DRH - DiamondRock acquires interest in Chico Hot Springs Resort

2023-08-02 09:08:42 ET

• DiamondRock Hospitality ( NYSE: DRH ) has acquired the fee-simple interest in the Chico Hot Springs Resort, a lifestyle resort in Paradise Valley, Montana and near Yellowstone National Park.
• The purchase price for the Resort and adjacent ranch is $33M .
• The $27M purchase price for the 117-room, 153-acre Resort represents an 8.1% capitalization rate on 2022 net operating income and YTD comparable RevPAR growth through the second quarter 2023 was 8.7%.
• The adjacent ranch, a 595-acre parcel purchased for ~$6M.
• The Co. expects Chico will generate a 10.5% NOI yield on the total $33M purchase price upon stabilization.

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