DIAMONDROCK ACQUIRES HILTON GARDEN INN TIMES SQUARE CENTRAL FOR $127.2M

NEW YORK CITY — DiamondRock Hospitality Co. has acquired the 282-room Hilton Garden Inn/Times Square Central in New York for $127.2 million, or $451,000 per guestroom. The hotel, located on 42nd Street between Avenue of the Americas and Broadway in the heart of Times Square, opened this month. The hotel features floor-to-ceiling glass windows and each guestroom features a 50-inch LCD HDTV, refrigerator, microwave and other amenities. The hotel also includes a 24-hour self-service business center and fitness facility. DiamondRock Hospitality Co. expects the hotel to generate approximately $5 million of adjusted earnings before interest, taxes, depreciation and amortization in 2014. Highgate Hotels will operate the hotel.