DiamondRock Forges $262.5M Deal To Sell 3 Hotels

Law360, New York (October 19, 2011, 3:22 PM EDT) -- DiamondRock Hospitality Co. on Wednesday announced a $262.5 million deal to sell three hotels to an affiliate of Inland American Real Estate Trust Inc., reducing $180 million of mortgage debt and clearing the way for new investments.

The three hotels — the Griffin Gate Marriott Resort and Spa in Lexington, Ky., the Renaissance Waverly in Atlanta and the Renaissance Austin in Texas — total 1,422 rooms and more than 15,000 square feet.

“The sale improves our portfolio quality, increases our concentration in key urban gateway locations...
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