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.
For further details see:
DiamondRock acquires interest in Chico Hot Springs Resort