Substantial Benefit Development Possibilities IN Operations & SYNERGIES

BETHESDA, Md., May 5, 2022 /PRNewswire/ — DiamondRock Hospitality Enterprise (the “Corporation” or “DiamondRock”) (NYSE: DRH) nowadays announced it obtained a rate-easy curiosity in The Kimpton Fort Lauderdale Seashore Vacation resort, a boutique way of living seashore vacation resort in Fort Lauderdale, Florida, for a total investment decision of $35.3 million ($367,700/essential). The resort will be operated by HEI Lodges & Resorts under a franchise agreement with Kimpton Hotels & Places to eat.

Kimpton Fort Lauderdale Beach Resort

Kimpton Fort Lauderdale Beach Resort

“This acquisition marks our 14th vacation resort, and we are extremely fired up to include The Kimpton Fort Lauderdale Beach Resort to our portfolio and extend DiamondRock’s management with the preeminent portfolio of leisure-oriented, way of living resorts and resorts,” explained Mark W. Brugger, President and Main Government Officer of DiamondRock Hospitality Corporation. “The vacation resort was obtained in an off-industry transaction at a sizeable price cut to not long ago consummated transactions in the marketplace. We program to capitalize on synergies by having HEI Hotels & Resorts take care of this resort in addition to running DiamondRock’s nearby Westin Fort Lauderdale Beach Vacation resort. There are sizeable chances to make worth by leveraging our primary resort skills to boost earnings administration and essentially reprogram the underutilized rooftop bar and the cafe. We be expecting the vacation resort to ramp rapidly around the subsequent two decades and stabilize at around an 8{e9f0aada585b9d73d0d08d3c277fd760092386ec23cac37d50f4b8cd792b062a} stabilized generate.”

The Firm obtained the 96-home Kimpton Fort Lauderdale Seashore Resort in Fort Lauderdale, Florida on April 1, 2022. The vacation resort reopened in mid-2021 soon after a in depth rebuild that totally upgraded the vacation resort to latest constructing codes when preserving its iconic Artwork Deco architecture. The resort gives many aggressive positive aspects:

  • Focused beachfront area

  • Rooftop bar and swimming pool with panoramic views of the Intracoastal Waterway

  • Personal avenue-degree, open-air cafe & bar with lush courtyard swimming pool

  • Sizeable manufacturer distribution probable as the only IHG Resorts & Resorts and Kimpton-affiliated property in Fort Lauderdale Seashore

  • Architecturally one of a kind Art Deco design with historic elements and modern-day amenities

DiamondRock’s acquisition also features ownership of a 230-room parking facility supporting equally the resort as nicely as the adjacent Tiffany Residence residences. When not viewed as in our underwriting, we think there is a significant option to crank out significant-margin earnings from the parking facility as effectively as the development of a rental management agreement software for the unit entrepreneurs in the 129-device Tiffany Residence. In addition, we believe the rooftop might give a significant prospect to include clean up-electricity photo voltaic panels to lessen the resort’s yearly electrical energy prices and carbon footprint.

About the Enterprise

DiamondRock Hospitality Company is a self-recommended genuine estate investment decision have confidence in (REIT) that is an operator of a main portfolio of geographically diversified accommodations concentrated in major gateway marketplaces and place resort spots. The Company at present owns 34 high quality good quality accommodations and resorts with in excess of 9,500 rooms. The Organization has strategically curated its portfolio to be comprised of distinctive life-style qualities, as nicely as all those improved by foremost worldwide models. For further information and facts on the Company and its portfolio, please take a look at DiamondRock Hospitality Company’s web page at www.drhc.com.

This push release incorporates ahead-searching statements inside the indicating of federal securities laws and regulations. These ahead-looking statements are discovered by their use of phrases and phrases this kind of as “believe that,” “hope,” “intend,” “venture,” “forecast,” “prepare” and other comparable terms and phrases, together with references to assumptions and forecasts of foreseeable future final results. Ahead-on the lookout statements are not ensures of foreseeable future effectiveness and require acknowledged and unfamiliar challenges, uncertainties and other factors which may lead to the precise outcomes to differ materially from individuals predicted at the time the forward-wanting statements are produced. These dangers consist of, but are not restricted to: national and community financial and business enterprise problems running hazards affiliated with the hotel enterprise pitfalls linked with the level of the Firm’s indebtedness interactions with property managers the means to compete properly in locations these kinds of as entry, place, top quality of lodging and area price buildings alterations in travel patterns, taxes and authorities regulations which influence or figure out wages, selling prices, building processes and expenses and other danger components contained in the Company’s filings with the Securities and Trade Fee. Despite the fact that the Enterprise believes the anticipations reflected in this kind of forward-wanting statements are based on sensible assumptions, it can give no assurance that the anticipations will be attained or that any deviation will not be material. All data in this release is as of the day of this release, and the Enterprise undertakes no obligation to update any forward-looking statement to conform the statement to genuine benefits or alterations in the Company’s expectations.

Kimpton Fort Lauderdale Beach Resort

Kimpton Fort Lauderdale Seaside Resort



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