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DiamondRock buys Sausalito, Calif., luxury hotel

DiamondRock Hospitality Co. purchased a luxury hotel in the Golden Gate National Recreation Area in Sausalito, Calif., with the purchase representing a 12.8x multiple on trailing 12-month EBITDA.

In a company release, the hotel real estate investment trust said it does not expect the purchase to materially contribute to its EBITDA during the remainder of 2018.

Passport Resorts LLC will continue to manage Cavallo Point, which spans 45 acres and features 142 guest rooms and suites along with 14,600 square feet of meeting space.

The acquisition was financed through a mix of cash on hand, proceeds from a new $50 million unsecured term loan and the issuance of 796,684 common limited partnership units in its operating partnership at $11.76 per unit.