July 15, 2016
DiamondRock Hospitality Co. closed on two hotel sales totaling $208 million. The 169-room Hilton Garden Inn Chelsea/New York City went for $65 million to a China-based buyer, while the REIT sold the 821-room Hilton Minneapolis for $243 million, to an undisclosed, private investor.
The Bethesda, MD-headquartered DiamondRock bought the Hilton Garden Inn at 121 W. 28th St. in 2010 for $68.4 million. The hotel was completed in 2007. According to a statement from DiamondRock, the property’s sale is reducing the company’s allocation to New York City by approximately 150 basis points.
The Hilton Minneapolis at 1001 S. Marquette Ave. is Minnesota’s largest hotel. The seller acquired it in 2010 for $155 million, and invested approximately $13 million in renovations.