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DiamondRock picks up boutique Phoenix hotel for $80M

DiamondRock Hospitality Co. bought the 242-room Kimpton Hotel Palomar in downtown Phoenix for $80 million, reflecting a roughly $1.0 million first-quarter corporate adjusted EBITDA.

SNL Image
Kimpton Hotel Palomar in Phoenix
Source: DiamondRock Hospitality Co.

The lodging real estate investment trust also closed on its $42 million purchase of the 77-room Landing Resort & Spa luxury resort in Lake Tahoe, Calif.

The company used existing corporate cash to fund the acquisitions, both of which closed March 1.

To reflect the acquisition of the boutique Phoenix hotel, DiamondRock revised its 2018 adjusted funds-from-operations guidance to a range of 99 cents to $1.03 per share from a prior range of 96 cents to $1.01 per share.

The S&P Capital IQ consensus FFO-per-share estimate for the year is 98 cents.