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DiamondRock wraps up $208M sale of 2 NY, Minneapolis hotels

DiamondRock HospitalityCo. wrapped up a $65 million saleof Hilton Garden Inn Chelsea/New York City in Manhattan, N.Y., and an approximately$143 million disposal of Hilton Minneapolisin Minneapolis.

The two disposals will reduce the company's full-year 2016 adjustedEBITDA by about $12.2 million and AFFO by $9.6 million.

The company sold Hilton Garden Inn Chelsea/New York City to anaffiliate of a China-based entity. The price represents a 13.5x multiple on thehotel's adjusted EBITDA for the trailing-12-month period ended March 31 and a 6.6%capitalization rate on the NOI for the same period. The 169-room hotelwill likely undergo certain renovation works under a property improvement plan byHilton.

Meanwhile, the consideration for the 821-room Hilton Minneapolisrepresents a 7.6% capitalization rate on the hotel's NOI for the trailing-12-monthperiod ended March 31 and an 11.0x multiple on the adjusted EBITDA for the sameperiod. According to DiamondRock, the "opportunistic" sale came aboutfollowing a reverse-inquiry from a private equity firm.