DiamondRock, Noble Partner to Acquire Westin Atlanta North
BETHESDA, MD, April 30, 2006. DiamondRock Hospitality Co. announced that, in conjunction with Noble Investment Group, it has entered into a definitive binding agreement with Starwood Hotels & Resorts Worldwide to acquire the 369-room Westin Atlanta North at Perimeter Center in Atlanta.
The hotel will be acquired for total consideration of $61.5 million, and the acquisition is expected to be completed in early May. In addition, DiamondRock intends to invest an additional $3 million of capital improvements in the hotel over the next year.
The hotel is forecasted to generate $6.3 million of earnings before interest, taxes, depreciation and amortization (or "EBITDA") over the next 12 months, $3.7 million of EBITDA during the remainder of 2006.
The hotel will remain a Westin-branded property and Noble will manage the hotel upon acquisition.
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