DiamondRock Hospitality Company is to buy the 712-room Radisson Lexington Hotel New York from a Blackstone-led joint venture for $335m.

The joint venture includes Blackstone Group, Highgate Holdings, Chartres Lodging Group and Oxford Capital Group.

DiamondRock plans to fund the acquisition with cash on hand and a $100m loan from its corporate credit facility.

The company expects to close the transaction within the next 30 days and DiamondRock will retain hotel operator Highgate Hotels to run the property.

Although the Radisson Lexington Hotel New York will be operated under the Radisson flag, DiamondRock said it would consider other brands in the future.