Hotel

DiamondRock Hospitality Company has agreed to acquire the Westin Beach Resort & Spa, Fort Lauderdale hotel in Florida, US, for $149m.

The hotel features 432 guest rooms, 32,000ft² of meeting space and a spa.

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An $86m redevelopment project was carried out at the hotel in 2009, when the Westin Conference Center building was constructed.

As part of the redevelopment, the pool and deck were redesigned with a new sushi bar and poolside private cabanas.

DiamondRock does not expect any major capital improvements in the near-term as the hotel is presently in good physical condition.

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"There is opportunity to implement our rigorous asset management initiatives to drive further upside and additional synergies at the hotel following acquisition."

The company said it will identify various return on investment opportunities once the acquisition completes in December 2014.

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DiamondRock Hospitality president and chief executive officer Mark Brugger said: "The Westin Beach Resort & Spa, Fort Lauderdale represents a rare opportunity to acquire prime beachfront property in Southern Florida, a high-RevPAR, high-growth market.

"Not only is the hotel in very good condition, there is opportunity to implement our rigorous asset management initiatives to drive further upside and additional synergies at the hotel following acquisition."

DiamondRock Hospitality is a self-advised real estate investment trust that owns a portfolio of hotels in top gateway markets and destination resort locations.

The company owned 27 hotels with more than 11,000 rooms as of 30 September 2014.

Image: The Westin Beach Resort & Spa, Fort Lauderdale hotel features 432 guest rooms. Photo: courtesy of DiamondRock Hospitality Company.