DiamondRock Hospitality Company has purchased Chico Hot Springs Resort along with an adjacent ranch in the US state of Montana for $33m.
The 153-acre resort bought from a single owner-operator is an independent property, with no brand and management agreements.
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DiamondRock Hospitality Company president and CEO Mark W Brugger said: “Acquiring owner-operated properties in unique markets often allows DiamondRock to achieve superior returns on high-quality real estate.
“Moreover, Chico has numerous of the attractive attributes we target, such as durable cash flow, significant ROI opportunities, irreplaceable location, fee-simple and fully unencumbered by brand and management.”
The 117-room lifestyle resort, acquired for $27m, is situated at the base of Emigrant Peak and near Yellowstone National Park in Paradise Valley.
It features a range of accommodation options consisting of a historic lodge, luxurious cabins and chalets, that overlook the Paradise Valley.
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By GlobalDataThe full-service resort boasts three dining outlets consisting of Chico Saloon, the Poolside Grille and the Historic Dining Room.
It also offers recreational activities such as mountain biking, horseback riding, fly fishing, dog sledging, rock climbing, hiking and cross-country skiing.
The 595-acre neighbouring ranch, purchased for $6m provides trails for horseback riding and hiking.
It also offers the possibility for resort expansion or residential lot sales in the future.
Earlier this week, the hospitality company opened a 403-room lifestyle hotel, called the Dagny, in Boston.
In May this year, DiamondRock Hospitality acquired a Kimpton-branded boutique lifestyle beach resort in Florida’s Fort Lauderdale for $35.3m.
DiamondRock Hospitality Company currently owns 36 hotels and resorts with more than 9,700 rooms.
