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DiamondRock settles insurance claim related to Hurricane Irma

DiamondRock Hospitality Co. said it reached a definitive settlement regarding its outstanding insurance claim related to Hurricane Irma.

The company agreed to resolve its claim for total payments of about $246.8 million. The amount includes $140.1 million paid to the company to date and $106.6 million that insurers are required to pay within 30 days. The hotel real estate investment trust added that it will no longer recognize any additional business interruption proceeds related to the claim.

When it struck in September 2017, Hurricane Irma damaged the company's Havana Cabana Key West property in Key West, Fla., and the Frenchman's Reef & Morning Star Beach Resort in St. Thomas, Virgin Islands.

The company estimates the cost to rebuild the Frenchman's Reef complex to be about $300 million, of which $202.2 million will be sourced from insurance proceeds. Additionally, the company has a binding agreement to receive more than $20 million of brand key money upon opening, a pending application to receive $30 million from local government and about $48 million of funding coming from the company itself.

DiamondRock will also apply to receive incentives under the Virgin Islands' Hotel Development Act, which allows recovery of reconstruction cost not reimbursed by insurance proceeds.