DRH - DiamondRock Hospitality acquires Fort Lauderdale beach resort for $35.3M

DiamondRock Hospitality (NYSE:DRH) said Thursday it acquired a fee-simple interest in The Kimpton Fort Lauderdale Beach Resort for $35.3M or $367.7K/key. The property is a boutique lifestyle beach resort in Fort Lauderdale, Florida. The resort will be operated by HEI Hotels & Resorts under a franchise deal with Kimpton Hotels & Restaurants. "The resort was acquired in an off-market transaction at a significant discount to recently consummated transactions. We plan to capitalize on synergies by having HEI Hotels & Resorts manage this resort in addition to managing DRH's nearby Westin Fort Lauderdale Beach Resort," said DRH CEO Mark Brugger.

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DiamondRock Hospitality acquires Fort Lauderdale beach resort for $35.3M