DiamondRock Hospitality has agreed to acquire the Radisson Lexington Hotel New York. The self-advised real estate investment trust will pay a total of around $2335 million for the acquisition.

DiamondRock is expecting to fund the acquisition with existing corporate cash and a $100 million draw under its corporate credit facility. The transaction, which is subject to customary closing requirements and conditions, is scheduled to be closed later in June 2011.

Click here for the release from PR Newswire.