DIAMONDROCK ACQUIRES HILTON GARDEN INN CHELSEA FOR $68.4 MILLION

NEW YORK CITY — DiamondRock Hospitality Co. has acquired the Hilton Garden Inn Chelsea New York City for $68.4 million. The 169-room hotel is located in Manhattan's Chelsea neighborhood on West 28th Street, between 6th and 7th avenues. DiamondRock acquired the hotel at a 7 percent capitalization rate and expects it to generate more than 20 percent RevPAR growth this year with an average daily room rate of more than $200. The seller's name was not released.