DiamondRock Pays Blackstone $495M For 4-Hotel Portfolio

Law360, New York (July 10, 2012, 1:21 PM EDT) -- DiamondRock Hospitality Co. has agreed to buy a portfolio of four hotels from affiliates of private equity fund Blackstone Real Estate Partners VI in a $495 million deal that also affords Blackstone a $75 million stake in the company, DiamondRock said Tuesday.

The hotels produce higher revenue per available room and better earnings than the company's existing assets and will enhance its overall portfolio, DiamondRock said in a statement.

The deal also represents a strategic move for Blackstone, which is taking advantage of recent and continuing...
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