DiamondRock Hospitality Acquires Bellmoor Inn & Spa For $31M
Benzinga Newsdesk 3 weeks ago
M&A
DiamondRock Hospitality Company (the "Company") announced today its acquisition of the fee simple interest in The Bellmoor Inn & Spa (the "Hotel" or "The Bellmoor"), a 79-room luxury resort
DiamondRock Hospitality Company (the "Company") announced today its acquisition of the fee simple interest in The Bellmoor Inn & Spa (the "Hotel" or "The Bellmoor"), a 79-room luxury resort in Rehoboth Beach, Delaware, for total consideration of $31.0 million, or approximately $392,000 per key. The acquisition was funded with cash on hand and represents an attractive opportunity to acquire an independent resort in a supply-constrained market with strong in-place cash flow and meaningful operational upside.