DiamondRock Hospitality has entered an agreement to sell three US hotels to an affiliate of Inland American for $262.5m.
The hotels being sold include the 409-room Griffin Gate Marriott Resort and Spa in Lexington, Kentucky, the 521-room Renaissance Waverly in Atlanta, Georgia, and the 492-room Renaissance Austin in Austin, Texas.
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The company hopes to receive net cash proceeds of $80m and be relieved of $180m of mortgage debt once the hotels are sold.
The transaction is expected to close by the end of 2011 and will provide DiamondRock with a net gain of $6m.
