South Bay Marriott Fetches $76M

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.