DiamondRock to Purchase the Oak Brook Hills Resort & Conference Center
CHICAGO, IL, July 26, 2005. DiamondRock Hospitality today announced that it has entered into a definitive binding agreement to acquire the 384-room Oak Brook Hills Resort & Conference Center located in Oak Brook, Illinois, a suburb of Chicago. The 127-acre resort includes an 18-hole championship golf course at The Willow Crest Gold Club. The purchase price for the resort is $64 million.
The resort is currently not affiliated with a national hotel brand. DiamondRock intends to convert the resort to a Marriott Hotel; it will be known as the "Oak Brook Hills Marriott Resort." As part of the brand conversion, DiamondRock will spend more than $14 million to renovate and reposition the resort into the premier conference center in the greater Chicago market.
DiamondRock expects that the closing of this acquisition will occur on or before August 23, 2005, subject to the satisfaction of closing conditions.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
