US-based DiamondRock Hospitality has signed a purchase and sale agreement to sell Los Angeles Airport Marriott for around $160m.

DiamondRock noted that the deal is the result of a reverse inquiry from the same buyer who purchased the Torrance Marriott from the firm in late 2013. The group had purchased the hotel in 2005, for around $118m.

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DiamondRock Hospitality president and CEO Mark Brugger said: "Over the past few years, we have transformed our portfolio through strategic divestitures of non-core hotels and targeted acquisitions to focus on premium lodging assets in urban gateway markets.

"Over the past few years, we have transformed our portfolio through strategic divestitures of non-core hotels and targeted acquisitions to focus on premium lodging assets in urban gateway markets."

"We are pleased to announce the agreement to sell this non-core, airport hotel, illustrating our commitment to take advantage of an attractive transaction market."

Los Angeles Airport Marriott features 1,004 rooms, and it was last renovated in 2006.

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The divestment of the hotel will allow DiamondRock to achieve its strategic objectives to improve the quality of its portfolio and to increase its portfolio allocation to third-party managed hotels.

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Subject to customary closing conditions, the transaction is expected to be completed by the end of this year.

DiamondRock has 27 hotels with over 11,000 rooms, as of 30 September 2014. The group’s hotels are operated under leading global brands such as Hilton, Marriott, and Westin.