Bethesda, Maryland-based DiamondRock Hospitality Co. is selling a portfolio of three hotels to real estate investment trust Inland American, The Wall Street Journal reports. The lodging-focused real estate company will obtain a total of $262.5 million from the deal, which is expected to close by the end of 2011.
DiamondRock is likely to receive net cash proceeds of approximately $80 million from the sale after the pay-off of $180 million of mortgage debt, adds Business Journal. The properties are the Griffin Gate Marriott Resort and Spa in Lexington, Kentucky, the Renaissance Waverly in Atlanta and the Renaissance Austin in Texas.
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