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New-build Times Square locale will be REIT's fourth in city
DiamondRock Hospitality Co. said it plans to acquire a hotel currently being built on West 42nd Street in New York's Times Square. The as-yet-unflagged hotel is slated to be finished in 2013, and is expected to house 250 to 300 guest rooms.
DiamondRock said the contractual purchase price for the property will range from $112.5 million to $135 million, depending upon the final number of rooms at the property.
The hotel is being developed by an affiliate of Walton Street Capital L.L.C. and Highgate Holdings. Highgate Hotels is expected to operate the hotel upon completion. That company said it is preparing to submit a franchise application to operate the hotel under “a well known upscale select service brand.”
“We are very excited to enter into this agreement to purchase our fourth hotel in New York City,” said Mark Brugger, ceo of DiamondRock Hospitality, a real estate investment trust (REIT) that owns 23 upscale hotels in the U.S. “This acquisition furthers our strategy of enhancing our full-service portfolio with urban select service hotels in top MSAs.”
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