Bethesda-based DiamondRock Hospitality has acquired the 282-room Hilton Garden Inn/Times Square Central in New York for a contractual purchase price of $127.2m.

Operated by Highgate Hotels, the property is located on 42nd Street between Avenue of the Americas and Broadway.

The property features a 24hr Pavilion Pantry convenience mart in the hotel lobby, which offers snacks, drinks, and sundries; and an on-site restaurant, The Garden Grille.

DiamondRock Hospitality Company president and CEO Mark W. Brugger said: "The acquisition of this new, state-of-the-art hotel located in the heart of Times Square is a great addition to our portfolio.

"The hotel enjoys a prime location within Times Square that will benefit from tremendous demand from both business and leisure travellers. Business demand will come from companies nationwide as well as those located in the over 5 million square feet of office space just within one block of the hotel."

All guestrooms are equipped with a variety of configurations to accommodate all guests, including king bed, queen bed, and dual double bed configurations. Each guestroom features a 50in LCD HDTV, refrigerator, microwave, laptop size safe, MP3 compatible alarm clocks and large work desk with ergonomic chair.

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Other amenities include a 24hr self-service business centre and a 24hr fitness facility. Meeting space includes a pre-set boardroom with the latest presentation technology.

"We expect this hotel to be very successful and one of the highest RevPAR and highest profit margin hotels within our portfolio," Brugger added.

Image: Hilton Garden Inn/Times Square Central. Photo: courtesy of DiamondRock Hospitality Company.