffiliated with the company purchased the hotel for $76 million, including credit for the hotel's replacement reserve.

"The sale of the Torrance Marriott marks the continued successful execution of our strategic capital recycling program,” says Mark W. Brugger, president and CEO of DiamondRock Hospitality Co., a public REIT with a portfolio of 26 premium hotels in gateway and resort markets around the US. The REIT plans to reinvest the capital from the sale into the Hilton Garden Inn currently under construction in New York City's Times Square. “ We believe this is a winning formula,” he says.

The 487-room, 17-story hotel, located in the East Los Angeles submarket, has hotel generated $5.4 million in the last fiscal year. Jones Lang LaSalle represented the seller in the transaction.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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